Document:

Collaboration Agreement

  
 Exhibit 10.27

 ***Text Omitted and Filed Separately 
 with the Securities and Exchange Commission. 
 Confidential Treatment
Requested 
 Under 17 C.F.R. Sections 200.80(b)(4) and Rule 406 of the 

Securities Act of 1933, as amended. 
 EXECUTION VERSION 
 COLLABORATION AGREEMENT 

This COLLABORATION AGREEMENT (the “Agreement”), effective as of November 3, 2006 (the “Effective
Date”), is made by and between Ambit Biosciences Corporation a Delaware corporation, having a principal place of business at 4215 Sorrento Valley Boulevard, San Diego, CA 92121 (“Ambit”), and Cephalon, Inc., a Delaware
corporation, having a principal place of business at 41 Moores Road, Frazer, PA 19355 (“Cephalon”). 

RECITALS 
 WHEREAS, Ambit has expertise in the profiling of pharmaceutical compounds against human protein kinases and expertise in the research and development of pharmaceutical compounds; 

WHEREAS, Cephalon has expertise in the research, development and commercialization of pharmaceutical compounds; 

WHEREAS, the Parties have entered into a Profiling Services Agreement, dated as of the date hereof (the “Profiling
Services Agreement”), the terms of which are incorporated as set forth in Attachment A herein; 
 WHEREAS,
Cephalon and Ambit wish to enter into a collaboration employing the Parties’ medicinal chemistry and biology capabilities, in order to discover, develop and commercialize pharmaceutical compounds subject to and in accordance with the terms and
conditions of this Agreement (the “Collaboration”); and 
 WHEREAS, in addition, Ambit wishes to analyze
and assess the activity of certain of Cephalon’s compounds against Ambit kinase targets, and to develop and commercialize those compounds subject to the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and conditions hereinafter set forth in this Agreement, the Parties hereto
agree as follows: 
 ARTICLE I. 
 DEFINITIONS 
 As used herein, the following terms shall have the meanings set
forth below: 
 1.1. “Affiliate” shall mean, with respect to a particular Party, any Person controlled by,
controlling, or under common control with such Party. For the purpose of this Section 1.1 only, “control” of a Person shall mean (a) the possession, directly or indirectly, of the power to direct the management or policies of
such Person, whether through the ownership of voting securities, by contract or otherwise, or (b) the ownership, 

 
directly or indirectly, of more than fifty percent (50%) of the voting securities or other ownership interest of such Person. 

1.2. “Ambit Compound” shall mean any compound that (a) is brought to the Collaboration by Ambit, (b) is
Controlled by Ambit, and (c) is proprietary to Ambit by virtue of being claimed or covered by an Ambit Patent or being part of the Ambit Know-How. 
 1.3. “Ambit IP” shall mean Ambit Patents and Ambit Know-how. 

1.4. “Ambit Know-how” shall mean all proprietary ideas, inventions, data, know-how, instructions, processes, formulas,
materials, expert opinion, technology or other information (including, biological, chemical, physical and analytical data and information, and any structure-function data), that (a) is either (i) Controlled by Ambit as of the Effective
Date, or (ii) discovered, developed, conceived, reduced to practice or acquired during the Collaboration Term outside the course of both of the Collaboration and Ambit’s research and development under Article IV by employees or agents of
Ambit or any of its respective Affiliates, either alone or jointly, and is Controlled by Ambit and (b) is necessary for the discovery, development, manufacture or use of Licensed Compounds, Collaboration Compounds and Derivative Compounds
and/or the development, manufacture, use, sale or commercialization of corresponding Licensed Products and Collaboration Products; provided, however, that Ambit Know-How shall not include Ambit Patents, Licensed Compound IP,
Collaboration IP or Cephalon IP. 
 1.5. “Ambit Patents” shall mean all Patents Controlled by Ambit or its
Affiliates as of the Effective Date, or any other Patent Controlled by Ambit or its Affiliates during the Collaboration Term and, with respect to Collaboration Clinical Candidates and Licensed Compounds, all Patents Controlled by Ambit or its
Affiliates during the Term; in each case, necessary for the discovery (in the case of Collaboration Compounds), development, manufacture, importation or use of one or more Licensed Compounds, Collaboration Compounds, Derivative Compounds and/or the
development, manufacture, use, sale, importation or commercialization of corresponding Licensed Products or Collaboration Products. 
 1.6. “Ambit Target” shall mean (a) the [...***...] Targets specified in Schedule A, and (b) such Targets that may be mutually agreed upon by the
Parties pursuant to Section 4.2 to replace one (1) or more of such Targets specified in Schedule A, provided that in no event shall any such Targets include the Cephalon Exclusive Targets. 

1.7. “Cephalon Compound” shall mean any Cephalon Library Compound and any additional compound brought to the
Collaboration by Cephalon. 
 1.8. “Cephalon Exclusive Targets” shall mean the Targets, for which Cephalon has
or expects to have active programs or Third Party obligations during the Collaboration Term, as specified in Schedule B and as may be reasonably updated from time to time by Cephalon. 

1.9. “Cephalon IP” shall mean Cephalon Patents and Cephalon Know-how. 

  

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 1.10.
“Cephalon Know-how” shall mean all proprietary ideas, inventions, data, know-how, instructions, processes, formulas, materials, expert opinion, technology or other information (including biological, chemical, physical and analytical
data and information, and any structure-function data), that (a) is either (i) Controlled by Cephalon as of the Effective Date, or (ii) discovered, developed, conceived, reduced to practice or acquired during the Collaboration Term
outside the course of both of the Collaboration and Ambit’s research and development under Article IV by employees or agents of Cephalon or any of its respective Affiliates, either alone or jointly, and is Controlled by Cephalon and (b) is
necessary for the discovery, development, manufacture or use of Licensed Compounds and Collaboration Compounds and/or the development, manufacture, use, sale or commercialization of corresponding Licensed Products and Collaboration Products;
provided, however, that Cephalon Know-How shall not include Cephalon Patents, Licensed Compound IP, Ambit IP or Collaboration IP. 
 1.11. “Cephalon Library Compounds” shall mean Cephalon’s small molecule screening deck of [...***...] compounds, without chemical structures. Cephalon
Analogue Compounds provided by Cephalon to Ambit pursuant to Section 4.3.2 shall be deemed Cephalon Library Compounds for the purposes of Article IV. 
 1.12. “Cephalon Patents” shall mean all Patents Controlled by Cephalon or its Affiliates as of the Effective Date, or any other Patent Controlled by Cephalon or its Affiliates during the
Collaboration Term and, with respect to Collaboration Clinical Candidates and Licensed Compounds, all Patents Controlled by Cephalon or its Affiliates during the Term; in each case, necessary for the discovery, development, manufacture, importation
or use of one or more Licensed Compounds or Collaboration Compounds and/or the development, manufacture, use, sale, importation or commercialization of corresponding Licensed Products and Collaboration Products. 

1.13. “Cephalon Target” shall mean all Targets other than the Ambit Targets. 

1.14. “Change of Control” shall mean with respect to Ambit: (a) the stockholders of Ambit approve a sale of all or
substantially all of Ambit’s assets or business to which this Agreement relates to a Third Party or a plan of complete liquidation of Ambit; (b) the stockholders of Ambit approve a merger, reorganization or consolidation involving Ambit
and a Third Party in which the stockholders of Ambit immediately prior to such transaction cease to own collectively fifty percent (50%) or more of the combined voting equity securities of a successor entity; or (c) the stockholders
approve an acquisition of fifty percent (50%) or more of the voting equity securities of Ambit by a Third Party. 
 1.15.
“Collaboration” shall have the meaning set forth in the Recitals, and mean any research and development activities undertaken by both Ambit and Cephalon under the direction and oversight of the JRC that relates to the development of
Collaboration Compounds and Collaboration Clinical Candidates having activity against the Collaboration Target(s). 

  

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 1.16.
“Collaboration Clinical Candidate” shall mean a Collaboration Compound selected by Cephalon as a candidate for IND-enabling studies pursuant to Section 8.1. 

1.17. “Collaboration Compound” shall mean, (a) with respect to the First Collaboration Target, (i) the Ambit
Compounds that currently are the subject of Ambit’s research and development efforts, and (ii) any other compounds agreed by the JRC to be designated as “Collaboration Compounds”; and (b) with respect to the Second
Collaboration Target, the compounds agreed by the JRC to be designated as “Collaboration Compounds”, which compounds may include Ambit Compounds, Cephalon Compounds and/or Non-Exclusive Compounds; in each case, including any compound that
is derived, directly or indirectly, from such compounds that either (x) inhibits the activity of the First Collaboration Target according to the criteria set forth in the Research Plan or (y) appropriately inhibits or modulates the
activity of the Second Collaboration Target at a level of potency to be established by the JRC, as applicable. For purposes of clarity, any compound synthesized in the course of the Collaboration and based on a Cephalon Compound or Ambit Compound
that is active against a Collaboration Target at the level of potency and selectivity established by the JRC shall be deemed a Collaboration Compound. 
 1.18. “Collaboration IP” shall mean Collaboration Patents and Collaboration Know-how. Collaboration IP shall not include Ambit IP, Cephalon IP or Licensed Compound IP. 

1.19. “Collaboration Know-how” shall mean all proprietary ideas, inventions, data, know-how, instructions, processes,
formulas, materials, expert opinion, technology or other information (including, without limitation, (a) biological, chemical, physical and analytical data and information relating to Collaboration Compounds, and (b) any structure-function
data related to Collaboration Compounds), in each case which is discovered, developed, conceived or reduced to practice during the Collaboration Term and in the course of the Collaboration, by employees or agents of Cephalon, Ambit or any of their
respective Affiliates, either alone or jointly, and which is necessary for the discovery, development, manufacture or use of Collaboration Compounds and/or the development, manufacture, use, sale or commercialization of corresponding Collaboration
Products; provided, however, that Collaboration Know-How shall not include Collaboration Patents, Licensed Compound IP, Ambit IP or Cephalon IP. 
 1.20. “Collaboration Patents” shall mean (a) all patents and patent applications claiming any invention or discovery which was conceived or reduced to practice during the
Collaboration Term and in the course of the Collaboration, by employees or agents of Ambit, Cephalon or any of their respective Affiliates, either alone or jointly (including, without limitation, the synthesis and composition of matter of any
Collaboration Compound or any Collaboration Product, or method of use thereof); and (b) any divisions, continuations, continuations-in-part, reissues, reexaminations, extensions or other governmental actions which extend any of the subject
matter of the patent applications or patents in (a) above, and any substitutions, confirmations, registrations, revalidations, or additions of any of the foregoing; provided, however, that Collaboration

  
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Patents shall not include any Ambit Patents, Cephalon Patents or Licensed Compound Patents. 
 1.21. “Collaboration Product” shall mean any pharmaceutical product in any form or formulation that contains a Collaboration Compound that is sold by Cephalon or its Sublicensees or
Affiliates. 
 1.22. “Collaboration Targets” shall mean the First Collaboration Target and the Second
Collaboration Target. 
 1.23. “Collaboration Term” shall mean the Initial Term plus any extension pursuant to
Section 16.2. 
 1.24. “Combination Product” shall mean a Collaboration Product or Licensed Product, as
applicable, that comprises [...***...] active ingredients, [...***...] a Collaboration Compound or Licensed Compound. 
 1.25. “Commercially Reasonable Efforts” shall mean, in respect to each Party, efforts and resources expected to be used by biotechnology companies of a similar size and resource to that
Party for a product at a similar stage in its research, development or commercialization and of similar market potential taking into account its safety and efficacy, its cost to develop, the competitiveness of alternative products, its patent and
other proprietary position, the likelihood of regulatory approval and product reimbursement, its profitability and all other relevant commercial factors. For clarity, in respect of Ambit, Commercially Reasonable Efforts shall include the proper and
reasonable management of its finances to ensure the adequate performance of the Collaboration and its obligations under Article IV in accordance with the terms of this Agreement. 

1.26. “Confidential Information” as to each Party, shall mean such Party’s confidential information, trade secrets,
Patents and Know-how, all the data and materials of that Party relating to the Collaboration, the Ambit Targets, Cephalon Targets, Collaboration Targets, Ambit Compounds, Cephalon Compounds, Collaboration Compounds, Licensed Compounds, Cephalon
Library Compounds, Collaboration Products and Licensed Products, and including, without limitation, all research, technical, clinical development, manufacturing, marketing, financial, personnel, and other business information and plans of such
Party, in each case that (a) if disclosed in written form, is marked by such Party as “confidential” or “proprietary”, (b) if disclosed in non-written form, is indicated as confidential or proprietary at the time of
disclosure and reduced in writing in reasonable detail, marked as “confidential” or “proprietary” and delivered to the receiving Party within thirty (30) days after disclosure or (c) notwithstanding clauses (a) and
(b) above, is known or reasonably should be known by the receiving Party to be the confidential information of the disclosing Party. 
 1.27. “Controls” or “Controlled” shall mean possession of the ability to grant licenses or sublicenses pursuant to this Agreement without violating the terms of any

  

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agreement or other arrangement with, or the rights of, any Third Party and without the requirement of additional or increased payments to the Third Party. 

1.28. “Derivative Compound” shall mean, with respect to a Cephalon Library Compound, a compound that was derived by or
on behalf of Ambit from such Cephalon Library Compound (whether from the Cephalon Library Compound or from a predecessor compound that is derived from a Cephalon Library Compound), or derived or synthesized by or on behalf of Ambit from
Cephalon’s Confidential Information covering the structure or identity of the Cephalon Library Compound. 
 1.29.
“Executive Officers” shall mean the Chief Executive Officer of Ambit, the Executive Vice President of Research and Development of Cephalon, and/or such other executive officer of a Party as may be substituted from time to time upon
the giving of written notice to the other Party. 
 1.30. “Fair Market Value” shall mean the cash
consideration, which a willing seller would realize from an unrelated willing buyer in an arm’s length sale of an identical item sold in the same quantity and at the same time and place of the transaction. 

1.31. “FDA” shall mean the U.S. Food and Drug Administration, any successor thereto, or any corresponding foreign
registration or regulatory authority. 
 1.32. “Field” shall mean [...***...].

 1.33. “First Collaboration Target” shall mean the [...***...]. 

1.34. “First Commercial Sale” shall mean, with respect to a Collaboration Product or Licensed Product, as applicable, in
any country, the first sale for use or consumption by the general public of such Collaboration Product or Licensed Product, as applicable, in such country after all Regulatory Approvals have been obtained in such country. 

1.35. “IND” shall mean an Investigational New Drug Application, as defined in the U.S. Food, Drug and Cosmetic Act and
the regulations promulgated thereunder for initiating clinical trials in the United States, or any corresponding foreign application, registration or certification. 
 1.36. “Initial Term” shall mean the period commencing on the Effective Date and ending three (3) years thereafter. 

1.37. “Joint Research Committee” or “JRC” shall mean the entity organized to manage the scientific
implementation of the Collaboration and acting pursuant to Article III. 
 1.38. “KinomeScan Panel” means
[...***...]. 

  

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 1.39.
“Licensed Compound” shall mean an Option Compound (as defined in Section 4.4.1 herein) as to which Ambit exercises its Option, and [...***...] (such [...***...], the
“Backup Compounds”), provided that a Backup Compound shall be deemed a Licensed Compound only if (a) Ambit has provided written notice to Cephalon designating such Backup Compound as a Licensed Compound and (b) the Backup
Compound otherwise meets all of the applicable requirements set forth in Article IV. 
 1.40. “Licensed Compound
IP” shall mean the Licensed Compound Know-how and Licensed Compound Patents. 
 1.41. “Licensed Compound
Know-how” shall mean all proprietary ideas, inventions, data, know-how, instructions, processes, formulas, materials, expert opinion, technology or other information (including, without limitation, (a) biological, chemical, physical
and analytical data and information, and (b) any structure-function data), in each case which is discovered, developed, conceived or reduced to practice during the Term in connection with the research and development activities conducted in
connection with Article IV, including with respect to Licensed Compounds and Derivative Compounds, by employees or agents of Ambit or any of its Affiliates, either alone or jointly; provided, however, that Licensed Compound Know-how
shall not include Licensed Compound Patents, Collaboration IP, Ambit IP or Cephalon IP. 
 1.42. “Licensed Compound
Patents” shall mean (a) all Patents conceived or reduced to practice during the Term by employees or agents of Ambit or any of its respective Affiliates, either alone or jointly, that are related to any Licensed Compound or Derivative
Compound (including, without limitation, the synthesis and composition of matter of any such compound or Licensed Products, or method of use thereof) or otherwise result from Ambit’s research and development activities conducted in connection
with Article IV, including with respect to Licensed Compounds and Derivative Compounds; and (b) any divisions, continuations, continuations-in-part, reissues, reexaminations, extensions or other governmental actions which extend any of the
subject matter of the patent applications or patents in (a) above, and any substitutions, confirmations, registrations, revalidations, or additions of any of the foregoing. For the avoidance of doubt, Licensed Compound Patents shall not include
Collaboration Patents. 
 1.43. “Licensed Products” shall mean any pharmaceutical product in any form or
formulation that contains a Licensed Compound that is developed by Ambit, or its permitted Sublicensees or Affiliates, pursuant to Article IV. 

  

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 1.44. “Mutant
Form Candidate” shall mean a Collaboration Clinical Candidate that is directed against a [...***...], other than [...***...]. 

1.45. “NDA” shall mean a New Drug Application, as defined in the U.S. Food, Drug and Cosmetic Act and the regulations
promulgated thereunder, or any corresponding foreign application, registration or certification. 
 1.46. “Net
Revenue” shall mean the gross amount of all consideration (whether as an up-front payment, royalties or otherwise) received by Ambit or its Affiliates, directly or indirectly, from a Third Party for or on account of any sublicenses or other
rights granted by Ambit to such Third Party with respect to a Licensed Product, including any investments made by such Third Party in Ambit or an Affiliate, without deduction of any kind, but excluding the following: 

(a) payments made by distributors appointed by Ambit to distribute the Licensed Product in respect of amounts invoiced by Ambit to such
distributors for the sale by Ambit of such Licensed Product to such distributors to the extent that Ambit pays royalties to Cephalon for Net Sales of such Licensed Product pursuant to Section 4.11(a); 

(b) payments received by Ambit or an Affiliate for performance of research and development by either Ambit or such Affiliate to the
extent that such payments cover the actual cost of the research and development work; 
 (c) payments made to either Ambit or an
Affiliate to the extent they cover the actual costs of conducting clinical testing and other activities in connection with obtaining regulatory approval for a product; and 
 (d) reimbursed expenses of either Ambit or an Affiliate. 
 The monetary value of any investment
made by a Third Party in Ambit or an Affiliate shall be equal to the current market value of the investment, which shall be determined as of the earlier of the date when the investment is made or the day prior to the date when the investment is
first publicly disclosed on the Dow Jones New Wire (the “Determination Date”). If there is no public market for the securities of Ambit or an Affiliate, then the current market value shall be determined by Ambit’s or the
Affiliate’s board of directors in good faith, and if Cephalon disputes such determination, the current market value shall be determined by an independent banker designated by the Parties whose fees shall be shared by the Parties. If there is a
public market for Ambit’s or an Affiliate’s securities, then the current market value shall be determined using the average of the closing bid and asked prices of the securities in the Over-The-Counter Market Summary or the closing price
quoted on any exchange on which the securities are listed as published in The Wall Street Journal for the ten (10) trading days prior to the Determination Date. Notwithstanding the foregoing, if the Third Party is acquiring Ambit’s or an
Affiliate’s securities in connection with an initial public offering of Ambit or the Affiliate, the current market value shall be determined using the offering price of such securities to the public in the initial public offering.

  

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With respect to any other non-monetary consideration received by Ambit or an Affiliate, a commercially reasonable valuation method shall be applied to determine the monetary value of such
consideration. 
 1.47. “Net Sales” shall mean the gross amount invoiced and any other amounts or rebates
received by a Party, its Affiliates or Sublicensees for the worldwide sale of Collaboration Products or Licensed Products, as applicable, to bona fide independent Third Parties less, to the extent paid, allowed or given: 

(a) outer packing, freight, postage, shipment or transportation charges and insurance costs relating thereto, 

(b) sales, value added and excise taxes or customs duties, tariffs or surcharges paid by the selling Party, and any other governmental
charges (excluding income taxes) incurred in connection with the sale or exportation of the Collaboration Products or Licensed Products, as applicable, 
 (c) reasonable distributors’ fees, amounts repaid or credited, rebates (including, without limitation, government-mandated rebates such as Medicaid charge backs or rebates) or allowances (including,
without limitation, cash, credit or free goods allowances), actually granted, allowed or incurred, 
 (d) trade and prompt
payment discounts, quantity discounts, cash discounts or reasonable charge-backs actually granted, allowed or incurred in the ordinary course of business in connection with the sale of the Collaboration Products or Licensed Products, as applicable,
and 
 (e) reasonable allowances, refunds or credits to customers, not in excess of the selling price of the Collaboration
Products or Licensed Products, as applicable, on account of rejection, damage, spoilage, outdating, recalls or return of, or price adjustments or billing errors regarding the Collaboration Products or Licensed Products, as applicable. 

A “sale” shall include any transfer or other disposition for consideration of a Collaboration Product or Licensed Product, as
applicable, and Net Sales shall include the Fair Market Value of all other consideration received by a Party, its Affiliates or its Sublicensees from the sale or distribution of a Collaboration Product or Licensed Product, as applicable, whether
such consideration is in cash, payment in kind, exchange or another form. In the event that a Collaboration Product or Licensed Product, as applicable, is packaged with other products of a Party, any discount applied to such Collaboration Product or
Licensed Product, as applicable, to determine Net Sales shall be no greater than the average discount of the entire package. 

The disposal or sale of a Collaboration Product or Licensed Product, as applicable, by a Party, its Affiliates or Sublicensees
(i) solely for the research or clinical testing of such Collaboration Product or Licensed Product, as applicable, or (ii) for 

  
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indigent, charitable or similar public support or compassionate use programs or (iii) as free samples shall not be deemed to give rise to a sale under this Agreement and shall be excluded
from the computation of Net Sales. All sales of Collaboration Products or Licensed Products, as applicable between a Party and its Affiliates or its Sublicensees shall be disregarded for purposes of computing Net Sales, unless such a purchaser is
the end-user of such Collaboration Product or Licensed Product, as applicable. 
 To calculate the value of Net Sales of
Combination Products, the gross sales of such Combination Products will be multiplied by the fraction A/(A + B) where A is the Fair Market Value of the Collaboration Compound or Licensed Compound, as applicable, when sold separately, and B is the
Fair Market Value of the other active ingredient when sold separately. Allowed deductions may then be subtracted, prorated based on the proportion of gross sales attributable to the Collaboration Compound or Licensed Compound, as applicable, to
compute Net Sales. 
 1.48. “Non-Exclusive Compound” shall mean any compound brought to the Collaboration by
either Party which is non-proprietary to both Parties at or after the Effective Date. 
 1.49. “Party” shall
mean Ambit or Cephalon. Ambit and Cephalon shall be collectively referred to as the Parties. 
 1.50. “Patent”
shall mean: (i) issued and unexpired letters patent, including any extension, registration, confirmation, reissue, continuation, supplementary protection certificate, divisional, continuation-in-part, re-examination or renewal thereof,
(ii) pending applications for letters patent, including provisional applications, and (iii) foreign counterparts of any of the foregoing; in each case to the extent the same has not been held, by a court, administrative body or
governmental agency of competent jurisdiction, to be invalid or unenforceable in a decision from which no appeal can be taken or from which no appeal was taken within the time permitted for appeal. 

1.51. “Patent Committee” shall mean the committee that may be formed pursuant to Section 3.5. 

1.52. “Person” shall mean any natural person, corporation, firm, business trust, joint venture, association,
organization, company, partnership or other business entity, or any government or agency or political subdivision thereof. 

1.53. “Phase I,” “Phase II” and “Phase III” shall mean Phase I (or Phase I/II), Phase
II (or Phase II/III) and Phase III clinical trials, respectively, in each case as prescribed by applicable FDA IND Regulations, or any corresponding foreign statutes, rules or regulations. 

1.54. “Regulatory Agency” shall mean the FDA or the applicable department, bureau or other governmental regulatory
authority in each country in the Territory involved in the granting of Regulatory Approvals. 

  
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 1.55.
“Regulatory Approval” shall mean any and all approvals (including price reimbursement approvals), licenses, registrations, or authorizations of any Regulatory Agency, necessary for the manufacture, use, storage, import, export,
transport or sale of a Collaboration Product. 
 1.56. “Relevant Third Party Patent Right” shall mean a Patent
owned or controlled by a Third Party which claims the composition of matter of a Collaboration Compound, the process of manufacture of that Collaboration Compound, use of the Collaboration Product for the treatment of a therapeutic indication or the
use of a Collaboration Product against a Collaboration Target where such Collaboration Compound (in each case) is being used as an active ingredient in a Collaboration Product. 

1.57. “Research Plan” shall mean, on a Collaboration Target-by-Collaboration Target basis, a description of the
Parties’ respective activities and objectives with respect to a Collaboration Target. Minutes of JRC meetings, if signed by a JRC representative of each Party, shall be deemed included within the Research Plan. 

1.58. “Second Collaboration Target” shall mean the Target selected by the JRC pursuant to Section 2.4. 

1.59. “Significant Activity” shall mean any of the following in relation to a Collaboration Compound, Collaboration
Product, Licensed Compound or Licensed Product: 
 (a) [...***...]; 

(b) [...***...] 
 (c) [...***...]; 

(d) [...***...]; 
 (e) [...***...]; 

  

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(f) [...***...]; 
 (g) [...***...]; and 

(h) [...***...]. 
 Notwithstanding the foregoing, any activities set forth in (a) through (h) above, that normally would be related to an earlier phase of development and/or commercialization, shall not be
considered Significant Activity once development of the applicable Collaboration Compound, Collaboration Product, Licensed Compound or Licensed Product has progressed beyond such earlier phase for a particular indication, as evidenced by the
performance of any activity that normally would be considered to be related to any later phase for such indication, provided always that to the extent that a Party can reasonably demonstrate that activities relating to an earlier phase of
development are reasonably necessary, then such activities shall be considered Significant Activity. 
 1.60.
“Sublicensee” shall mean, as to each Party, a Person other than an Affiliate of the Party, to whom has been granted sublicense rights under the license granted to such Party hereunder, which rights include at least the right to sell
a Collaboration Product or Licensed Product. As used in this Agreement, “Sublicensee” shall also include a Third Party to whom a Party has granted a sublicense under this Agreement to distribute a Collaboration Product or Licensed Product,
provided that such Third Party has the primary responsibility for marketing and promotion, at its expense, of such Collaboration Product or Licensed Product within countries in the Territory for which such distribution rights are granted,
which marketing and promotional activities are not subsidized directly or indirectly by that Party, such as, without limitation, through a specific allowance or a guaranteed selling margin for such Third Party meant to cover its expenses. Third
Parties that are permitted to manufacture or finish Collaboration Products or Licensed Products for supply to a Party, its Affiliates or Sublicensees are not “Sublicensees.” For avoidance of doubt, a “Sublicensee” shall not
include any subcontractor permitted under Section 18.15. 
 1.61. “Substantial Generic Competition” shall
have the meaning set forth in Section 9.4(c). 
 1.62. “Target” shall mean
[...***...]. 
 1.63. “Territory” shall mean all the countries of the world.

  

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 1.64. “Third
Party” shall mean any Person other than Ambit, Cephalon, or their respective Affiliates. 
 1.65. “Valid
Claim” shall mean a claim of an issued patent which has not lapsed or become abandoned, been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or
un-appealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise. 
 The following defined terms have the meanings specified in referenced Section: 
  

			
	 Term
	 	 Section

	“Adverse Financial Event”	 	17.2.1(b)
	“AFE Determination Date”	 	17.2.1(b)
	“Agreement”	 	Preamble
	“Ambit”	 	Preamble
	“Ambit Hit”	 	4.3.1
	“Ambit Indemnitees”	 	15.3
	“Ambit Losses”	 	15.3
	“Ambit Stock”	 	17.2.1
	“Backup Compounds”	 	1.38
	“Cephalon”	 	Preamble
	“Cephalon Analogue Compounds”	 	4.3.2
	“Cephalon Indemnitees”	 	15.2
	“Cephalon License Notice”	 	4.7.2
	“Cephalon Losses”	 	15.2
	“Claims”	 	15.4
	“Collaboration”	 	Recitals
	“Commercializing Party”	 	11.4
	“Decision Notice”	 	4.2
	“Determination Date”	 	1.46
	“Disclosing Party”	 	12.1.1
	“Discontinuance Notice”	 	11.2.6
	“Effective Date”	 	Preamble
	“Exclusivity Period”	 	5.1
	“Negotiation Period”	 	4.7.2
	“Nominated Targets”	 	4.2
	“Nomination Notice”	 	4.2
	“Notice”	 	4.7.3
	“Option”	 	4.4.1
	“Option Compound”	 	4.4.1
	“Option License”	 	4.4.1
	“Patent Owner”	 	11.3.2
	“Profiling Services Agreement”	 	Recitals

  
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	“Receiving Party”	 	12.1.1
	“RFN Negotiation Period”	 	4.7.3(a)
	“Right of First Negotiation”	 	4.7.3
	“Share Price”	 	17.2.2
	“Sole Discretion Rejection”	 	4.2
	“Term”	 	16.1
	“Third Nomination Period”	 	4.2
	“Third Party Agreement”	 	4.7.5

 1.66. Rules of Construction.
(a) Each of the Parties acknowledges and agrees that this Agreement has been diligently reviewed by and negotiated by and between them, that in such negotiations each of them has been represented by competent counsel and that the final
agreement contained herein, including the language whereby it has been expressed, represents the joint efforts of the Parties hereto and their counsel. Accordingly, in the event an ambiguity or a question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Agreement. 

(b) The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “any” shall mean “any and all” unless otherwise clearly indicated by context. “$” as used in this
Agreement means the lawful currency of the United States. Where either Party’s consent is required hereunder, except as otherwise specified herein, such Party’s consent may be granted or withheld in such Party’s sole discretion.

 (c) Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein or therein), (ii) any reference to any laws herein shall be construed as referring to such laws as from time to time enacted, repealed or amended, (iii) any reference herein to any person shall be construed to include the
person’s successors and assigns, (iv) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular
provision hereof, and (v) all references herein to Articles, Sections or Appendices, unless otherwise specifically provided, shall be construed to refer to Articles, Sections and Appendices of this Agreement. 

(d) References to sections of the Code of Federal Regulations and to the United States Code shall mean the cited sections, as these may
be amended from time to time. 

  
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 ARTICLE II. 

PERFORMANCE OF THE COLLABORATION AGREEMENT 
 2.1. Goals of the Collaboration. 
 2.1.1. General. Each Party
shall: 
 (i) undertake an interactive, cooperative role in the Collaboration with the other Party as set forth in the
applicable Research Plan, and such other activities which, from time to time, the JRC decides are necessary for the continuing success of the Collaboration, with the objective of identifying Collaboration Clinical Candidates with respect to the
Collaboration Targets; 
 (ii) use Commercially Reasonable Efforts to properly and diligently perform its activities pursuant
to the applicable Research Plan, including, without limitation, by allocating personnel consistent with each applicable Research Plan project with sufficient skills and experience together with sufficient equipment and facilities, to carry out such
Party’s obligations under this Agreement and to accomplish the objectives of the Collaboration; and 
 (iii) conduct the
Collaboration in good scientific manner, and in compliance in all material respects with all requirements of applicable laws, rules and regulations, and all other requirements of any good laboratory practices to attempt to achieve its objectives
efficiently and expeditiously. 
 2.2. Activities of Ambit. During the Collaboration Term: 

2.2.1. Ambit will dedicate to the Collaboration such reasonable resources as specified by the JRC in the Research Plan to perform
screening and counterscreening against the KinomeScan panel and follow-up Kd determination against individual kinases, cell-based assays, DMPK, cell pharmacology and medicinal chemistry with respect to Collaboration Targets and Collaboration
Compounds. 
 2.2.2. Ambit further shall provide to the Collaboration Ambit Compounds having demonstrated activity against the
Collaboration Targets as defined in the applicable Research Plan in order to support the Collaboration with respect to such Collaboration Targets. 
 2.2.3. Ambit shall provide Cephalon with all feedback in a timely manner on the progress of its efforts under the Collaboration necessary to enable Cephalon to provide Ambit the support that it requires
to conduct its activities hereunder. 
 2.2.4. Within [...***...] of the Effective Date, Ambit shall
disclose and make available to Cephalon all compounds (including profiling information and chemical structure) currently under research and development by Ambit with respect to the First Collaboration Target. 

  

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 2.2.5. Ambit promptly
shall disclose and make available to Cephalon all Collaboration IP conceived, generated or developed by or on behalf of Ambit under the Collaboration and all Ambit IP to enable Cephalon to conduct its development and commercialization activities
under this Agreement. 
 2.2.6. Significant Activity of Ambit under Article IV. If at any time during the course of the
development of a Licensed Compound, as discussed in Article IV, there has been no Significant Activity by Ambit in relation to such Licensed Compound for a period of [...***...], then: 

(a) Cephalon shall have the right to give written notice to Ambit requesting written justification for such lack of Significant Activity,
in the form of detailed reasons why there has been no Significant Activity, and Ambit shall provide such written justification to Cephalon within [...***...] of the date of Cephalon’s request and shall recommence such
Significant Activity within [...***...] of the date of Cephalon’s request; or 
 (b) if Ambit
fails to provide such justification to Cephalon or if there has still been no Significant Activity taken by Ambit within [...***...] of the date of Cephalon’s request, then, on notice by Cephalon to Ambit (to be given
in Cephalon’s sole discretion), Ambit shall be deemed to have been given notice to terminate the development and commercialization of the Licensed Compound (including all associated Backup Compounds) and any license rights to such Licensed
Compound granted by Cephalon to Ambit shall revert back to Cephalon. 
 For purposes of Article IV, Ambit shall be deemed to be engaging in
Significant Activity with respect to a Licensed Compound if it is engaging Significant Activity with respect to any one (1) of the Option Compound or its Backup Compounds. 

2.3. Activities of Cephalon. 
 2.3.1. During the Collaboration Term, as determined by the JRC in the Research Plan, Cephalon shall provide reasonable resources to perform necessary in vivo biology (xenograft and other models)
and drug development qualifying activities prior to designation of the Collaboration Clinical Candidate (during lead optimization). 
 2.3.2. With respect to the Second Collaboration Target, upon agreement of the JRC, Cephalon shall provide to the Collaboration Cephalon Compounds having demonstrated activity against the Second
Collaboration Target as defined in the applicable Research Plan in order to support the Collaboration with respect to the Second Collaboration Target. 
 2.3.3. Cephalon promptly shall disclose and make available to Ambit all Collaboration IP conceived, generated or developed by or on behalf of 

  

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Cephalon under the Collaboration that may be necessary or useful for Ambit to conduct its obligations under the Collaboration pursuant to the applicable Research Plan. 

2.3.4 Significant Activity of Cephalon under Article III and Article VIII. If at any time during the course of the clinical
development and commercialization of a Collaboration Clinical Candidate there has been no Significant Activity by Cephalon in relation to such Collaboration Clinical Candidate for a period of [...***...], then: 

(a) Ambit shall have the right to give written notice to Cephalon requesting written justification for such lack of Significant Activity,
in the form of detailed reasons why there has been no Significant Activity, and Cephalon shall provide such written justification to Ambit within [...***...] of the date of Ambit’s request and shall recommence such
Significant Activity within [...***...] of the date of Ambit’s request; or 
 (b) if Cephalon
fails to provide such justification to Ambit or if there has still been no Significant Activity taken by Cephalon within [...***...] of the date of Ambit’s request, then, on notice by Ambit to Cephalon (to be given in
Ambit’s sole discretion), Cephalon shall be deemed to have been given notice to terminate the development and commercialization of the Collaboration Compound or Collaboration Clinical Candidate in relation to which such Significant Activity has
not occurred and any license rights to such Collaboration Compound or Collaboration Clinical Candidate granted by Ambit to Cephalon shall revert back to Ambit. 
 2.4. Selection of Collaboration Targets. At the first JRC meeting the JRC will approve a Research Plan for the First Collaboration Target, including the particular assays and the associated
reagents that will be used to test for the specified modes of modulating the First Collaboration Target. No later than [...***...] from the Effective Date or as otherwise agreed to in writing by the Parties, each Party
shall submit a proposal for a Target to be designated as the Second Collaboration Target, along with a draft Research Plan applicable to such proposed Second Collaboration Target, as the basis of a research program within the Collaboration via the
JRC. The JRC shall discuss each of the proposals and shall determine whether any of the proposed Targets shall be designated as the Second Collaboration Target, provided that either Party may, via the JRC, decline to accept any such proposed
Target as the Second Collaboration Target if, at the time the other Party proposes the Target, (i) the declining Party has existing contractual commitments to a Third Party related to the proposed Target that would prevent it from collaborating
with the other Party on such Target, or (ii) the declining Party can document the existence of an active internal research program related to such Target that existed prior to the other Party’s proposal of the Target. If a proposed Target
is declined pursuant to the foregoing, it shall not be subject to the provisions of Section 3.4. 
 2.5. Records and
Reports. Each Party shall maintain records in sufficient detail and in good scientific manner appropriate for patent and FDA purposes and so as to properly reflect all work done and results achieved in the performance of this Agreement
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and as directed by the JRC). In addition, each Party shall keep or cause to be kept written laboratory notebooks, marketing and commercialization records, pre-clinical records (including CMC,
toxicology, ADME, pharmacology, and other), regulatory filings and other records and reports of the progress of its activities in the Collaboration and, with respect to Ambit, also under Article IV, in sufficient detail and in good scientific manner
for all other purposes, reflecting all work done on a program and the results achieved thereunder by such Party. Such records shall be maintained throughout the Collaboration Term and for as long as required by applicable laws, rules and
regulations. Such records shall include applicable books, records, reports, research notes, charts, graphs, comments, computations, analyses, recordings, photographs, computer programs and documentation thereof, samples of materials and other
graphic or written data generated in connection with the Collaboration and Ambit’s activities under Article IV, including any data required to be maintained pursuant to applicable governmental regulations. During the Term, each Party shall
respond to reasonable requests from the other for information based on such records. 
 ARTICLE III. 

GOVERNANCE OF THE COLLABORATION 
 3.1. Joint Research Committee. Within thirty (30) days after the Effective Date, Cephalon and Ambit shall establish a Joint Research Committee, comprised of Ambit and Cephalon scientists, to
manage the scientific implementation of the Collaboration. The responsibilities of the JRC shall include: (a) monitoring and reporting the progress of the Collaboration and ensuring open and frequent exchange between the Parties;
(b) establishing criteria for the selection of Collaboration Compounds for each Collaboration Target; (c) identifying and resolving any scientific or technical conflicts between the Parties; (d) approving, modifying and overseeing the
implementation of a Research Plan for each Collaboration Target and its associated program undertaken in the Collaboration; (e) coordinating with the Patent Committee all patent activities as they relate to the results of the Collaboration, and
in keeping with the overall patent strategy delineated by the Patent Committee; and (f) taking such action that is contemplated for the JRC to take pursuant to Article IV. 

3.2. Membership. The JRC shall include three (3) named representatives of each of the Parties, and each Party’s
representatives shall be selected by that Party and identified by written notice to the other Party. Each Party may replace its representatives at any time, upon written notice to the other Party. From time to time, the JRC may establish
subcommittees, to oversee particular projects or activities, and to manage the more frequent interactions between the Parties’ scientists with respect to individual research projects. Such subcommittees will be constituted as the JRC
determines, in its sole discretion. 
 3.3. Meetings and Minutes. During the Collaboration Term, unless otherwise agreed
to by the Parties, the JRC shall meet at least quarterly, or more frequently as agreed by the Parties, at such locations or by such teleconferencing means as the Parties may determine from time to time. In addition to regularly scheduled meetings,
the JRC representatives will communicate regularly by telephone, electronic mail, facsimile 

  
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and/or videoconference. Other representatives of Ambit or Cephalon may attend JRC meetings as nonvoting observers. Each Party shall be responsible for all of its expenses associated with
attending the JRC meetings. The Parties shall alternate preparing agendas for each JRC meeting and written minutes of each JRC meeting and shall prepare a written record of all JRC voting and decisions, whether made at a JRC meeting or otherwise. A
copy of the Research Plan for each Collaboration Target shall be signed and appended to the minutes of the JRC meeting at which such Research Plan is approved. The written minutes of each JRC meeting and the written record of all JRC voting and
decisions shall be written and disseminated to the JRC members for review within ten (10) business days of the JRC meeting, and upon signature by Ambit and Cephalon, shall become final. 

3.4. Decision-Making. Decisions of the JRC shall be made by unanimous vote, and each Party shall have a single vote. In the event
that, with respect to any decision for which the JRC is empowered to make a decision, a unanimous vote is not obtained, the decision shall be referred to the Executive Officers, who shall promptly meet and endeavor to reach consensus in a timely
manner. On and after the time a Collaboration Clinical Candidate is designated, if such individuals cannot resolve such dispute with respect to such Collaboration Clinical Candidate, then such dispute shall be decided by
[...***...]. 
 3.5. Patent Committee. Upon recommendation of the JRC, the Parties shall form
a patent committee (the “Patent Committee”) to be in existence as long as Patents within the Collaboration IP are being filed and/or prosecuted. Each Party shall designate at least one (1) chemist and one (1) patent
attorney or equally qualified legally trained personnel, as its representatives on the Patent Committee. The Patent Committee shall be responsible for recommending patent filings and coordinating patent-related matters and such other matters as are
delegated to it by the JRC. Such meetings shall be held at mutually agreed times and locations. It is recognized and understood that the Patent Committee will communicate as necessary, whether in writing, by telephone, in person or otherwise, to
ensure compliance with relevant patent filing and prosecution timetables and deadlines. Each Party shall bear its own expenses associated with such meetings and the activities of the Patent Committee; provided, however, that each Party
shall bear the expense of providing the other Party with copies of all Patents filed pursuant to this Agreement including all substantive correspondence with U.S. and foreign patent offices. If the JRC does not form a Patent Committee, all
references herein to a “Patent Committee” shall refer instead to the JRC, and the JRC shall decide all patent-related matters in consultation with a patent attorney. 
 3.6. Clinical Development Updates. Cephalon shall deliver to Ambit written quarterly clinical updates with respect to the status of the clinical development of the Collaboration Clinical Candidate.

  

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 ARTICLE IV. 

AMBIT SELECTED COMPOUNDS 
 4.1. Cephalon Library. Within [...***...] of the Effective Date, Cephalon will commence the delivery of its Cephalon Compound Library on a schedule to be mutually agreed
to by the Parties. Cephalon shall use its reasonable efforts to complete such delivery within [...***...] of the Effective Date. 
 4.2. Ambit Nominated Targets. Within [...***...] of each of the [...***...],[...***...] and
[...***...] anniversaries of the Effective Date (each a “Nomination Period”), Ambit shall have the right to nominate up to two (2) Targets (the “Nominated Targets”) to be designated
as replacements for up to two (2) of the then-current Ambit Targets. Ambit shall specify such Nominated Targets in a written notice (the “Nomination Notice”) delivered to Cephalon within the applicable Nomination Period, which
Nomination Notice also shall specify the then-current Ambit Targets that Ambit proposes to replace with the Nominated Targets. Cephalon shall consider such Nominated Targets and within [...***...] of the receipt of the
Nomination Notice shall deliver to Ambit a written decision (the “Decision Notice”) indicating whether or not Cephalon agrees to designate the Nominated Targets as Ambit Targets. Cephalon may reject any Nominated Target if Cephalon
can document the existence of an active or scheduled internal research program or Third Party obligations related to such Nominated Target. In any Nomination Period, Cephalon may also reject up to two (2) Nominated Targets in its sole
discretion (each, a “Sole Discretion Rejection”); provided, that if Cephalon has previously rejected two (2) Nominated Targets in a Nomination Period, Cephalon may only reject any subsequent Nominated Targets in such Nomination
Period if Cephalon can document the existence of an active or scheduled internal research program or Third Party obligation related to such Nominated Target; and provided further, that with respect to the Nomination Period following the
[...***...] anniversary of the Effective Date (the “Third Nomination Period”), if Cephalon has used [...***...] Sole Discretion Rejections prior to the Third Nomination Period,
then Cephalon may reject a Nominated Target in the Third Nomination Period only if Cephalon can document the existence of any active or scheduled internal research program or Third Party obligation related to the applicable Nominated Target. Upon
agreement by the Parties on a Nominated Target, such Nominated Target shall be deemed an Ambit Target as of the date of such agreement, and the corresponding Ambit Target designated in the Nomination Notice to be replaced shall no longer be deemed
an Ambit Target as of the date of such agreement. Schedule A shall be updated consistent with the foregoing. For clarification, no more than [...***...] Targets shall be concurrently classified as Ambit Targets during the
Initial Term. If Cephalon shall not have given a Decision Notice within the allotted time period specified above, it shall be deemed that Cephalon does not agree to include the Nominated Target as an Ambit Target. 

  

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 4.3. Ambit
Profiling. 
 4.3.1. Ambit shall profile the Cephalon Library Compounds against the KinomeScan Panel consistent with the
Profiling Services Agreement as further described in Attachment A. Such screening shall be performed solely on Ambit’s own behalf and in furtherance of the provisions of this Article IV. Within [...***...] of receipt
of all of the Cephalon Library Compounds, Ambit shall provide Cephalon with all profiling data from the primary screening related to each Cephalon Library Compound. Ambit may request that Cephalon provide it with information relating to the chemical
structure of any Cephalon Library Compound that demonstrates binding affinity of [...***...] against one (1) or more Ambit Targets (an “Ambit Hit”), which request Cephalon may deny in its sole
discretion. Notwithstanding the above, if fewer than [...***...] Ambit Hits against an Ambit Target have a binding affinity of [...***...], then Ambit may request that Cephalon provide it with
information relating to the chemical structure of any Cephalon Library Compounds having binding affinities of less than [...***...] against such Ambit Target (such Cephalon Library Compounds also shall be considered
“Ambit Hits”), which request Cephalon may deny in its sole discretion. If, after expanding the binding affinity standard as set forth in the prior sentence, (i) there are fewer than [...***...] Ambit Hits
for any particular Ambit Target or (ii) Cephalon rejects Ambit’s request for chemical structures for Ambit Hits such that there are fewer than [...***...] Ambit Hits for any particular Ambit Target for which
Cephalon has provided the chemical structures, then Ambit may request to replace such Ambit Target by providing Cephalon with written notice thereof, provided that Cephalon may reject such request for a replacement Ambit Target only if Cephalon can
document the existence of an active or scheduled internal research program or Third Party obligation related to such replacement Ambit Target. Cephalon shall consider such replacement Ambit Target and within [...***...] of
the receipt of the written notice from Ambit with respect to such replacement Ambit Target shall deliver to Ambit a written decision indicating whether or not Cephalon agrees to designate the replacement Ambit Target as an Ambit Target. 

4.3.2. In addition, for each Ambit Hit, Ambit may request to receive for profiling additional Cephalon Compounds that have the chemical
structures most similar with the Ambit Hit, as determined in good faith by Cephalon (a “Cephalon Analogue Compound”), which request Cephalon may deny if Cephalon can document the existence of an active or scheduled internal research
program or Third Party obligations related to such Cephalon Library Compound and/or any related Cephalon Analogue Compound. If Cephalon cannot provide sufficient Cephalon Analogue Compounds to Ambit as determined by the JRC, then Ambit may request
to replace the applicable Ambit Target in the manner set forth in the last two sentences of Section 4.3.1. Ambit shall utilize such information and Cephalon Analogue Compounds solely for the purpose of performing more comprehensive analysis to
define a subset of Cephalon Library Compounds and Cephalon Analogue Compounds that show the most promising activity against the Ambit Targets. 

  

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 4.3.3. In connection
with its activities under this Section 4.3, Ambit is granted a limited, non-exclusive, non-transferable, non-sublicenseable (except as permitted by Section 18.15) license under the Cephalon IP and Cephalon’s share of the Licensed
Compound IP during the Collaboration Term to optimize solely for its own research and development purposes Cephalon Library Compounds having the requisite level of binding affinity set forth in Section 4.3.1 and, for purposes of
Section 4.4, to create associated Derivative Compounds having the ability to appropriately inhibit, stimulate or otherwise modulate the production or activity of the same Ambit Target as the Cephalon Library Compound. 

4.3.4. Cephalon shall own all right and title to any profiling data generated by Ambit in connection with the screening of the Cephalon
Library Compounds, and Cephalon hereby grants to Ambit a limited, non-exclusive, non-transferable, non-sublicenseable research license during the Collaboration Term to use such data for the purposes contemplated by this Article IV. Ambit hereby
grants to Cephalon a non-exclusive, worldwide, perpetual, irrevocable fully-paid up, royalty-free, sublicenseable and transferable license to any Ambit IP that is necessary for and only for the puposes of Cephalon copying, distributing, making
derivative works of, using and otherwise exploiting such data. 
 4.4. Ambit Option. 

4.4.1.If profiling by Ambit of a Cephalon Library Compound or Derivative Compound demonstrates that a significant mechanism of action of
the Cephalon Library Compound or Derivative Compound is modulation of an Ambit Target, as determined by the JRC, then Ambit shall be entitled to and at Ambit’s sole election upon written notice to Cephalon Ambit will receive an exclusive option
(the “Option”) from Cephalon for such Cephalon Library Compound or Derivative Compound (the “Option Compound”), as the case may be. Such written notice from Ambit shall specify the Option Compound to be covered by
the Option along with reasonable supporting research and analysis demonstrating the requisite level of action of the Option Compound against the Ambit Target. Ambit shall be entitled to receive an Option for an Option Compound if it provides the
written notice described above no later than the latter of (i) [...***...] after completion of the initial screening of the applicable Option Compound against the applicable Ambit Target(s) as demonstrated by
Ambit’s records or (ii) [...***...] after the date on which the applicable Ambit Target was designated an Ambit Target pursuant to the terms hereof. Subject to Sections 4.4.2 and 4.4.3, each Option, which shall
be exercisable during the Initial Term, is for an exclusive, worldwide, non-sublicenseable (except as permitted by Sections 4.7 and 18.15), non-transferable (except as permitted by Section 4.7), royalty-free (except as set forth in
Section 4.11), perpetual (except as expressly set forth herein) license (the “Option License”) under the Cephalon IP and Cephalon’s share of the Licensed Compound IP to develop, make, have made, use, sell, offer to sell
and import Licensed Compounds, solely in connection with products that modulate the Ambit Target. Within [...***...] of Ambit’s receiving an Option, Cephalon shall notify Ambit whether the corresponding Option
Compound(s) are subject to any Third Party payment or other obligations or are covered by Cephalon IP. Within [...***...] of receipt of such notice from 

  

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Cephalon, Ambit may elect to terminate its Option if the Option Compound is subject to such Third Party obligations, and such termination shall not be counted for purposes of Section 4.4.4.
If Ambit does not cancel the Option within such [...***...] period, Ambit agrees that it shall be solely responsible for satisfying such Third Party obligations. 

4.4.2. The Option shall be exclusive as to Ambit, unless, at the time Ambit elects to obtain the Option pursuant to Section 4.4.1,
Cephalon has entered into a binding commitment with a Third Party that prevents Cephalon from granting the Option or the license that Cephalon would be required to grant to Ambit upon Ambit’s exercise of the Option (i.e., the Option License) ,
in which case Cephalon will grant to Ambit an Option of the maximum permissible scope, if any, that would not conflict with the Third Party commitment. If, upon Cephalon’s notice to Ambit of the information relating to such Third Party
commitment in the prior sentence, Ambit determines in its reasonable discretion that Ambit will not pursue such Option, then the JRC shall determine in good faith the appropriate manner to proceed, including, without limitation, the options set
forth in Section 4.3.1 or the provision by Cephalon of additional Cephalon Compounds for Ambit to profile pursuant to 4.3.1. Ambit shall exercise the Option by providing written notice to Cephalon specifying the Option Compound for which it is
exercising the Option. Upon Cephalon’s receipt of such notice, Cephalon agrees to grant, and hereby does grant to Ambit the Option License as set forth above. 
 4.4.3. Notwithstanding the foregoing, in the event that a Cephalon Library Compound, or a Derivative Compound made pursuant to Section 4.3.3, is equipotent (as determined by the JRC) against one or
more Ambit Targets and one or more Cephalon Exclusive Targets, or if such a Derivative Compound is significantly active against a Cephalon Exclusive Target, Ambit’s right to obtain an Option to such Cephalon Library Compound or Derivative
Compound shall be subject to this Section 4.4.3. 
 (a) If Ambit desires an Option to an equipotent Cephalon Library
Compound or Derivative Compound, it shall provide Cephalon with a written request specifying the Cephalon Library Compound or Derivative Compound that Ambit requests to be covered by the Option along with reasonable supporting research and analysis
demonstrating the requisite level of action of the Cephalon Library Compound or Derivative Compound against the Ambit Targets and Cephalon Exclusive Targets. Cephalon shall have at least [...***...] from the receipt of
such notice to consider such request, and the Parties shall discuss in good faith Ambit’s request at the next JRC meeting, including proposed licensing structures applicable to such equipotent Cephalon Library Compound or Derivative Compound
(e.g. co-exclusive license instead of an exclusive license) that may be required by Cephalon. In the event that the JRC is unable to agree upon Ambit’s request, then Cephalon may reject Ambit’s request for such Option if Cephalon can
document the existence of an active or scheduled internal research program or Third Party obligation related to such Cephalon Exclusive Target. In the event the JRC or Cephalon reject Ambit’s request, and Ambit determines in its reasonable
discretion that Ambit will not pursue such Option, then the JRC shall determine in good faith the appropriate manner to proceed, including, without limitation, 

  

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the options set forth in Section 4.3.1 or the provision by Cephalon of additional Cephalon Compounds for Ambit to profile pursuant to 4.3.1. 

(b) If such Cephalon Library Compound or Derivative Compound is significantly active against a Cephalon Target as determined by the JRC,
Ambit shall not have the right to obtain an Option thereon without Cephalon’s prior written consent, and if such Derivative Compound is covered by Ambit IP or Licensed Compound IP, Ambit agrees to grant, and hereby does grant, to Cephalon an
exclusive, irrevocable, perpetual, worldwide, royalty-free, transferable and sublicenseable license under the Ambit IP and Ambit’s rights in the Licensed Compound IP limited to developing, making, having made, using, selling, offering to sell
and importing such Derivative Compound. 
 4.4.4. During the Initial Term, Ambit shall have the right to receive and hold an
Option to [...***...] Option Compounds at any time, provided, however, that if Ambit can demonstrate to Cephalon’s reasonable satisfaction that it possesses the requisite capabilities required to adequately resource
additional drug discovery programs, using Commercially Reasonable Efforts, the number can be increased to a maximum of [...***...]. Not more than once per year, Ambit may elect to terminate
[...***...] Options by providing written notice of such termination to Cephalon [...***...] prior to the next anniversary of the Effective Date, in which case such Options shall terminate and
Ambit shall have the right to receive a corresponding number of additional Options pursuant to Section 4.4.1, in each case commencing on such next anniversary date. 
 4.4.5. Ambit shall have the right to be licensed to [...***...] Licensed Compounds (and the associated Backup Compounds) at any time, provided, however, that if Ambit can
demonstrate to Cephalon that it possesses the requisite capabilities required to adequately resource additional drug discovery programs using Commercially Reasonable Efforts, upon Cephalon’s written consent, the number can be increased to a
maximum of [...***...]. Not more than once per year, Ambit may elect to terminate work on [...***...] its Licensed Compounds (including the associated Backup Compounds) by providing written
notice of such termination to Cephalon [...***...] prior to the next anniversary of the Effective Date, in which case Ambit’s license to such Licensed Compounds (including the associated Backup Compounds) shall
terminate and Ambit shall have the right thereafter to exercise a corresponding number of additional Options and obtain a license to other Option Compounds pursuant to Section 4.4, in each case commencing on such next anniversary date.

 4.4.6. Ambit at any time may replace a Backup Compound with a Derivative Compound developed by it pursuant to the applicable
Option License on prior written notice to Cephalon and with Cephalon’s written approval, not to be unreasonably withheld, provided that such Derivative Compound meets all of the applicable requirements set forth in this Article IV. Upon receipt
of such approval from Cephalon, such Derivative Compound shall be deemed a Backup Compound, and the replaced Backup Compound shall no longer be a Licensed Compound. 

  

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 4.5. Ambit
Development. 
 4.5.1. Except as set forth in Sections 4.3.3 and 6.4, and except as permitted under an Option License,
Ambit shall have no right hereunder to optimize or otherwise develop any Cephalon Library Compounds or any other Cephalon Compounds. Ambit represents and warrants that it will optimize Cephalon Library Compounds and Licensed Compounds solely against
the Ambit Targets, unless otherwise approved in writing by Cephalon. 
 4.5.2. Ambit shall be solely responsible for the
optimization, study and commercialization of Licensed Compounds. Ambit shall use its Commercially Reasonable Efforts to develop the Licensed Compounds, including developing at least one (1) Licensed Compound per Option License granted by
Cephalon to Ambit to the point where such Licensed Compounds are suitable for IND submission. If at any time Ambit determines that it will not be able to exercise such Commercially Reasonable Efforts, it promptly shall notify Cephalon, and, without
limiting Section 2.2.6, the Parties shall discuss in good faith an appropriate course of action. 
 4.5.3. If, at any time
during the course of Ambit’s research and development activities under this Article IV, the significant activity of any Licensed Compound or any Derivative Compound is found to be significantly active against a Cephalon Target (instead of an
Ambit Target), then Ambit may not continue to work on such Licensed Compound. In such case, Ambit promptly shall disclose such Licensed Compound to Cephalon, along with the results of its work. If such Licensed Compound is covered by Ambit IP or
Licensed Compound IP, Ambit agrees to grant, and hereby does grant, to Cephalon an exclusive, irrevocable, perpetual, worldwide, royalty-free, transferable and sublicenseable license under the Ambit IP and Ambit’s rights in the Licensed
Compound IP for the limited purpose of developing, making, having made, using, selling, offering to sell and importing such Licensed Compound or Derivative Compound. 
 4.5.4. If, at any time during the course of such optimization, the activity of any Licensed Compound or Derivative Compound is found to be equipotent against a Cephalon Exclusive Target and an Ambit
Target, then the Parties shall negotiate in good faith as to the proper manner for each Party to proceed with respect to such License Compound or Derivative Compound. If, at any time during the course of such optimization, the activity of any
Licensed Compound or Derivative Compound is found to be equipotent against a Cephalon Target (which is not a Cephalon Exclusive Target) and an Ambit Target, then Ambit may continue to work on such Licensed Compound or Derivative Compound,
provided that: (a) the focus of the work is to develop compounds whose activity is against the Ambit Target, and, (b) Cephalon shall have, and is hereby granted, a non-exclusive, irrevocable, perpetual, worldwide, royalty-free,
non-transferable right without right to grant sublicenses under the Ambit IP and Ambit’s rights in the Licensed Compound IP for the limited purpose of developing, making, having made, and using, such Licensed Compound, for its own research and
development purposes only. 

  
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 4.6.
Discontinuation of Option or Option License. 
 4.6.1. Upon termination of an Option, all rights granted hereunder by
Cephalon to Ambit and relating to the applicable Option Compound shall revert to, and are hereby assigned by Ambit to, Cephalon, at no cost. 
 4.6.2. Upon termination of an Option License (without limitation of Section 4.4) and/or this Agreement, all rights granted hereunder by Cephalon to Ambit under the Option License shall terminate.

 4.7. Cephalon Buy Back Rights and Right of First Negotiation. 

4.7.1. Upon the completion of IND enabling activities for each Licensed Compound, Ambit shall provide to Cephalon, in confidence, a
complete detailed summary of its Licensed Compound program, including relevant data and results that would be submitted as part of an IND filing. Cephalon shall have the exclusive option for [...***...] after the delivery
of such summary to reacquire all rights to the Licensed Compound on mutually agreed upon terms, negotiated in good faith and consistent with pharmaceutical industry standards for small molecule programs at such stage of development, taking into
account Ambit’s investment and sunk cost, risk, market potential, NPV, and other commonly accepted licensing metrics. Should Cephalon decline this option or if the Parties are not able to agree upon the terms for the reacquisition by Cephalon
of all rights to the Licensed Compound, Cephalon shall continue to have the Right of First Negotiation. 
 4.7.2. (a) Upon
completion by Ambit of the first human proof-of-concept study for each Licensed Compound, Ambit shall provide to Cephalon, in confidence, a complete detailed summary of its Licensed Compound program, including relevant data and results generated
from such study (including but not limited to information from or relating to clinical studies, correspondence with FDA, information regarding Third Party patents, and information regarding the manufacture, sourcing and cost of goods for the
Licensed Compound) (the “Cephalon License Notice”). Cephalon shall have the exclusive option for [...***...] following receipt of the Cephalon License Notice to determine whether it wishes to pursue
reacquiring the Licensed Compound. If Cephalon notifies Ambit in writing of its election to pursue the reacquisition of such Licensed Compound within [...***...] after Cephalon’s receipt of such Cephalon License
Notice, Ambit shall enter into good faith, exclusive negotiations with Cephalon with respect to such reacquisition for a period of [...***...] following receipt of such election from Cephalon (the “Negotiation
Period”). Such reacquisition shall be upon terms, consistent with pharmaceutical industry standards for small molecule programs at such stage of development, taking into account Ambit’s investment and sunk cost, risk, market potential,
NPV, and other commonly accepted licensing metrics. 
 (b) During the Negotiation Period, Cephalon shall have the opportunity to
make a written proposal of terms and conditions with respect to such a license and Ambit will either accept the proposal or provide a counter offer to Cephalon. 

  

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If Cephalon has not provided Ambit with such a written proposal regarding all principal financial terms of such a license within the first [...***...] of the
Negotiation Period, the Negotiation Period shall terminate. If Ambit and Cephalon are able to conclude an agreement in principle within the Negotiation Period as set forth in a mutually satisfactory term sheet with respect to such license, the
Negotiation Period shall be extended for an additional [...***...] and the Parties shall negotiate in good faith a definitive agreement within such [...***...] period. During the Negotiation
Period, Ambit shall not negotiate or otherwise discuss with any Third Party any licensing or other arrangement with respect to the Licensed Compound. 
 (c) Should Cephalon decline this option or if the Parties are not able to agree upon the terms for the reacquisition by Cephalon of all rights to the Licensed Compound, Cephalon shall continue have the
Right of First Negotiation. 
 4.7.3. Cephalon Right of First Negotiation. Cephalon shall have a right of first
negotiation with respect to Licensed Compounds (the “Right of First Negotiation”), which is a right independent of Cephalon’s buyback rights set forth in 4.7.1 and 4.7.2. The Right of First Negotiation shall be defined as
follows. 
 (a) In the event that Ambit desires to enter into a license or other arrangement with respect to any Licensed
Compound, before entering into negotiations with any Third Party with respect to such license, Ambit will notify Cephalon of its desire and provide Cephalon with information in Ambit’s possession and control that is reasonably necessary for
Cephalon to perform its due diligence with respect to such Licensed Compound (including but not limited to information from or relating to preclinical studies, clinical studies, correspondence with FDA, information regarding Third Party Patents, and
information regarding the manufacture, sourcing and cost of goods for the Licensed Compound) (the “Notice”). If Cephalon notifies Ambit in writing of its election to pursue a license for such Licensed Compound within
[...***...] after Cephalon’ receipt of such Notice, Ambit shall enter into good faith, exclusive negotiations with Cephalon with respect to such license for a period of [...***...] (the
“RFN Negotiation Period”) following receipt of such election from Cephalon. Cephalon shall have the right to determine the scope of Licensed Compounds with respect to the license (i.e., whether such license will cover, for example,
a single Licensed Compound or a list of several Licensed Compounds or the entire genus of Licensed Compounds) and the proposals and term sheets that Ambit delivers to Cephalon during that RFN Negotiation Period shall include the terms for the scope
of Licensed Compounds requested by Cephalon. For one Licensed Compound mutually agreed to by the Parties, negotiations with Third Parties and other rights under this Section 4.7.3 shall only be available to Ambit after the IND enabling
activities have been completed, or best efforts have been made to complete such activities, as determined by the JRC. 
 (b)
During the RFN Negotiation Period, Ambit will provide Cephalon with an opportunity to make a written proposal of terms and conditions with respect to such a license and Ambit will either accept the proposal or provide a counter offer to

  

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Cephalon. If Cephalon has not provided Ambit with such a written proposal regarding all principal financial terms of such a license within [...***...] of the RFN
Negotiation Period, the RFN Negotiation Period will terminate. If Ambit and Cephalon are able to conclude an agreement in principle within the RFN Negotiation Period as set forth in a mutually satisfactory term sheet with respect to such license,
the Parties shall negotiate a definitive agreement in good faith with the goal of executing such agreement within [...***...] thereafter. 
 (c) If Cephalon does not elect to pursue a license within the [...***...] period set forth above, or if Cephalon does so elect but Ambit and Cephalon do not conclude an
agreement in principle with respect to such license within the RFN Negotiation Period, or if Cephalon does not provide Ambit with a written proposal regarding the material terms of such a license within the first
[...***...] of the RFN Negotiation Period, Ambit will then be free to enter into negotiations with any Third Party regarding a license for such Licensed Compound; provided that (i) with respect to Licensed
Compounds subject to Ambit IP, the material terms of such license shall not be more favorable to the Third Party than the best material terms offered by Cephalon to Ambit during the RFN Negotiation Period and (ii) with respect to Licensed
Compounds subject to Cephalon IP, the material terms of such license shall not be more favorable to the Third Party than the best material terms offered by Ambit to Cephalon during the RFN Negotiation Period. 

4.8. Reservation of Rights. Except as expressly set forth above, Cephalon shall have the sole and exclusive right to commercialize
Cephalon Compounds and Cephalon Library Compounds. 
 4.9. License to Licensed Compound IP. Without limitation of any
other rights or licenses granted to Cephalon herein, Ambit hereby grants to Cephalon, and Cephalon hereby accepts, a fully paid-up, royalty-free, worldwide, perpetual, non-exclusive, sublicenseable and transferable right under the Licensed Compound
IP and Ambit IP for the limited purpose of developing, making, having made, offering to sell, selling, importing and using any compound resulting from Ambit’s research and development activities under this Article IV, including all Derivative
Compounds, other than any Licensed Compounds subject to an existing Option License and as to which Ambit is exercising Significant Activity or any Licensed Compound subject to a Third Party licensing agreement or other arrangement pursuant to
Section 4.7.3(c) that is in compliance with the terms of this Agreement. For the avoidance of doubt, Ambit retains exclusive rights under Ambit IP relating to the Licensed Compound IP to develop, make, have made, offer to sell, sell, import,
use, and commercialize any Licensed Compound subject to a Third Party licensing agreement or other arrangement pursuant to Section 4.7.3(c), and, assuming the existence of such agreement or arrangement pursuant to Section 4.7.3(c),
Cephalon is granted no rights to commercialize any such Licensed Compound. From time to time, Ambit shall deliver to Cephalon upon its request such information (including chemical structures) as may be reasonably required by Cephalon. 

4.10. Compound Co-Exclusivity. The development, manufacture, sale, import and use of any Licensed Compounds or any Derivative
Compounds made by or on behalf 

  

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of Ambit, and rights under the Licensed Compound IP and with respect to any chemistry produced by Ambit relating to or derived from the Cephalon Library Compounds, shall be co-exclusive as
between the Parties until the earlier of (a) with respect to a Licensed Compound, Cephalon’s having elected to not exercise its rights under Section 4.7 with respect to a Licensed Compound and (b) with respect to all Licensed
Compounds and Derivative Compounds, [...***...] after the expiration or termination of the Collaboration Term. The terms of this Section 4.10 shall not be applicable to those Licensed Compounds or any Derivative
Compounds that are both (i) derived from Non-Exclusive Compounds and (ii) not subject to Cephalon IP. 
 4.11.
Royalty Payments to Cephalon.  
 (a) Net Sales. Ambit shall pay to Cephalon royalties equal to
[...***...] of Net Sales by Ambit or its Affiliates of each Licensed Product that at any time is subject to a Valid Claim that (i) covers a composition of matter and (ii) either is (x) included in any
Cephalon Patent in existence as of the Effective Date or (y) included in any Cephalon Patent that is issued after the Effective Date and based on invention disclosures in existence as of the Effective Date, as evidenced by Cephalon’s
written records. Ambit shall pay Cephalon royalties on Net Sales of each Licensed Product pursuant to the terms of this Agreement, on a Licensed Product-by-Licensed Product and country-by-country basis, for a period from the date of the First
Commercial Sale of such Licensed Product in such country until the date of expiration of the last-to-expire Cephalon Patent containing a Valid Claim covering a composition of matter which would be infringed by the making, using, or selling of the
applicable Licensed Product in the applicable country. 
 (b) Net Revenues. Ambit shall pay to Cephalon
[...***...] of Net Revenues of each Licensed Product (i) that at any time is subject to a Valid Claim that (x) covers a composition of matter and (y) either is (A) included in any Cephalon Patent in
existence as of the Effective Date or (B) included in any Cephalon Patent that is issued after the Effective Date and based on invention disclosures in existence as of the Effective Date, as evidenced by Cephalon’s written records, and
(ii) as to which Ambit has granted any sublicense or other rights to any Third Party. Ambit shall pay Cephalon such amount for each such Licensed Product pursuant to the terms of this Agreement, on a Licensed Product-by-Licensed Product basis,
for a period from the date on which Ambit first receives Net Revenues from a Third Party with respect to such Licensed Product until the date of expiration of the last-to-expire Cephalon Patent containing a Valid Claim covering a composition of
matter which would be infringed by the making, using, or selling of the applicable Licensed Product in the applicable country. 

(c) Payment Report. After the date on which payments are due to Cephalon with respect to a Licensed Product under this
Section 4.11, Ambit shall provide Cephalon with a payment report on a quarterly calendar basis within ninety (90) days after the end of the calendar quarter to which such report applies. Each such report shall state, separately for Ambit,
and each Affiliate and Sublicensee, the number, description, and aggregate Net Sales or Net Revenues, as applicable, on a country-by-country basis and product-by-product basis, if applicable, generated or received during the calendar

  

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quarter that is the subject of the report. Contemporaneously with the submission of the reports Ambit shall pay to Cephalon all payments due for the subject calendar quarter. 

(d) Records Retention. Ambit shall keep, and require its Affiliates and Sublicensees to keep, for a period of not less than
[...***...], complete and accurate records of all Net Sales and Net Revenues. Cephalon shall have the right, at its sole expense, through a certified public accountant reasonably acceptable to Ambit, and following
reasonable notice, to inspect such records during regular business hours, during the life of Ambit’s obligation to make payments under this Section 4.11; provided, however, that such inspection shall not (i) take place more often than
once a year and (ii) cover any records which date prior to the date of the last examination, and further provided that, such accountants shall report only as to the accuracy of the royalty statements and payments and the amount of any
underpayment. Copies of such reports shall be supplied to Ambit. In the event that the report is in disagreement with the Net Sales or Net Revenues as calculated by Ambit, Ambit shall notify Cephalon within ten (10) days of receipt by Ambit
whether or not it agrees with the report. If Ambit notifies its agreement with the report within the ten (10) day period or fails to give any notification within that period, the Net Sales or Net Revenues calculated by the report shall be used
for purposes of calculating any monies owed and any monies owed by Ambit to Cephalon shall be paid by Ambit in accordance with the provisions of this Section 4.11. If within ten (10) days starting on the day after receipt of the
notification referred to in this Section 4.11, the Parties have not agreed to the terms in dispute in relation to the report, either Party may refer the items in dispute to a partner of at least ten (10) years qualified experience at an
independent, internationally recognized, public accounting firm agreed by the Parties in writing for final and binding resolution, or failing agreement on the identity of the public accounting firm within fifteen (15) days starting on the day
after receipt of the notification referred to in this Section 4.11, an independent, internationally recognized, public accounting firm appointed on the application of either Party by the President for the time being of the Institute of
Chartered Accountants in the United States. Such person appointed shall act on the following basis: 
 (i) such person shall act
as an expert and not as an arbitrator; 
 (ii) such person’s terms of reference shall be to determine the matters in dispute
within twenty (20) days of his appointment; 
 (iii) the Parties shall each provide such person with all information
relating to the items in dispute which such person reasonably requires and such person shall be entitled (to the extent he considers appropriate) to base his determination on such information; 

(iv) the decision of such person is, in the absence of fraud or manifest error, final and binding on the Parties; and 

(v) [...***...]. 

  

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 Where Ambit agrees
that it has or is found to have underpaid any amounts due under this Section 4.11, Ambit promptly shall pay such royalties together with interest at [...***...] applied to the amount unpaid from the date due to the
date paid. If Ambit has overpaid such amounts, Ambit may credit such overpayments against future amounts owed to Cephalon ; provided that to the extent that no further amounts are due to Cephalon under this Section 4.11, Ambit shall invoice
Cephalon for the outstanding overpayment amount and Cephalon shall repay same within forty-five (45) days of the invoice. The interest available to each Party pursuant to this Section shall in no way limit any other remedies available to each
Party. 
 (e) Form of Payment. All payments required according to this Section 4.11 shall be made in U.S. dollars,
for Cephalon’s account, by wire transfer to a bank in the United States designated in writing by Cephalon; provided, however, that where payments in respect of Net Sales are based on Net Sales in non-U.S. currencies, the amount of
Net Sales and any deductions used to calculate Net Sales, if any, shall be converted by Ambit, based on the average of the “bid” and “asked” exchange rate provided by the Wall Street Journal Europe, for the last business
day of each calendar quarter, into U.S. dollars. Any undisputed payments that are not paid on the date such payments are due under this Agreement shall bear interest to the extent permitted by applicable law at the prime rate as reported by the
Chase Manhattan Bank, New York, New York, on the date such payment is due, plus an additional two percent (2%) calculated on the number of days such payment is delinquent. The interest available to each Party pursuant to this Section shall in
no way limit any other remedies available. 
 (f) Blocked Payments. In the event that, by reason of applicable laws or
regulations in any country, it becomes impossible or illegal for Ambit to transfer, or have transferred on its behalf, royalties or other payments to Cephalon, such royalties or other payments shall be deposited in local currency in the relevant
country to the credit of Cephalon in a recognized banking institution designated by Cephalon or, if none is designated by Cephalon within a period of thirty (30) days, in a recognized banking institution selected by Ambit and identified in a
notice in writing given to Cephalon. 
 ARTICLE V. 
 COLLABORATION EXCLUSIVITY 
 5.1. Collaboration Targets. Neither Party may
engage in any research and development activities with respect to a Collaboration Target with any Third Party or independently outside of the Collaboration during the applicable Exclusivity Period, provided that the foregoing shall not prohibit a
Party from engaging a subcontractor pursuant to Section 18.15 to perform certain of its obligations hereunder. The “Exclusivity Period” shall mean the period starting when a particular Collaboration Target is accepted into the
Collaboration, and shall continue for the longer of: (a) [...***...], (b) [...***...], or (c) [...***...].

  

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For the avoidance of doubt, Ambit shall be free to continue to provide its screening services (similar to those provided under the Profiling Services Agreement) to Third Parties. 

5.2 Non-Compete. During the Collaboration Term and for a period of [...***...] thereafter, Ambit shall
not, and shall cause each of its Affiliates to not, (a) conduct or fund any research, development and/or commercialization activity, either on its own, or with, for the benefit of, or sponsored by, any Third Party, in connection with or related
to any product that (i) would compete with or is directed to any Cephalon Exclusive Target or Collaboration Target and (ii) is based on or related to any Licensed Compound, any Derivative Compound or any Collaboration Compound or covered
by any Licensed Compound IP or Collaboration IP; or (b) grant any license or other rights to any Third Party to enable it to perform any of the activities described in clause (a) above. 

ARTICLE VI. 

INTELLECTUAL PROPERTY; LICENSES 
 6.1. Ownership of Intellectual Property. 
 6.1.1. Cephalon shall own all
Licensed Compound IP related to any Derivative Compound that is covered by Cephalon IP (whether in whole or in part). Ambit shall own all Licensed Compound IP related to any Derivative Compound that is covered solely by Ambit IP. All other Licensed
Compound IP shall be the sole or joint property, as the case may be, of the Party or Parties inventing or generating the same. 

6.1.2. All Cephalon Compounds and Cephalon IP shall be the sole property of Cephalon. All Ambit Compounds and Ambit IP shall be the sole
property of Ambit. All Collaboration IP shall be the sole or joint property, as the case may be, of the Party or Parties inventing or generating the same, provided that Cephalon shall exclusively own any Collaboration IP that is derived from
any Cephalon IP (whether in whole or in part), other than for Collaboration IP solely related to a Collaboration Clinical Candidate. 
 6.1.3. Upon the request and at the expense of the requesting Party, the other Party shall execute and deliver any and all instruments and documents and take such other actions as may be necessary or
reasonably requested by the requesting Party to effect the licenses and assignments granted to it hereunder. 
 6.2. Licenses
to Cephalon. 
 6.2.1. Exclusive Option. Ambit hereby grants to Cephalon an exclusive option to obtain the licenses
described in Section 6.2.2 to all Collaboration Compounds, which option shall be exercised by Cephalon’s designation of a Collaboration Clinical Candidate pursuant to Section 8.1. 

  

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 6.2.2. License to
Commercialize Collaboration Compounds. 
 (a) Upon designation of a Collaboration Compound as a Collaboration Clinical
Candidate against the First Collaboration Target pursuant to Section 8.1, Ambit agrees to grant, and hereby does grant, to Cephalon a worldwide, perpetual, irrevocable, exclusive, royalty-bearing and transferable license, with the right to
sublicense, under the Ambit IP and Ambit’s interest in the Collaboration IP and Licensed Compound IP (if applicable), to make, have made, use, sell, offer to sell and import the Collaboration Clinical Candidate and/or Collaboration Products
based on such Collaboration Clinical Candidate, for any and all uses and indications in the Field. If Cephalon determines at any time that the Collaboration Clinical Candidate against the First Collaboration Target demonstrates potential utility
outside the Field, then Ambit shall extend, and hereby does extend, the license described in this Section 6.2.2(a) to cover such uses and indications outside the Field. 
 (b) Upon designation of a Collaboration Compound as a Collaboration Clinical Candidate against the Second Collaboration Target pursuant to Section 8.1, Ambit agrees to grant, and hereby does grant,
to Cephalon a worldwide, perpetual, irrevocable, exclusive, royalty-bearing and transferable license, with the right to sublicense, under the Ambit IP and Ambit’s interest in the Collaboration IP and Licensed Compound IP (if applicable), to
make, have made, use, sell, offer to sell and import the Collaboration Clinical Candidate and/or Collaboration Products based on such Collaboration Clinical Candidate, for any and all uses and indications. 

(c) If Cephalon desires to develop a Collaboration Compound that is directed against the First Collaboration Target, and which
Collaboration Compound is not at the time a Collaboration Clinical Candidate, for uses and indications outside the Field, then Cephalon shall request the consent of Ambit for such development for uses and indications outside the Field, which consent
shall not be unreasonably withheld. Upon Ambit’s consent to such development and upon designation of a Collaboration Compound as a Collaboration Clinical Candidate against the First Collaboration Target pursuant to Section 8.1, Ambit
agrees to grant, and hereby does grant, to Cephalon a worldwide, perpetual, irrevocable, exclusive, royalty-bearing and transferable license, with the right to sublicense, under the Ambit IP and Ambit’s interest in the Collaboration IP and
Licensed Compound IP (if applicable), to make, have made, use, sell, offer to sell and import the Collaboration Clinical Candidate and/or Collaboration Products based on such Collaboration Clinical Candidate for such uses and indications outside the
Field. 
 6.2.3. License to Compounds Derived from Cephalon Compounds. Ambit grants to Cephalon a worldwide, perpetual,
irrevocable, exclusive, royalty-free and transferable license, with the right to sublicense, under the Ambit IP and Ambit’s interest in the Collaboration IP, to exploit for any and all purposes all compounds derived from Cephalon Compounds
(whether in whole or in part) in connection with the Collaboration, except for the Collaboration Compounds that are licensed to Cephalon pursuant to Section 6.2.2. 

  
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 6.2.4. Other
Cephalon Licenses. Cephalon shall have the licenses to the Ambit IP and the Licensed Compound IP as set forth in Sections 4.3.4, 4.4.3(b), 4.5.3, 4.5.4, and 4.9. 
 6.3. Ambit Licenses. Ambit shall have the licenses to the Cephalon IP and the Licensed Compound IP as set forth in Sections 4.3.3, 4.3.4 and 4.4.2. 

6.4. Research Licenses. Notwithstanding any other license granted herein, Ambit and Cephalon hereby grant each other
non-exclusive, worldwide, royalty-free research licenses, without the right to sublicense, under their respective interests in the Ambit IP, Cephalon IP and Collaboration IP, in order for each Party to perform its research obligations pursuant to
Research Plans during the Collaboration Term. 
 6.5. Restrictions on Sublicenses. Subject to the terms and conditions of
this Agreement, each Party shall have the right to sublicense its rights hereunder solely to the extent expressly set forth herein, provided that the sublicensing Party shall provide the other Party with at least the following information
with respect to each Sublicensee: (a) the identity of the Sublicensee; (b) a description of the rights granted to the Sublicensee; and (c) the territory in which the products covered by the sublicense will be sold. Each such
sublicense shall be consistent with, and subject to, all the terms and conditions of this Agreement (including all diligence obligations set forth herein), provided that the Party granting the sublicense shall be fully responsible to the other Party
with respect to any breach or violation of such sublicense. Each Party shall be an intended third party beneficiary of any sublicense agreement entered into by the other Party. 

6.6. No Implied Licenses. Only the licenses expressly granted pursuant to the terms of this Agreement shall be of any legal force
or effect. No other license rights shall be created by implication, estoppel or otherwise. 
 6.7. Notification of Transfer
of License Rights. A Party transferring or granting to a Third Party any rights granted to it by the other Party pursuant to this Agreement, other than under Section 18.15, shall notify the other Party of such transfer in writing thirty
(30) days prior to such transfer or grant. 
 ARTICLE VII. 

FUNDING 
 7.1.
License and Collaboration Fees. In consideration for the licenses granted hereunder, and Ambit’s performance of its obligations under the Collaboration, Cephalon agrees to pay Ambit within thirty (30) days of the Effective Date the
following: 
 (a) Technology Access Fee: In consideration of access to Ambit’s proprietary KinomeScan Panel, the sum of
[...***...]; and 
 (b) Collaboration Targets: In consideration of the options and licenses granted
by Ambit hereunder to Collaboration IP and Ambit IP, the sum of [...***...]. 

  

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Other than the milestone and royalty payments set forth in Article VIII, no further payments shall be due to Ambit from Cephalon, unless the Parties mutually agree to change the Collaboration or
to extend the Collaboration Term pursuant to Section 16.2. 
 ARTICLE VIII. 

COLLABORATION CLINICAL CANDIDATES; MILESTONE PAYMENTS 
 8.1. Designation of Collaboration Clinical Candidate. Upon designation of a Collaboration Clinical Candidate by the JRC and ratification of such Collaboration Clinical Candidate by the Cephalon
R&D committee, Cephalon will be subject to the payment obligations set forth in Section 8.3, and shall use its Commercially Reasonable Efforts to conduct scale-up manufacturing, initiate GLP toxicology studies and conduct IND-enabling
studies with respect to such Collaboration Clinical Candidate and related Collaboration Products as are necessary to permit the filing of an IND for a Collaboration Product. 
 8.2. Diligence. Cephalon will be solely responsible for the worldwide clinical development and commercialization of Collaboration Clinical Candidates, subject to the diligence and payment
obligations set forth in this Article VIII. Cephalon will use Commercially Reasonable Efforts to develop and commercialize at least one Collaboration Clinical Candidate directed against the First Collaboration Target and one Collaboration Clinical
Candidate directed against the Second Collaboration Target in the United States, Europe and Japan, either directly, through one or more Affiliates and/or Sublicensees, or some combination of the foregoing. 

8.3. Milestone Payments by Cephalon. 
 8.3.1. (a) Cephalon shall pay to Ambit the following milestone payments within thirty (30) days of the achievement thereof, each of which shall be payable (i) one time in respect of a
Collaboration Clinical Candidate designated as such pursuant to Section 8.1 after [...***...] from the Effective Date and directed against the First Collaboration Target within the Field, provided that no milestone
payments shall be payable in respect of such Collaboration Clinical Candidate if Cephalon has made or is required to make the milestone payments set forth in Section 8.3.1(b), (ii) one time in respect of a Collaboration Clinical Candidate
directed against the Second Collaboration Target, (iii) one time in respect of the first Mutant Form Candidate directed against the First Collaboration Target within the Field, (iv) one time in respect of the second Mutant Form Candidate
directed against the First Collaboration Target within the Field, and (v) one time in respect of a Collaboration Clinical Candidate directed against the First Collaboration Target outside the Field: 

 

			
	Milestone	  	Amount (US$)
	[...***...]	  	$[...***...]

  

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	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]

 (b) Cephalon shall pay to Ambit the following milestone payments within thirty (30) days of the achievement thereof, each of which shall be payable one time in respect to the first Collaboration
Clinical Candidate (whether or not a Mutant Form Candidate) designated as such pursuant to Section 8.1 within [...***...] of the Effective Date and directed against the First Collaboration Target (specifically, the
[...***...] within the Field: 
  

			
	Milestone	  	Amount (US$)
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]

  

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	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]
	[...***...]	  	$[...***...]

 8.3.2. No Duplicate Payments. Milestone payments shall be payable only once in respect of the Second Collaboration Target, regardless of how many Collaboration Compounds directed at such
Collaboration Target ultimately are designated as Collaboration Clinical Candidates. Milestone payments shall be payable only once in respect of the First Collaboration Target within the Field, once in respect of the First Collaboration Target
outside the Field (provided that if milestones have previously been paid with respect to the same Collaboration Clinical Candidate directed at the First Collaboration Target within the Field, Cephalon shall only pay for those milestones not
previously paid), once for the first Mutant Form Candidate and once for the second Mutant Form Candidate (each Mutant Form Candidate shall be directed at a [...***...]), regardless of how many Collaboration Compounds,
whether within or outside the Field, ultimately are designated as Collaboration Clinical Candidates with respect to the First Collaboration Target. Further, if milestones have previously been paid for a Collaboration Clinical Candidate and such
Collaboration Clinical Candidate’s use is then expanded such that it could qualify for a new set of milestones, or if development of a Collaboration Clinical Candidate is terminated and replaced with a different Collaboration Clinical Candidate
subject to the same set of milestones, Cephalon shall pay only once with respect to milestones not yet achieved by the Collaboration Clinical Candidate, whether such milestones subsequently are achieved with respect to the original use and/or the
expanded use(s) or by the different Clinical Collaboration Candidate. 
 8.3.3. Invoices. Unless otherwise specified in
writing, all payments required according to this Article VIII shall be made by transfer to the bank account nominated by Ambit upon timely receipt of an invoice. 
  

			
	If invoice to Cephalon:	    	Cephalon, Inc.
		    	41 Moores Road
		    	Frazer, PA 19355
		
		    	Attention: Accounts Payable
		    	Telephone: (610) 344-0200
		    	Telecopy: (610) 344-0065

 ARTICLE IX.

 ROYALTY PAYMENTS 

  

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 9.1. Royalty
Term. 
 9.1.1. Cephalon shall pay Ambit royalties on Net Sales of each Collaboration Product pursuant to the terms of this
Agreement, on a Collaboration Product -by Collaboration Product and country-by-country basis, for a period from the date of First Commercial Sale of such Collaboration Product in such country until the date which is the later of
(i) [...***...]. 
 9.1.2. If the licenses granted to Cephalon pursuant to Section 6.2.2
are still in force with respect to a particular Collaboration Clinical Candidate at the end of the period for which royalties on the corresponding Collaboration Product are due pursuant to this Agreement, such license shall be converted to a fully
paid-up, nonexclusive, royalty-free, perpetual, irrevocable and worldwide license, with the right to sublicense, under any Collaboration IP and Ambit IP necessary to make, have made, use, sell, offer to sell, and import the applicable Collaboration
Product on a country-by-country and Collaboration Product -by-Collaboration Product basis. 
 9.2. Royalties on Collaboration
Products. Cephalon shall pay to Ambit royalties on Net Sales of each Collaboration Product that is subject to Section 8.3.1(a) and sold by Cephalon or its Affiliates or Sublicensees in the Territory, according to the following schedule:

 (a) for that portion of total annual Net Sales of a Collaboration Product which is less than or equal to
[...***...], Cephalon shall pay to Ambit a royalty rate of [...***...]. 

(b) for that portion of total annual Net Sales of a Collaboration Product which is greater than [...***...]
and less than or equal to [...***...], Cephalon shall pay to Ambit a royalty rate of [...***...]. 
 (c) for that portion of total annual Net Sales of a Collaboration Product which is greater than [...***...] and less than or equal to [...***...],
Cephalon shall pay to Ambit a royalty rate of [...***...]. 
 (d) for that portion of total annual
Net Sales of a Collaboration Product which is greater than [...***...], Cephalon shall pay to Ambit a royalty rate of [...***...]. 

9.2A. Royalties on Collaboration Products Not Subject to Section 9.2. Cephalon shall pay to Ambit royalties on Net Sales of
the Collaboration Product that is subject to Section 8.3.1(b) sold by Cephalon or its Affiliates or Sublicensees in the Territory, according to the following schedule: 

  

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 (a) if total annual
Net Sales are less than or equal to [...***...], Cephalon shall pay to Ambit a royalty rate of [...***...] on all such total annual Net Sales. 

(b) if total annual Net Sales are greater than [...***...] and less than or equal to
[...***...], Cephalon shall pay to Ambit a royalty rate of [...***...] on all such total Net Sales. 
 (c) if total annual Net Sales are greater than [...***...] and less than or equal to [...***...], Cephalon shall pay to Ambit a royalty rate of
[...***...] on all such total annual Net Sales. 
 (d) if total annual Net Sales are greater than
[...***...], Cephalon shall pay to Ambit a royalty rate of [...***...] on all such total annual Net Sales. 
 9.3. Payment of Royalties. 
 9.3.1. Royalty Report. After the First
Commercial Sale of a Collaboration Product for which royalties are due and payable by Cephalon, its Affiliates or Sublicensees hereunder, Cephalon shall provide Ambit with a royalty report on a quarterly calendar basis within ninety (90) days
after the end of the calendar quarter to which such royalty report applies. Each such report shall state, separately for Cephalon, and each Affiliate and Sublicensee, the number, description, and aggregate Net Sales, on a country-by-country basis,
and product-by-product basis during the calendar quarter during which a royalty is payable. Contemporaneously with the submission of the royalty reports Cephalon shall pay to Ambit all royalties due for such calendar quarter. 

9.3.2.Records Retention. Cephalon shall keep, and require its Affiliates and Sublicensees to keep, for a period of not less than
[...***...], complete and accurate records of all Net Sales. Ambit shall have the right, at its sole expense, through a certified public accountant reasonably acceptable to Cephalon, and following reasonable notice, to
inspect such records during regular business hours, during the life of Cephalon’s obligation to pay royalties on Collaboration Products; provided, however, that such inspection shall not (i) take place more often than once a year and
(ii) cover any records which date prior to the date of the last examination, and further provided that, such accountants shall report only as to the accuracy of the royalty statements and payments and the amount of any underpayment. Copies of
such reports shall be supplied to Cephalon. In the event that the report is in disagreement with the Net Sales as calculated by Cephalon, Cephalon shall notify Ambit within ten (10) days of receipt by Cephalon whether or not it agrees with the
report. If Cephalon notifies its agreement with the report within the ten (10) day period or fails to give any notification within that period, the Net Sales calculated by the report shall be used for purposes of calculating any monies owed and
any monies owed by Cephalon to Ambit shall be paid by that Party in accordance with the provisions of this Section 9.3.2. If within ten (10) days starting on the day after receipt of the notification referred to in this Section 9.3.2,
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not agreed to the terms in dispute in relation to the report, either Party may refer the items in dispute to a partner of at least ten (10) years qualified experience at an independent,
internationally recognized, public accounting firm agreed by the Parties in writing for final and binding resolution, or failing agreement on the identity of the public accounting firm within fifteen (15) days starting on the day after receipt
of the notification referred to in this Section 9.3.2, an independent, internationally recognized, public accounting firm appointed on the application of either Party by the President for the time being of the Institute of Chartered Accountants
in the United States. Such person appointed shall act on the following basis: 
 (i) such person shall act as an expert and not
as an arbitrator; 
 (ii) such person’s terms of reference shall be to determine the matters in dispute within twenty
(20) days of his appointment; 
 (iii) the Parties shall each provide such person with all information relating to the items
in dispute which such person reasonably requires and such person shall be entitled (to the extent he considers appropriate) to base his determination on such information; 
 (iv) the decision of such person is, in the absence of fraud or manifest error, final and binding on the Parties; and 
 (v) [...***...]. 
 Where Cephalon agrees that it has or
is found to have underpaid royalties, Cephalon promptly shall pay such royalties together with interest at [...***...] applied to the amount unpaid from the date due to the date paid. If Cephalon has overpaid royalties,
Cephalon may credit such overpayments against future royalties owed to Ambit. The interest available to each Party pursuant to this Section shall in no way limit any other remedies available to each Party. 

9.3.3. Form of Payment. All payments required according to this Article IX shall be made in U.S. dollars, for Ambit’s
account, by wire transfer to a bank in the United States designated in writing by Ambit; provided, however, that where payments in respect of Net Sales are based on Net Sales in non-U.S. currencies, the amount of Net Sales and any
deductions used to calculate Net Sales, if any, shall be converted by Cephalon, based on the average of the “bid” and “asked” exchange rate provided by the Wall Street Journal Europe, for the last business day of each
calendar quarter, into U.S. dollars. Any undisputed payments that are not paid on the date such payments are due under this Agreement shall bear interest to the extent permitted by applicable law at the prime rate as reported by the Chase Manhattan
Bank, New York, New York, on the date such payment is due, plus an additional two percent (2%) calculated on the number of days such payment is delinquent. The interest available to each Party pursuant to this Section shall in no way limit any
other remedies available. 

  

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 9.4. Third Party
Royalties and Royalty Reductions. 
 (a) Cephalon shall be responsible for procuring such licenses as it deems, in its sole
discretion, appropriate for the manufacture, use, marketing, sale or distribution of a Collaboration Product by it or its Affiliates or Sublicensees. In the event that Cephalon is required (as provided in Section 9.4(b) below) to pay royalties
to a Third Party in respect of Relevant Third Party Patent Rights, then Cephalon will be entitled to deduct from the future royalties payable to Ambit in respect only of that country the amount due to such Third Party, provided, however, that the
total amount of such deductions in any accounting period in respect of all claims in respect of Relevant Third Party Patent Rights shall not exceed [...***...] of the royalties payable for the country in question.

 (b) For purposes of Section 9.4(a), whether Cephalon is “required” to enter a license shall be determined as
follows: 
 (i) Cephalon shall be required to enter a license if so ordered by a court of competent jurisdiction, or if a court
of competent jurisdiction has found Cephalon liable for infringing Relevant Third Party Patent Rights, or 
 (ii) Cephalon shall
bring to the attention of Ambit, in writing, any Relevant Third Party Patent Rights. The Parties agree to meet, within thirty (30) days after such written notification, along with their patent counsel under the appropriate confidentiality
obligations, including if necessary the execution of a joint defense agreement to discuss in good faith the basis of the determination that such a license is required. During such meeting the Parties agree to discuss such facts, findings,
conclusions, opinions and other information as the Parties deem relevant. If at the end of such discussions Cephalon and Ambit are unable to reach agreement, then the matter shall be referred to the Executive Officers, who shall promptly meet and
endeavor to reach consensus in a timely manner. If such individuals cannot resolve such dispute, then such dispute shall be referred to an independent patent attorney acceptable to both Parties, who shall determine whether such license is reasonably
necessary. The determination of such independent patent attorney will be binding upon the Parties. The costs of the independent patent attorney shall be borne equally by the Parties. 

(c) In respect of any country in the Territory where a Collaboration Product is not covered by a licensed Patent and there are no
statutory data exclusivity or marketing exclusivity rights that can be enforced to prevent the entry of generic competition to that Collaboration Product, in the event of entry of “Substantial Generic Competition” into the marketplace in
such country, Cephalon shall be entitled to reduce the royalties payable to Ambit in respect of sales of that Collaboration Product in such country by [...***...]. For purposes of this Section 9.4(c),
“Substantial Generic Competition” in a country is defined as a Third Party’s (or Third Parties’) sales of a generic product containing the same Collaboration Clinical Candidate as found in the Collaboration Product in question
(whether alone or in combination with other therapeutically active compounds), reaching a market share in such country greater than or equal to [...***...] of Cephalon’s unit sales of the Collaboration Product in
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Cephalon shall continue to pay the Ambit royalties on Net Sales of a Collaboration Product within any given country at the full rates otherwise applicable under this Agreement, until such time as
Cephalon has determined and confirmed in writing to Ambit, subject to reasonable verification, that there is Substantial Generic Competition with respect to a particular Collaboration Product in such country. At such time, subject to
Section 11.3.8, Cephalon may reduce the payment of royalties to Ambit in such country with respect to such Collaboration Product pursuant to this Section. 
 9.5. Blocked Payments. In the event that, by reason of applicable laws or regulations in any country, it becomes impossible or illegal for Cephalon to transfer, or have transferred on its behalf,
royalties or other payments to Ambit, such royalties or other payments shall be deposited in local currency in the relevant country to the credit of Ambit in a recognized banking institution designated by Ambit or, if none is designated by Ambit
within a period of thirty (30) days, in a recognized banking institution selected by Cephalon and identified in a notice in writing given to Ambit. 
 ARTICLE IX-A 
 CO-DEVELOPMENT/CO-PROMOTION OF COLLABORATION PRODUCT 

9A.1 Co-Development/Co-Promotion of a Collaboration Clinical Candidate. At the conclusion by Cephalon of the first proof-of-concept study in
humans involving a Collaboration Clinical Candidate directed against the First Collaboration Target, Cephalon shall notify Ambit in writing of the results of such study, and Ambit shall have [...***...] following receipt
of such notice to request in writing of Cephalon participation in the co-development and co-promotion of such Collaboration Clinical Candidate. Cephalon, within [...***...] after such Ambit request, shall notify Ambit
whether Cephalon will consider, in its sole discretion, such co-development and co-promotion. If Cephalon notifies Ambit that it will consider such request, both Parties will negotiate in good faith the terms of the co-development/co-promotion
agreement, which will be capped at [...***...] participation by Ambit. Ambit shall participate in the costs of further development of the Collaboration Clinical Candidate at the rate equal to its
co-development/co-promotion participation. Should Cephalon determine a co-development/co-promotion arrangement not to be beneficial, Cephalon will notify Ambit of such determination and shall continue to develop and commercialize the applicable
Collaboration Clinical Candidate under terms of this Agreement. 
 ARTICLE X. 

REPORTS, BOOKS AND TAX MATTERS 
 10.1. Examination of Books. Each of the Parties shall keep and maintain complete and accurate books in respect of its activities during the Term, and with respect to books and records for which
payment may be required, in accordance with applicable accounting principles consistently applied and in accordance with local law. Each Party shall have the right, at its sole expense, during the Term and thereafter, through a certified public
accountant reasonably acceptable to the other Party, and following reasonable notice, to inspect such records during regular business hours; provided, however, that such inspection shall not (i) take place more often than once a
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cover any records which date prior to the date of the last examination. The Parties shall retain such records for the longer of the Term or as required by applicable law, unless otherwise
expressly set forth herein or unless the Parties shall otherwise mutually agree. 
 10.2. Inspection. Ambit shall permit
Cephalon, at Cephalon’s expense and upon reasonable prior notice, to visit and inspect Ambit’s facilities, to meet with scientific personnel and review the progress of the Collaboration no more that once a year. 

10.3. Tax Matters. Each Party agrees that the other Party is entitled to all tax benefits, including in particular, tax credits
and/or tax deductions attributable to amounts the other Party has paid hereunder. Each Party shall file its federal, state, and local tax returns on a basis consistent with this Agreement, and shall not take any action inconsistent with the other
Party’s entitlement to such tax benefits. In the event that a Party, in its judgment, determines that it must obtain information and verification regarding the use or application of such expenditures in order to prepare its tax returns or to
respond to an inquiry during a tax audit or any other inquiry relating to such treatment of its tax return, or to defend its tax position in any proceeding including litigation, the Parties shall reasonably cooperate with each other and provide such
information as the other Party may reasonably require at the request and expense of the requesting Party. 
 ARTICLE XI.

 PATENTS 
 11.1. Disclosure by Employees, Agents or Independent Contractors. Cephalon and Ambit agree that as to any employees, agents, or independent contractors of Cephalon and Ambit presently in their
employ or who are hired or retained by Cephalon or Ambit to perform, manage performance of, or participate in the activities done pursuant to this Agreement, Cephalon and Ambit will ensure that such employees, agents, or independent contractors will
promptly disclose and assign to the Party engaging them any and all rights to inventions, developments, or improvements (whether patentable or not), conceived and/or reduced to practice during the course of their duties. Each Party will notify the
other Party promptly of any sole or joint inventions within the Collaboration IP. 
 11.2. Patent Prosecution and Related
Activities. 
 11.2.1. Ambit IP. Ambit shall be responsible, at its sole discretion and expense, for preparing,
filing, prosecuting and maintaining in such countries it deems appropriate, by itself or with Third Parties, Ambit Patents, including conducting any interferences, re-examinations, reissues and oppositions relating to such Patents. 

11.2.2. Cephalon IP. Cephalon shall be responsible, at its sole discretion and expense, for preparing, filing, prosecuting and
maintaining in such countries it deems appropriate, by itself or with Third Parties, Cephalon Patents including conducting any interferences, re-examinations, reissues and oppositions relating to such Patents. 

  
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 11.2.3. Licensed
Compound IP. 
 (a) Prosecution by Cephalon. Cephalon shall have the right to prepare, file, prosecute and maintain
in such countries as it deems appropriate in its discretion and at its sole expense, and upon appropriate consultation with Ambit and/or the Patent Committee pursuant to Section 11.2.4(c), Patents within the Licensed Compound IP that are owned
(solely or jointly) by Cephalon pursuant to this Agreement or that cover compounds to which Cephalon has an exclusive license in force pursuant to this Agreement, including conducting any interferences, re-examinations, reissues, oppositions or
requests for patent term extension or governmental equivalents relating to such Patents, and Ambit shall give reasonable cooperation in connection therewith, at Cephalon’s request. 

(b) Prosecution by Ambit. Ambit shall have the right to prepare, file, prosecute and maintain in such countries as it deems
appropriate in its discretion and at its sole expense, and upon appropriate consultation with Cephalon and/or the Patent Committee pursuant to Section 11.2.4(c), Patents within the Licensed Compound IP that are not covered by
Section 11.2.3(a), in each case including conducting any interferences, re-examinations, reissues, oppositions or requests for patent term extension or governmental equivalents relating to such Patents, and Cephalon shall give reasonable
cooperation in connection therewith, at Ambit’s request. 
 11.2.4. Collaboration IP. 

(a) Prosecution by Cephalon. Cephalon shall have the right to prepare, file, prosecute and maintain in such countries as it deems
appropriate in its discretion and at its sole expense, and upon appropriate consultation with Ambit and/or the Patent Committee pursuant to Section 11.2.4(c), Patents within the Collaboration IP owned (solely or jointly) by Cephalon, and/or
Patents directed to any compounds to which Cephalon has an option or license in force pursuant to Sections 6.2.1, 6.2.2 or 6.2.3, in each case including conducting any interferences, re-examinations, reissues, oppositions or requests for patent term
extension or governmental equivalents relating to such Patents within the Collaboration IP, and Ambit shall give reasonable cooperation in connection therewith, at Cephalon’s request. 

(b) Prosecution by Ambit. Ambit shall have the right to prepare, file, prosecute and maintain in such countries as it deems
appropriate in its discretion and at its sole expense, and upon appropriate consultation with Cephalon and/or the Patent Committee pursuant to Section 11.2.4(c), Patents within the Collaboration IP not included in Section 11.2.4(a),
including conducting any interferences, re-examinations, reissues, oppositions or requests for patent term extension or governmental equivalents relating to such Patents within the Collaboration IP, and Cephalon shall give reasonable cooperation in
connection therewith, at Ambit’s request. 
 (c) Cooperation; Request to Responsible Party. Each of Cephalon and
Ambit shall keep the other fully informed as to the status of patent matters described in Sections 11.2.3 and 11.2.4, including, without limitation, by providing the 

  
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Patent Committee the opportunity to fully review and comment on any invention disclosures. With respect to each Patent governed by Sections 11.2.3 or 11.2.4, the Patent Committee shall decide
whether such Patent falls within Section 11.2.3(a) or 11.2.3(b) or within Section 11.2.4(a) or 11.2.4(b), as applicable. In the event of any overlap or conflict between subject matter that is claimed (or could be claimed) in a Patent for
which Cephalon is responsible pursuant to Section 11.2.3(a) or 11.2.4(a) and subject matter that is claimed (or could be claimed) in a Patent for which Ambit is responsible pursuant to Section 11.2.3(b) or 11.2.4(b), the Patent Committee
shall determine which Patent should claim such subject matter pursuant to the terms of this Agreement. Where practicable and where appropriate under the terms of this Agreement, the Patent Committee shall endeavor to adjust the scope of the claims
of either such Patent or both such Patents, or to propose the filing of appropriate divisional applications, in order to avoid or minimize such overlap or conflict. Cephalon and Ambit shall each reasonably cooperate with and assist the other at its
own expense in connection with such activities, at the other Party’s request. Reasonable cooperation shall include, without limitation, providing the requesting Party with necessary or useful data and information relating to the Patents and
reasonable access to the inventors of said inventions, as well as causing the execution of required patent assignments and/or other documents. Either Party may request the other Party, at the other Party’s discretion, to file a patent
application claiming any invention within the Collaboration IP or Licensed Compound IP, as applicable, for which the other Party has responsibility as set forth in Sections 11.2.3 or 11.2.4. It is understood and agreed that a Party shall not have
any liability to the other Party with respect to such Party’s preparation or prosecution of any Patent pursuant to this Section 11.2.4(c), as long as (i) such Party has complied with this Section 11.2.4(c) with respect to such
Patent and (ii) such Party has not been negligent in conducting any such activities with respect to such Patent. 
 (d)
Procedure on Uncertainty to Prosecute. In cases where the prosecution of Collaboration IP is not clearly addressed by the provisions of Sections 11.2.3(a), 11.2.3(b), 11.2.4(a) and 11.2.4(b), the Patent Committee shall promptly hold
discussions to determine how best to proceed and how costs should be apportioned between the Parties and shall make a recommendation to the JRC, which shall make a decision on the matter. 

11.2.5. Inventorship. Inventorship of all Patents shall be determined based upon U.S. Patent Laws. 

11.2.6. Election Not to Prosecute. Upon ninety (90) days written notice to the other Party (the “Discontinuance
Notice”), the responsible Party, on a country-by-country basis, may elect to discontinue the prosecution of any patent applications filed pursuant to Sections 11.2.3 or 11.2.4 and/or not to file or conduct any further activities with
respect to the Patents described in such Sections. In the event the responsible Party declines or elects not to file or, having filed, elects not to further prosecute or maintain any Patents filed pursuant to this Agreement which relate to the
Collaboration IP or Licensed Compound IP, or if Ambit declines or elects not to file or, having filed, elects not to further prosecute or maintain any Ambit Patents licensed to Cephalon under Section 6.2.2, or to conduct any interferences,
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oppositions or requests for patent term extension or governmental equivalents with respect thereto, the other Party shall have the right, at its discretion, and at its sole expense, to prepare,
file, prosecute and maintain such Patents in such countries as it deems appropriate, and conduct any interferences, re-examinations, reissues, oppositions or requests for patent term extension or governmental equivalents with respect thereto at its
sole expense. The responsible Party agrees to cooperate in any manner reasonably requested in connection with any such actions by the other Party, at the expense of the other Party, and shall assign, provided the Patents are freely assignable and
not subject to a terminal disclaimer or other encumbrance, all right, title and interest in and to such Patents to the Party continuing such activities. If the responsible Party does not receive written notice within ninety (90) days of the
date of the Discontinuance Notice, then the responsible Party shall be free to abandon such Patents at its sole discretion without any legal recourse by the other Party. 
 11.2.7. Permitted Disclosures. Following a written notice from the other Party hereto, the Parties shall in good faith discuss granting each other permission in writing, not to be unreasonably
withheld, to disclose in the specification of a patent application filed by the other Party pursuant to this Agreement, any Ambit IP, Cephalon IP, Collaboration IP or Licensed Compound IP necessary to support and enable claims in such patent
applications. 
 11.3. Third Party Infringement. 

11.3.1. Rights to Enforce. Cephalon and Ambit shall have the right to initiate legal action to enforce the Patents within the
Collaboration IP or Licensed Compound IP against infringement or misappropriation by Third Parties or to defend any declaratory judgment action relating thereto. Each Party, at its sole expense, shall have the initial right but not the obligation to
initiate and conduct legal proceedings including, without limitation, to enforce against any infringement of, or defend any declaratory judgment action involving, any Patent rights, the prosecution and maintenance for which that Party is
responsible, pursuant to Section 11.2.3 or 11.2.4. Each Party shall notify the other Party of its decision to bring proceedings or not within sixty (60) days of the date that the infringement has come to its knowledge. If the actual or
threatened infringement relates to the manufacture, use or sale of a product or material which is a competing product to a Collaboration Product or Licensed Product and Ambit is the Party conducting the suit with regard to the applicable
Collaboration Product or Licensed Product, then Cephalon shall have the right at its option, to join with Ambit in the suit and participate in all meetings, negotiations, discussions and proceedings in respect of issues which relate to the
infringement of the Patent(s) by such competing product. Where the conduct of the action relates to matters relevant only to issues of infringement by the competing product and not the scope or validity of Ambit’s Patents, Ambit shall follow
Cephalon’s reasonable directions in the conduct of that part of the proceedings. In respect of other parts of the proceedings, Ambit agrees to take into account Cephalon’s reasonable views and comments. Subject to Section 11.3.8, in
the circumstances outlined in this Section 11.3.1 where Cephalon exercises its right to participate in the suit, Cephalon shall bear [...***...]of the costs of such proceedings. 

  

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 11.3.2. Failure to
Enforce Collaboration Patent or Licensed Compound Patent. If, within sixty (60) days of the date that the infringement or misappropriation of Collaboration IP or Licensed Compound IP comes to its knowledge (or written notice of a
declaratory judgment action alleging invalidity or unenforceability of such Collaboration IP or Licensed Compound IP), the Party with the initial right to bring proceedings (“Patent Owner”) under Section 11.3.1 above fails to
take action to halt such alleged infringement or misappropriation or defend such a declaratory judgment action, the other Party may, at its expense, take such legal action as it deems appropriate, in its own name (or to the extent necessary the
Patent Owner’s name), to halt such an alleged infringement or misappropriation or defend such a declaratory judgment action. The other Party shall notify the Patent Owner of its decision to do so. Where, in accordance with the procedure set out
in this Section, the other Party commences the proceedings, the Patent Owner may, at its option, join with the other Party in the suit and the Patent Owner shall have the right to participate in all meetings, discussions and proceedings in respect
of issues regarding the validity and/or revocation of the relevant Patent(s). In those circumstances, the other Party (i.e., the Pursuing Party) agrees to take into account the Patent Owner’s reasonable views and comments in the conduct of the
proceedings and, subject to Section 11.3.8, the Patent Owner shall bear [...***...] of the costs of such proceedings. The Patent Owner agrees to render such reasonable assistance as the Pursuing Party may request,
including joining as a party to the proceedings. 
 11.3.3. Rights to Enforce Ambit Patent or Cephalon Patent. In the
event that either Party becomes aware that any Patent within the Ambit IP or Cephalon IP is being infringed or misappropriated by a Third Party, or is subject to a declaratory judgment action arising from such infringement or misappropriation, such
Party promptly shall notify the other Party. It is understood and agreed that Ambit shall have the initial right, but not the obligation, to initiate and conduct legal proceedings to enforce the Ambit IP against any infringement or misappropriation
or defend any declaratory judgment action relating thereto, at its sole expense, and that Cephalon shall have the initial right, but not the obligation, to initiate and conduct legal proceedings to enforce the Cephalon IP against any infringement or
misappropriation or defend any declaratory judgment action relating thereto, at its sole expense. Cephalon or Ambit (as the case may be) shall notify the other Party of its decision to bring proceedings or not within sixty (60) days of the date
that the infringement has come to its knowledge. If the actual or threatened infringement of the Ambit IP relates to the manufacture, use or sale of a product or material which is a competing product to a Collaboration Product or Licensed Compound,
then Cephalon shall have the right at its option, to join with Ambit in the suit and participate in all meetings, negotiations, discussions and proceedings in respect of issues which relate to the infringement of the Patent(s) by such competing
product. Where the conduct of the action relates to matters relevant only to issues of infringement by the competing product and not the scope or validity of Ambit’s Patents, Ambit shall follow Cephalon’s reasonable directions in the
conduct of that part of the proceedings. In respect of other parts of the proceedings, Ambit agrees to take into account Cephalon’s reasonable views and comments. Subject to Section 11.3.8, in the circumstances outlined in this
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its right to participate in the suit, the Commercializing Party shall bear [...***...] of the costs of such proceedings. 

11.3.4. Failure to Enforce Ambit or Cephalon Patent. If, within sixty (60) days of the date that the infringement or
misappropriation comes to its knowledge (or written notice of a declaratory judgment action alleging invalidity or unenforceability of such Ambit or Cephalon Patent, as the case may be), the Patent Owner fails to take action to halt such alleged
infringement or misappropriation or defend such a declaratory judgment action under Section 11.3.3 above, the other Party may, if it has been granted an exclusive license under such Ambit or Cephalon Patent (as the case may be), at its expense,
take such legal action as it deems appropriate, in its own name (or to the extent necessary the Patent Owner’s name), to halt such an alleged infringement or misappropriation or defend such a declaratory judgment action. The other Party shall
notify the Patent Owner of its decision to do so. Where, in accordance with the procedure set out in this Section, the other Party commences the proceedings, the Patent Owner may, at its option, join with the other Party in the suit and the Patent
Owner shall have the right to participate in all meetings, discussions and proceedings in respect of issues regarding the validity and/or revocation of the relevant Patent(s). In those circumstances, the other Party (i.e., the Pursuing Party) agrees
to take into account the Patent Owner’s reasonable views and comments in the conduct of the proceedings and, subject to Section 11.3.8, the Patent Owner shall bear [...***...] of the costs of such proceedings.
The Patent Owner agrees to render such reasonable assistance as the Pursuing Party may request. 
 11.3.5. Limitation on
Timing to Bring Suit. The Parties acknowledge that there may exist in certain countries statutory limitations on the period during which suit may be filed or other enforcement actions initiated against a Third Party’s infringement of the
Patents (for example, the forty-five (45) day period for responding to a Third Party certification in the United States under 21 USC Sections 355(b)(2)(A)(iv) and 355(j)(2)(a)(vii), or any amendment or successor statute thereto, claiming that
Patents covering a Collaboration Compound, Collaboration Product, Licensed Compound or Licensed Product are invalid or that infringement will not arise from the manufacture, use or sale of a product equivalent to the Collaboration Compound,
Collaboration Product, Licensed Compound or Licensed Product, as the case may be, by such Third Party). In such event: 
 (a)
Ambit and Cephalon each shall immediately give written notice to the other of any potential infringement action against such Third Party infringer of which they become aware; and 

(b) the relevant Party shall have the right but not the obligation to bring suit, and the provisions of this Section 11.3.5 shall
apply save that such Party shall be required to obtain a discontinuance or elect to bring suit at least fourteen (14) business days prior to the expiry of the relevant statutory period. If such Party elects to bring suit within such period, the
provisions of this Section 11.3.5 shall apply; or 

  

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 (c) if the relevant
Party elects not to, or has failed to, bring an infringement action against such Third Party infringer in such country(ies) within the time period provided in this Section 11.3.5, then the other Party shall have the right but not the
obligation, to bring suit against such infringer under this Section 11.3.5 prior to the expiration of the statutory period. In the event that such other Party elects to bring suit, the provisions of this Section 11.3 shall apply.

 11.3.6. No Settlement Without Consent. Neither Party shall enter into any settlement of any claim, suit or proceeding
under this Section 11.3 which admits or concedes that any Collaboration Patent or any Patent licensed from the other Party is invalid or unenforceable without the prior written consent of such other Party. 

11.3.7. Cooperation. Each Party shall keep the other reasonably informed of the progress of any claim, suit or proceeding subject
to this Section 11.3 and cooperate reasonably in connection with such activities at the request and expense of the Party involved in such claim, suit or proceeding. 
 11.3.8. Division of Recoveries. Any recovery received in connection with a suit brought by a Party pursuant to this Section 11.3 shall be retained by the Party initiating such suit. If
Cephalon was a party to the suit, then any recovery received in connection with a suit brought pursuant to this Section 11.3 shall be used first to reimburse each Party pro rata for expenses (including attorneys’, professional and expert
fees) incurred in such suit, and any balance shall be retained by the Cephalon subject to a payment to the other Party of such other Party’s lost royalties. 
 11.4. Infringement Claims by Third Parties. If the manufacture, sale or use of any product commercialized by a Party (the “Commercializing Party”) pursuant to this Agreement
results in any claim, suit or proceeding alleging patent infringement against a Commercializing Party (or its Sublicensees), such Commercializing Party shall promptly notify the other Party in writing setting forth the facts of such claim in
reasonable detail. The Commercializing Party shall have the exclusive right to defend and control the defense of any such claim, suit or proceeding, at its own expense, using counsel of its own choice; provided, however, it shall not enter into any
agreement or settlement which admits or concedes that any Patent licensed from the other Party is invalid, unenforceable or not infringed, without the prior written consent of the other Party. The Commercializing Party shall keep the other Party
reasonably informed of all material developments in connection with any such claim, suit or proceeding, and the other Party shall have the right (but not the obligation) to be separately represented, at its expense, by counsel of its own choice and
to advise the Commercializing Party on the defense of such claim, suit or proceeding. 
 11.5. Patent Term
Restoration. The Parties hereto shall give reasonable cooperation to each other in obtaining patent term restoration or supplemental protection certificates or their equivalents in any country in the Territory where applicable to the
Collaboration IP. 

  
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 11.6.
Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Ambit are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code (i.e., Title 11 of the U.S. Code) or analogous
provisions of applicable law outside the United States, licenses of rights to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code or analogous provisions of applicable law outside the United States. Each
Party agrees that the other Party, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code or any other provisions of applicable law outside the United
States that provide similar protection for “intellectual property”. 
 11.7 CREATE Act. Neither Party shall
invoke the Cooperative Research and Technology Enhancement (CREATE) Act of 2004 (Pub L. 108-453) in connection with the prosecution of any patents related to this Agreement without the prior written consent of the other Party. 

ARTICLE XII. 

CONFIDENTIALITY 

12.1. Confidentiality. 
 12.1.1. Term of Confidentiality. Except as otherwise provided in this Section 12.1, a Party receiving Confidential Information (the “Receiving Party”) shall keep all
Confidential Information disclosed to it by the disclosing Party (the “Disclosing Party”) confidential for the Collaboration Term and [...***...] thereafter. Without the prior written consent of the
Disclosing Party, the Receiving Party shall not disclose any Confidential Information to any Third Party, except to the officers, employees, agents, or representatives of the Receiving Party or the Receiving Party’s Affiliates (collectively the
“Representatives”), who, in each case, have a need to know any such Confidential Information for purposes of the implementation and performance by the Receiving Party of its obligations pursuant to this Agreement, and will use the
Confidential Information provided by the Disclosing Party only for such limited purposes. 
 12.1.2. Warranty of
Obligation. Each Party warrants that each of its Representatives to whom any Confidential Information is disclosed shall previously have been informed of the confidential nature of the Confidential Information and shall have agreed to be bound
by terms and conditions equivalent to those set forth in this Agreement. The Receiving Party shall ensure that the Confidential Information provided by the Disclosing Party shall not be used or disclosed by such Representatives except as permitted
by this Agreement. The Receiving Party shall stand responsible for any breach by its Representatives of the confidentiality provisions set forth in this Agreement. 
 12.1.3. Ownership of Confidential Information. Except as provided herein with respect to the ownership of any intellectual property, all Confidential Information disclosed by the Disclosing Party
shall remain the property of the Disclosing Party. Upon the written request of the Disclosing Party (i) all tangible 

  

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Confidential Information provided by the Disclosing Party (including, but not limited to all copies thereof and all unused samples of materials provided by the Disclosing Party) except for
Confidential Information consisting of analyses, studies and other documents and materials prepared by or for the benefit of the Receiving Party, shall be promptly returned to the Disclosing Party, and (ii) all portions of such analyses,
studies and other documents prepared by or for the benefit of the Receiving Party (including all copies thereof) which are within the definition of Confidential Information shall be destroyed, and the Receiving Party shall certify such destruction
in writing to the Disclosing Party. 
 12.1.4. Permitted Disclosures. The obligations of confidentiality and non-use set
forth in this Agreement shall not apply to any portion of the Confidential Information which: 
 (a) is or becomes public or
available to the general public otherwise than through the wrongful act or default of the Receiving Party or its representatives; or 
 (b) is obtained by the Receiving Party from a Third Party who is lawfully in possession of such Confidential Information and is not subject to an obligation of confidentiality or non-use owed to the
Disclosing Party; or 
 (c) is previously known to the Receiving Party prior to disclosure by the Disclosing Party, as shown by
written evidence, and is not obtained or derived directly or indirectly from the Disclosing Party; or 
 (d) is independently
developed by the Receiving Party without the use of or reliance on any Confidential Information provided by the Disclosing Party hereunder, as shown by contemporaneous written evidence. 

12.1.5. Legal Disclosure. The Receiving Party may disclose the Confidential Information of the Disclosing Party to the extent
reasonably necessary in prosecuting or defending litigation, complying with applicable laws, governmental regulations or court order, or otherwise submitting required information to tax or other governmental authorities. If the Receiving Party
intends to so disclose any such Confidential Information, the Receiving Party shall provide the Disclosing Party prompt prior notice of such fact so that the Disclosing Party may seek to obtain a protective order or other appropriate remedy
concerning any disclosure of such Confidential Information. The Receiving Party will reasonably cooperate with the Disclosing Party in connection with the Disclosing Party’s efforts to obtain any such order or other remedy. If any such order or
other remedy does not fully preclude the disclosure of such Confidential Information, the Receiving Party will make such disclosure only to the extent that such disclosure is legally required and will use its reasonable efforts to have confidential
treatment accorded to the disclosed Confidential Information. 
 12.1.6. No Warranty As To Reliability. Each of the
Parties acknowledges that neither Party makes any representation or warranty as to the reliability, accuracy or completeness of any of the Confidential Information disclosed 

  
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hereunder, except for any specific representation or warranty made in other sections of this Agreement. The Receiving Party agrees that neither the Disclosing Party nor any of the Disclosing
Party’s Representatives shall have any liability to the Receiving Party arising from the disclosure of Confidential Information by the Disclosing Party except as otherwise provided herein. 

12.1.7. No Implied License. Except as otherwise expressly set forth in this Agreement, nothing herein shall be construed as
giving the Receiving Party any right, title and interest in and to the Confidential Information of the Disclosing Party. 

12.1.8. Public Domain. For the purpose of this Agreement, specific information disclosed as part of the Confidential Information
shall not be deemed to be in the public domain or in the prior possession of the Receiving Party merely because it is embraced by more general information in the public domain or by more general information in the prior possession of the Receiving
Party. 
 12.2. Publications. A Party desiring to submit a publication or presentation related to any matters that are
the subject of this Agreement shall not do so without the prior written consent of the other Party, which consent shall not be unreasonably withheld. Each Party shall submit for the other Party’s review any proposed publication or presentation
containing any information generated by either Party (or by both Parties) hereunder during the Collaboration Term, or containing any Confidential Information of the other Party, at least forty-five (45) days in advance of such proposed
publication or presentation. The reviewing Party shall promptly review such proposed publication and respond in any event within forty-five (45) days after receipt, and shall make any objections that it may have to the publication of any such
information, or of any Confidential Information of the reviewing Party contained therein. Should the reviewing Party make an objection to the publication of any such information or Confidential Information, then the Parties shall discuss the
advantages and disadvantages of publishing such information and/or Confidential Information provided always that a Party shall not be compelled to agree to the disclosure of its Confidential Information and if following such discussions the Party
still objects to the inclusion of such Confidential Information it shall be removed. If the Parties are unable to agree on whether particular subject matter may be published or presented, then the Executive Officers shall attempt to resolve the
matter, but if it is unable to do so, such matter shall not be subject to the dispute resolution provisions of Sections 2.4 and 18.18. Notwithstanding the foregoing, upon the reviewing Party’s request, the other Party shall not submit any such
publication or presentation until the reviewing Party is given a reasonable period of time (not less than forty-five (45) days) to secure patent protection for any material in such publication or presentation that it believes to be patentable.

 12.3. Terms of Agreement. The existence and the terms and conditions of the Agreement that the Parties have not
specifically agreed to disclose pursuant to Section 12.1 shall be considered Confidential Information of both Parties. Either Party may disclose, upon the other Party’s prior written consent, such terms to a bona fide potential investor,
investment banker, acquiror, merger partner or other potential financial partner, and their attorneys and agents, provided that each such Person to whom such information 

  
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is to be disclosed is informed of the confidential nature of such information and has agreed to maintain the confidentiality of such information. 

12.4. Injunctive Relief. The Parties hereto understand and agree that remedies at law may be inadequate to protect against any
breach of any of the provisions of this Article XII by either Party or their employees, agents, officers or directors or any other person acting in concert with it or on its behalf. Accordingly, each Party shall be entitled to, without the posting
of bond, the granting of injunctive relief by a court of competent jurisdiction against any action that constitutes any such breach of this Article XII. 
 12.5. Registration and Filing of the Agreement. To the extent, if any, that a Party concludes in good faith that it is required to file or register this Agreement, a summary of the terms of
this Agreement, or a notification thereof with any governmental authority, including without limitation the U.S. Securities and Exchange Commission and the Competition Directorate of the Commission of the European Communities, in accordance with
applicable laws and regulations, such Party may do so, and the other Party shall cooperate in such filing or notification and shall execute all documents reasonably required in connection therewith at the, expense of the requesting Party. The
Parties shall promptly inform each other as to the activities or inquiries of any such governmental authority relating to this Agreement, and shall cooperate, to respond to any request for further information therefrom at the expense of the
requesting Party. 
 ARTICLE XIII. 
 REPRESENTATIONS AND WARRANTIES OF AMBIT 
 13.1. Representations and
Warranties. Ambit represents and warrants to Cephalon as follows: 
 13.1.1. Organization. It is a corporation
validly existing and in good standing under the laws of the State of Delaware. 
 13.1.2. Authority. It has full
corporate power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All corporate acts and other proceedings required to authorize such execution, delivery, and consummation have been duly and
properly taken and obtained. 
 13.1.3. Enforceability. This Agreement has been duly executed and delivered by Ambit and
constitutes legal, valid, and binding obligations of Ambit enforceable against Ambit in accordance with its terms. 
 13.1.4.
Approvals and Consents. No approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and delivery by Ambit of this Agreement or
the consummation by Ambit of the transaction contemplated hereby (other than contemplated Collaboration Product Regulatory Approvals). 
 13.1.5. No Conflicts. None of the execution, delivery, or performance of this Agreement by Ambit (i) conflicts with or results in a breach under

  
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the charter documents or any material contractual undertaking of Ambit, or its Affiliates or (ii) conflicts with or results in a violation of any of the laws of the jurisdiction of
incorporation of Ambit. Ambit has not, to the best of its knowledge entered into, nor will Ambit, after the Effective Date, knowingly enter into any written or oral agreement that is or would be inconsistent with its obligations under this Agreement
or deprives or would deprive Cephalon of the benefits of this Agreement. 
 13.1.6. Title. As of the Effective Date,
Ambit has good title to or valid leases or licenses for all its properties, rights, and assets necessary for the fulfillment of its obligations and responsibilities under this Agreement. 

13.1.7. Sufficient Rights. As of the Effective Date, to the best of Ambit’s knowledge after due inquiry, Ambit represents
and warrants that Ambit owns or Controls its Patents necessary to conduct the Collaboration and to grant the rights and licenses to Cephalon, and to fulfill its duties and obligations pursuant to this Agreement. As of the Effective Date, to the best
of Ambit’s knowledge after due inquiry, Ambit represents and warrants that the Collaboration Compounds described in Section 1.17(i), and Ambit’s activities with respect to the First Collaboration Target as currently conducted and as
proposed to be conducted, including the practice of the Ambit IP in connection therewith, do not violate the valid patent rights or other intellectual property rights of any Third Party, and to the best knowledge of Ambit after due inquiry, as of
the Effective Date, all other practice of the Ambit IP does not violate the valid patent rights or other intellectual property rights of any Third Party. 
 13.1.8. No Prior Grant or Patents. As of the Effective Date, Ambit has not (i) knowingly granted any licenses to Third Parties, or (ii) knowingly filed any patent application, in either
case inconsistent with the licenses granted or to be granted to Cephalon hereunder. 
 13.1.9. Resources. As of the
Effective Date and during the Collaboration Term, Ambit has and shall have sufficient financial and other resources to timely perform its obligations under the Profiling Services Agreement and this Agreement, including with respect to research and
development of the Licensed Compounds and the Collaboration. 
 13.1.10. Disclaimer. Except as provided herein, Ambit
specifically disclaims any guarantee that the Collaboration will be successful, in whole or in part. The failure of Ambit to successfully identify Collaboration Compounds that are suitable as Clinical Compounds will not, of itself, constitute a
breach of any representation or warranty or other obligation under this Agreement. Ambit does not make any representation or warranty or guaranty that the Collaboration will be sufficient for the successful completion of the research contemplated
thereby. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, AMBIT MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE AMBIT IP, COLLABORATION IP, COLLABORATION COMPOUNDS OR AMBIT
COMPOUNDS INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF 

  
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MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF AMBIT IP OR COLLABORATION IP, PATENTED OR UNPATENTED, OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

 ARTICLE XIV. 
 REPRESENTATIONS AND WARRANTIES OF CEPHALON 
 14.1. Representations and
Warranties. Cephalon represents and warrants to Ambit as follows: 
 14.1.1. Organization. It is a corporation
validly existing and in good standing under the laws of Delaware. 
 14.1.2. Authority. It has full corporate power and
authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. All corporate acts and other proceedings required to authorize such execution, delivery, and consummation have been duly and properly taken and
obtained. 
 14.1.3. Enforceability. This Agreement has been duly executed and delivered by Cephalon and constitutes the
legal, valid, and binding obligations of Cephalon enforceable against Cephalon in accordance with its terms. 
 14.1.4.
Approvals and Consents. No approval, authorization, consent, or other order or action of or filing with any court, administrative agency or other governmental authority is required for the execution and delivery by Cephalon of this Agreement
or the consummation by Cephalon of the transaction contemplated hereby (other than contemplated Collaboration Product Regulatory Approvals). 
 14.1.5. No Conflicts. None of the execution, delivery, or performance of this Agreement by Cephalon (i) conflicts with or results in a breach under the charter documents or any material
contractual undertaking of Cephalon, or its Affiliates or (ii) conflicts with or results in a violation of any of the laws of the jurisdiction of incorporation of Cephalon. Cephalon has not, to the best of its knowledge entered into, nor will
Cephalon, after the Effective Date, knowingly enter into any written or oral agreement that is or would be inconsistent with its obligations under this Agreement or deprives or would deprive Ambit of the benefits of this Agreement. 

14.1.6. Sufficient Rights. As of the Effective Date, it owns or Controls its Patents necessary to conduct the Collaboration and
to grant the rights and licenses to Ambit, and to fulfill its duties and obligations pursuant to this Agreement. To the knowledge of Cephalon, as of the Effective Date, the practice of the Cephalon IP does not violate the valid patent rights of any
Third Party. 
 14.1.7. No Prior Grant or Patents. As of the Effective Date, Cephalon has not (i) knowingly granted
any licenses to Third Parties, or (ii) knowingly filed any patent application, in either case inconsistent with the licenses granted or to be granted to Ambit hereunder. 

  
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 14.1.8. Title.
As of the Effective Date, it has good title to or valid leases or licenses for all its properties, rights, and assets necessary for the fulfillment of its obligations and responsibilities under this Agreement. 

14.1.9. Disclaimer. Except as provided herein, Cephalon specifically disclaims any guarantee that the Collaboration will be
successful, in whole or in part. The failure of Cephalon to successfully identify Clinical Candidates will not, of itself, constitute a breach of any representation or warranty or other obligation under this Agreement. Cephalon does not make any
representation or warranty or guaranty that the Collaboration will be sufficient for the successful completion of the research contemplated thereby. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, CEPHALON MAKES NO REPRESENTATIONS AND EXTENDS NO
WARRANTIES OR CONDITIONS OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE CEPHALON IP, COLLABORATION IP, COLLABORATION COMPOUNDS, CEPHALON COMPOUNDS OR CEPHALON LIBRARY COMPOUNDS INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF CEPHALON IP OR COLLABORATION IP, PATENTED OR UNPATENTED, OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

ARTICLE XV. 

SURVIVAL AND INDEMNIFICATION 
 15.1. Survival of Representations, Warranties, Covenants, and Agreement. The representations, warranties, covenants, and agreements contained in this Agreement shall survive as set forth in
Section 16.6. Except as expressly provided herein, the Parties confirm that they have not relied upon any other representations, warranties, covenants, and agreements as an inducement to enter into this Agreement or the other agreements and
instruments to be executed and delivered by the Parties pursuant to this Agreement. 
 15.2. Indemnification by Ambit.
Ambit hereby agrees to indemnify and hold Cephalon, its Affiliates and their respective officers, directors, stockholders, employees, agents, and representatives (collectively, the “Cephalon Indemnitees”) harmless from and against
any and all claims, liabilities, losses, damages, costs and expenses in respect of claims against the Cephalon Indemnitees by Third Parties other than the Cephalon Indemnitees, including reasonable fees and disbursements of counsel and expenses of
reasonable investigation (collectively, “Cephalon Losses”), arising out of, based upon or caused by: (a) the inaccuracy of any representation or the breach of any warranty, covenant or agreement of Ambit contained in this
Agreement or in any other agreement or instrument delivered by Ambit pursuant to this Agreement; (b) any failure by Ambit, its Affiliates or their respective designees to conduct the research pursuant to the Research Plans in a diligent and
professional manner and in accordance with applicable laws and regulations; (c) any gross negligence or intentional wrongdoing by Ambit, its Affiliates or designees in the performance of the research hereunder; (d) any injury, illness or
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of the Collaboration; (e) any breach of Ambit’s contractual obligations to Third Parties; or (f) the development, preclinical and clinical testing, manufacture, distribution, sale
and/or use (including but not limited to product liability claims) of any Licensed Compound, Collaboration Compound or Licensed Product for which Ambit is responsible for development and commercialization pursuant to the terms of this Agreement
(except, in each case (a) to (f), to the extent that any Cephalon Loss is due to the gross negligence or willful misconduct of Cephalon Indemnitees). Except with respect to a breach arising under Sections 13.1.6, 13.1.7 or 13.1.8, in no event
shall Ambit’s aggregate liability to the Cephalon Indemnitees with respect to Cephalon Losses arising out of, based upon or caused by the matters set forth in Section 15.2(a), (b), (c), (d) or (e) exceed
[...***...]. 
 15.3. Indemnification by Cephalon. Subject to Section 15.2, Cephalon
hereby agrees to indemnify and hold Ambit, its Affiliates, subcontractors and their respective officers, directors, stockholders, employees, agents, and representatives (collectively, the “Ambit Indemnitees”) harmless from and
against any and all claims, liabilities, losses, damages, costs and expenses in respect of claims against the Ambit Indemnitees by Third Parties other than the Ambit Indemnitees, including reasonable fees and disbursements of counsel and expenses of
reasonable investigation (collectively, “Ambit Losses”), arising out of, based upon or caused by: (a) the inaccuracy of any representation or the breach of any warranty, covenant or agreement of Cephalon contained in this
Agreement or in any other agreement or instrument delivered by Cephalon pursuant to this Agreement; (b) any failure by Cephalon, its Affiliates or their respective designees to conduct the research pursuant to the Research Plans in a diligent
and professional manner and in accordance with applicable laws and regulations; (c) any gross negligence or intentional wrongdoing by Cephalon, its Affiliates or designees in the performance of the research hereunder; (d) any injury,
illness or disease suffered by any Cephalon employees in connection with the performance of the Collaboration; (e) any breach of Cephalon’s contractual obligations to Third Parties; or (f) the development, preclinical and clinical
testing, manufacture, distribution, sale and/or use (including but not limited to product liability claims) of any Collaboration Clinical Candidate, Collaboration Compound or Collaboration Product for which Cephalon is responsible for development
and commercialization pursuant to the terms of this Agreement (except, in each case (a) to (f), to the extent that any Ambit Loss is due to the gross negligence or willful misconduct of Ambit Indemnitees). Except with respect to a breach
arising under Sections 14.1.6, 14.1.7 or 14.1.8, in no event shall Cephalon’s aggregate liability to the Ambit Indemnitees with respect to Ambit Losses arising out of, based upon or caused by the matters set forth in Section 15.3(a), (b),
(c), (d) or (e) exceed [...***...]. 
 15.4. Notices. Each indemnified Party agrees
to give the indemnifying Party prompt written notice of any action, claim, demand, discovery of fact, proceeding or suit (collectively, “Claims”) for which such indemnified Party intends to assert a right to indemnification under
this Agreement; provided however, that failure to give such notification shall not affect the indemnified Party’s entitlement to indemnification hereunder except to the extent that the indemnifying Party shall have been prejudiced
as a result of such failure. The indemnifying Party shall have the initial right (but not the obligation) to defend, settle or otherwise dispose of any Claim for which the indemnified 

  

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Party intends to assert a right to indemnification under this Agreement as contemplated in the preceding sentence if and so long as the indemnifying Party has recognized in a written notice to
the indemnified Party provided within thirty (30) days of such written notice its obligation to indemnify the indemnified Party for any Ambit Losses or Cephalon Losses (as the case may be) relating to such Claim; provided however that if the
indemnifying Party assumes control of the defense, settlement, or disposition of a Claim, the indemnifying Party shall obtain the written consent of the indemnified Party prior to ceasing to defend, settling or otherwise disposing of the Claim in
the event that such cessation, settlement or disposition would materially adversely affect the indemnified Party. If the indemnifying Party fails to state in a written notice during such thirty (30) day period its willingness to assume the
defense of such a Claim, the Ambit or Cephalon Indemnitee, as the case may be, shall have the right to defend, settle or otherwise dispose of such claim at the indemnifying Party’s sole expense, subject to the applicable provisions of Sections
15.2 and 15.3 above. The indemnified Party shall not settle or compromise an Indemnification Claim without the prior written consent of the indemnifying Party, and the indemnifying Party shall not settle or compromise an Indemnification Claim in any
manner which would have an adverse effect on the indemnified Party’s interests, without the prior written consent of the indemnified Party, which consent, in each case, shall not be unreasonably withheld or delayed. The indemnified Party shall
reasonably cooperate with the indemnifying Party at the indemnifying Party’s expense and shall make available to the indemnifying Party all pertinent information under the control of the indemnified Party, which information shall be subject to
Article XII. 
 ARTICLE XVI. 
 TERM, TERMINATION, AND EXPIRATION 
 16.1. Term of Agreement. The term of
this Agreement (the “Term”) shall commence on the Effective Date and shall continue in full force and effect on a country-by-country and Collaboration Product-by-Collaboration Product basis until both Parties and their respective
Sublicensees have no remaining royalty obligations in a country, unless terminated earlier as provided in this Article XVI. 

16.2. Collaboration Term. The Collaboration shall commence on the Effective Date and terminate on the last day of the Initial
Term, unless extended by mutual agreement of the Parties. In the event that Cephalon desires to extend the Collaboration Term, it shall so inform Ambit of such desire not less than [...***...] before the last day of the
Initial Term or then-current Collaboration Term, in which case the Parties shall negotiate additional consideration to Ambit for any such proposed extension. If the Initial Term or the extended Collaboration Term, as the case may be, is not extended
in the manner set forth in the preceding sentence, the Collaboration shall terminate on the last day of the Initial Term or extended Collaboration Term, as the case may be. 

  

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 16.3.
Termination. 
 16.3.1. Breach. If either Party breaches, or defaults in the performance of, or fails to be in
compliance with, any material warranty, representation, agreement or covenant of this Agreement, and such default or noncompliance shall not have been substantially remedied within [...***...] after receipt by the
defaulting Party of a written notice thereof and demand to cure such default from the other Party, the Party not in default or breach shall have the right to terminate this Agreement upon written notice effective immediately. 

16.3.2. Bankruptcy. Either Party may, subject to the provisions herein, terminate the Collaboration and this Agreement if, at any
time, the other Party shall file in any court pursuant to any statute, a petition in bankruptcy or insolvency or for reorganization in bankruptcy or for an arrangement or for the appointment of a receiver or trustee of such Party or of its assets,
or if such Party proposes a written agreement of composition or extension of its debts, or if such Party shall be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within
sixty (60) days after the filing thereof, or if such Party shall propose or be a party to any dissolution, or if such Party shall make an assignment for the benefit of creditors. 

16.3.3. Additional Termination by Cephalon. 
 (a) Cephalon shall have the right to terminate this Agreement upon written notice effective immediately in the event of an Adverse Financial Event. 

(b) No earlier than [...***...] after final delivery of the Cephalon Library Compounds pursuant to
Section 4.1, Cephalon shall have the right to terminate this Agreement, at its sole discretion, upon ninety (90) days prior written notice to Ambit. As of the effective date of any such termination, neither Party shall have any further
obligation to perform any activities with respect to any Research Plan pursuant to this Agreement. 
 16.3.4. Rights in Law
or Equity. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, TERMINATION BY EITHER PARTY PURSUANT TO THIS SECTION 16.3 SHALL NOT PREJUDICE ANY OTHER REMEDY THAT A PARTY MIGHT HAVE IN LAW OR EQUITY, EXCEPT THAT NEITHER PARTY MAY CLAIM
COMPENSATION FOR LOST OPPORTUNITY OR LIKE CONSEQUENTIAL DAMAGES OR SPECIAL, INCIDENTAL OR PUNITIVE DAMAGES ARISING OUT OF THE FACTS OF SUCH TERMINATION, EXCEPT IN CONNECTION WITH A BREACH OF ARTICLE XII, A PARTY’S INFRINGEMENT OR
MISAPPROPRIATION OF THE OTHER PARTY’S INTELLECTUAL PROPERTY RIGHTS OR A PARTY’S INDEMNIFICATION OBLIGATIONS HEREUNDER. 
 16.4. Change of Control. 

  

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 16.4.1. Ambit
immediately shall notify Cephalon of the occurrence of a Change of Control prior to the completion of the Collaboration. Upon a Change of Control of Ambit occurring prior to completion of the Collaboration, Cephalon may, in its absolute discretion
exercisable by giving Ambit notice in writing within thirty (30) days of Cephalon being notified of the Change of Control, elect to (a) continue working with Ambit or the successor Third Party under the terms of this Agreement,
(b) assume responsibility for completing the Collaboration, and/or (c) terminate this Agreement. 
 16.4.2. Upon a
Change of Control of Ambit, Ambit or the Third Party successor immediately shall halt their activities under the Collaboration and shall cease all access to and use of any Cephalon Confidential Information, Cephalon IP and any other rights owned
hereunder by Cephalon, except as may otherwise be specified by Cephalon in writing. The rights to any compound covered by Cephalon Confidential Information, Cephalon IP and/or any other rights owned hereunder by Cephalon shall revert to Cephalon,
except as may otherwise be specified by Cephalon in writing. The foregoing notwithstanding, any rights transferred to any Third Party under Section 4.7.3(c) prior to Change of Control shall not be affected by this Section 16.4.

 16.4.3. Upon Cephalon’s election pursuant to Section 16.4.1(a), Cephalon and Ambit or the Third Party successor
shall negotiate in good faith such amendments to this Agreement that shall be required by Cephalon to continue with the Collaboration. Such negotiations shall not occur for more than thirty (30) days, unless otherwise extended by Cephalon.

 16.4.4. Upon Cephalon’s election pursuant to Section 16.4.1(b), the following provisions shall apply: 

(a) the Parties shall agree to times convenient to both Ambit and Cephalon when scientist(s) from Ambit may visit Cephalon to facilitate
the transfer to Cephalon of that Ambit IP necessary for and limited to Cephalon’s completion of the Collaboration, which transfer shall be completed at Cephalon’s own cost and expense; 

(b) Ambit shall use its reasonable efforts to assign to Cephalon the benefit and burden of any agreement made between Ambit and any
subcontractor pursuant to Section 18.15; 
 (c) the milestone payments due to Ambit pursuant to Article VIII shall be
reduced pro-rata to the number of months elapsed since the Effective Date (as a ratio to [...***...]) at the date of the cessation of Ambit involvement in the Collaboration (e.g., such that if this occurs after the third
anniversary of the Effective Date there shall be no reduction in this milestones); provided however, if as of the date of Cephalon’s notice of election pursuant to 16.4.1(b), (i) a Collaboration Clinical Candidate has been designated;
(ii) Ambit has completed the screening of the Cephalon Library Compounds; and (iii) Ambit has delivered all profiling data from the screening of the Cephalon Compound Library to Cephalon, then there shall be no such reduction in the
milestone payments relating to any such Collaboration Clinical Candidate; and 

  

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 (d) the JRC shall be
dissolved, the obligations on Ambit under Section 2.2 shall transfer to Cephalon and those provisions concerning the JRC shall not apply. Furthermore, Sections 2.1, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4, 3.5 and 8.2 shall not apply. All other provisions
of the Agreement shall continue to apply save as expressly modified by this Section 16.4.4. 
 16.4.5. Upon Cephalon
electing to terminate this Agreement pursuant to Section 16.4.1(c), this Agreement shall be terminated upon Cephalon’s written notice effective immediately, whereupon Ambit shall pay to Cephalon as liquidated damages the sum of
[...***...], reduced, pro rata, over the remainder of the Initial Term of the Agreement; provided however, if as of the date of Cephalon’s notice of termination pursuant to 16.4.1(c) (i) a Collaboration Clinical
Candidate has been designated; (ii) Ambit has completed the screening of the Cephalon Library Compounds; and (iii) Ambit has delivered all profiling data from the screening of the Cephalon Library Compounds to Cephalon, then there shall be
no payment of liquidated damages per the terms of this 16.4.5. 
 16.5. Effect of Breach or Termination. 

16.5.1. Accrued Obligations. Termination of this Agreement for any reason shall not release any Party hereto from any liability
which, at the time of such termination, has already accrued to the other Party or which is attributable to a period prior to such termination. 
 16.5.2. Return of Materials. Upon any termination of this Agreement, Cephalon and Ambit shall promptly (a) return to the other Party all Confidential Information received from the other Party
(except one copy of which may be retained for archival purposes) and (b) destroy any analyses, studies or other documents, prepared by or for the benefit of Cephalon or Ambit as the case may be, relating to such other Party’s Confidential
Information, in each case except to the extent necessary for a Party to exercise any of its rights under any licenses granted to it that survive termination. 
 16.5.3. Effect of Termination. In the event of any termination of the Collaboration, Ambit and Cephalon shall have no future obligation to conduct research activities pursuant to any Research Plan
after the effective date of such termination. 
 16.5.4. Licenses. 

(a) Termination by Ambit Pursuant to Section 16.3.1 or 16.3.2. In the event of termination by Ambit of this Agreement
pursuant to Section 16.3.1 or Section 16.3.2, Cephalon’s licenses under Section 6.2 shall terminate, and all exclusivity periods, rights and licenses granted to Ambit hereunder as of the effective termination date shall remain in
effect, subject to the terms and conditions of this Agreement applicable thereto. Furthermore, (i) Ambit shall have the right to exercise any existing 

  

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Options upon written notice to Cephalon delivered within ten (10) days of the effective termination date, and (ii) Ambit shall have a fully paid-up, worldwide, perpetual, irrevocable,
transferable, royalty-free and exclusive license, with the right to sublicense, under any Collaboration IP, Licensed Compound IP or Cephalon IP, as the case may be, necessary to make, have made, use, sell, offer to sell, and import any Collaboration
Clinical Candidate (that had been designated pursuant to Section 8.1 prior to the effective termination date) or Licensed Compound (that had been designated pursuant to Section 4.4.2 prior to the effective termination date). Ambit shall
have, at its sole expense, the right to prepare, file, prosecute and maintain in such countries as it deems appropriate in its discretion, all Patents subject to the license conveyed in this section 16.5.4(a)(i) and (ii). 

(b) Termination by Cephalon Pursuant to Section 16.3.1, 16.3.2 or 16.3.3(a). In the event of termination by Cephalon pursuant
to Section 16.3.1, Section 16.3.2 or 16.3.3(a), all exclusivity periods, rights and licenses granted to Ambit hereunder shall terminate; and all exclusivity periods, rights and licenses granted to Cephalon hereunder shall remain in effect,
subject to the terms and conditions of this Agreement applicable thereto. Furthermore, (i) upon written notice given within ten (10) days of the effective termination date, Cephalon shall have the right to designate any Collaboration
Compounds as Collaboration Clinical Candidates, in which case Cephalon shall be licensed to such Collaboration Clinical Candidates as set forth in Section 6.2.1, provided that such license shall be fully paid-up and royalty-free, and
(ii) Cephalon shall have an exclusive, royalty-free, fully-paid up, worldwide, transferable license, with the right to sublicense, under any Licensed Compound IP and Ambit IP necessary to make, have made, use, sell, offer to sell, and import
Licensed Compounds and Derivative Compounds in existence as of the effective termination date. Cephalon shall have the right, at its sole expense, to prepare, file, prosecute and maintain in such countries as it deems appropriate in its discretion,
all Patents subject to the license conveyed in this section 16.5.4(b)(i) and (ii). The foregoing in this Section 16.5.4(b) notwithstanding, any license agreement or other arrangement negotiated with a Third Party pursuant to
Section 4.7.3(c) prior to termination under Section 16.3.2 or 16.3.3(a) shall not be subject to this Section 16.5.4(b). 
 (c) Termination by Cephalon of the Agreement Pursuant to Section 16.3.3(b). In the event of termination of the Agreement by Cephalon pursuant to Section 16.3.3(b), all licenses granted
pursuant to this Agreement as of the effective termination date shall remain in effect, subject to the terms and conditions of this Agreement applicable thereto, including the applicable provisions of Articles V, VII, VIII and IX, which shall
survive and be applicable to such licenses in addition to the provisions which survive pursuant to Section 16.6. 
 16.6.
Survival. Without limiting Section 16.5, the provisions of Sections 2.5, 4.3.4 (last sentence), , 4.4.3(b), 4.5.3, 4.5.4, 4.7, 4.8, 4.9, 4.10, 4.11, 10.1, 10.3, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 13.1.10, 14.1.9, 16.3.4, 16.4.5, 16.5
and 16.6, and Articles V, VI (other than Section 6.4), XII, XV, XVIII shall survive the expiration or termination of this Agreement, provided that: 

  
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 16.6.1. The
provisions of Article V shall not survive as to Ambit if Ambit has terminated this Agreement pursuant to Section 16.3.1 or 16.3.2; and 
 16.6.2. The provisions of Article V shall not survive as to Cephalon if Cephalon has terminated this Agreement pursuant to Section 16.3.1, 16.3.2 or 16.3(a). 

ARTICLE XVII. 

FINANCIAL MATTERS 

17.1. Financial Reports. During the Collaboration Term, Ambit shall provide to Cephalon: 

17.1.1. as soon as practicable, but in any event within one hundred and twenty (120) days after the end of each fiscal year of
Ambit, an income statement for such fiscal year and a balance sheet of Ambit as of the end of such fiscal year, such year-end financial reports to be in reasonable detail, prepared in accordance with GAAP, and audited and certified by independent
public accountants of nationally recognized standing reasonably acceptable to Cephalon; 
 17.1.2. as soon as practicable, but
in any event within thirty (30) days after the end of each of the first three (3) fiscal quarters of each fiscal year of Ambit, an unaudited profit or loss statement for such fiscal quarter and an unaudited balance sheet as of the end of
such fiscal quarter; and 
 17.1.3. such other information relating to the financial condition, business, prospects and
corporate affairs of Ambit as Cephalon may from time to time reasonably request and at Cephalon’s expense. 
 Cephalon shall have the
right, at its sole expense, to engage an auditor reasonably acceptable to Ambit to review and audit the financial statements provided to it by Ambit pursuant to this Section 17.1. 

17.2. Right to Purchase Ambit Stock. Upon the occurrence of an Adverse Financial Event at any time during the Collaboration Term,
Cephalon shall have either of the rights specified in Sections 17.2.1 and 17.2.2 below: 
 17.2.1. Cephalon shall have the
right to purchase upon written notice to Ambit, and Ambit shall issue and sell to Cephalon, convertible debt instruments or shares of capital stock of Ambit having an aggregate purchase price reasonably determined by Cephalon to cure the existence
of the Adverse Financial Event. Such capital stock shall be shares of Ambit’s capital stock (the “Ambit Stock”) and have terms as mutually agreed by the Parties. The purchase price to be paid by Cephalon for each share of Ambit
Stock shall be the then-current fair market value thereof (the “Share Price”), determined as follows: 
 (a)
the fair market value per share of Ambit Stock shall be determined by the Board of Directors of Ambit; provided, however, that in the event that Cephalon 

  
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disputes the fair market value as so determined, Cephalon and Ambit shall, within ten (10) days after Cephalon notifies Ambit in writing of such disagreement, appoint a mutually acceptable
independent valuation expert who shall determine such fair market value. If the Parties hereto cannot agree on a valuation expert within such ten (10) day period, a valuation expert with substantial experience in valuing pharmaceutical
companies comparable to Ambit shall be selected by the New York, New York office of the American Arbitration Association. The valuation expert so designated shall not be an employee, consultant, officer, director or stockholder of any Party hereto
or of any Affiliate of any Party hereto. The valuation expert shall use such expert’s best efforts to establish the fair market value of the Ambit Stock within thirty (30) days after such expert’s appointment. The determination of the
valuation expert as to the value of the Ambit Stock shall be binding and conclusive upon all Parties hereto, and the fees and expenses of such valuation expert shall be borne equally by Ambit and Cephalon. In determining such fair market value, the
valuation expert shall not take into account the exercise price of stock options, financings which constituted less than five hundred thousand dollars ($500,000) in gross proceeds to Ambit, equity issued as a so-called “equity feature”
(such as a warrant) of a transaction primarily involving a collaboration relationship, the provision of services or the incurrence of indebtedness for borrowed money, and issuances of stock to Affiliates of Ambit. 

(b) An “Adverse Financial Event” shall mean that Ambit shall have failed to have the greater of (i) sufficient
freely available cash on hand to timely perform all of its obligations hereunder for the period of time between (i) the AFE Determination Date (as defined below) or (ii) the date [...***...] from the AFE
Determination Date and (ii) [...***...] in freely available cash. “AFE Determination Date” shall mean any date(s) designated by Cephalon to perform an analysis of Ambit’s financial condition.
Ambit shall provide reasonable assistance to Cephalon to determine the existence of an Adverse Financial Event. 
 17.2.2.
Right to Require Financing. Cephalon shall have the right to cause Ambit, at Ambit’s expense to use its best efforts to initiate and complete a round of Third Party equity financing within [...***...] of
Cephalon’s request thereof in such aggregate amount as is reasonably determined by Cephalon to cure the existence of the Adverse Financial Event. Cephalon shall have the right to participate in such round of financing on terms no less favorable
than those negotiated by Ambit with its other investors. 

  

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 ARTICLE XVIII.

 MISCELLANEOUS 
 18.1. Notices. Any notice or other communication required or permitted to be given by either Party under this Agreement shall be effective when delivered, if delivered by hand or by electronic
facsimile or five (5) days after mailing if mailed by registered or certified mail, postage prepaid and return receipt requested, and shall be addressed to each Party at the following addresses or such other address an may be designated by
notice pursuant to this Section: 
  

			
	If to Ambit:	    	If to Cephalon:
		
	Ambit Biosciences Corporation	    	Cephalon, Inc.
	4215 Sorrento Valley Blvd.	    	41 Moores Road
	San Diego, CA 92121	    	Frazer, PA 19355
	Attn: Stephen Keane	    	Attn: Executive Vice President, Research & Development
	Fax: (858) 334-2198	    	Fax: (610) 344-0065
		
	With a copy to:	    	With a copy to:
		
	Ambit Biosciences Corporation	    	Cephalon, Inc.
	4215 Sorrento Valley Blvd.	    	41 Moores Road
	San Diego, CA 92121	    	Frazer, PA 19355
	Attn: Kerry A. Kelly, General Counsel	    	Attn: General Counsel
	Fax: (858) 334-2198	    	Fax: (610) 344-0065
		
		    	and:
		
		    	Dechert LLP
		    	Cira Centre
2929 Arch Street
Philadelphia, PA 19104-2808
		    	Attn: James A. Lebovitz, Esq.
		    	Fax: (215) 994-2222

 18.2.
Amendments. No amendment, modification or addition hereto shall be effective or binding on either Party unless set forth in writing and executed by duly authorized representatives of both Parties. 

18.3. Waiver. No waiver of any rights under this Agreement shall be deemed effective unless contained in writing signed by the
Party charged with such waiver, and no waiver of any breach or failure to perform shall be deemed a waiver of any future breach or failure to perform or any other right arising under this Agreement. 

  
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 18.4. Headings.
The section headings contained in this Agreement are included for convenience only and form no part of the agreement between the Parties. 
 18.5. Applicable Law. This Agreement shall be governed by, subject to and construed in accordance with the laws of the State of Delaware, without regard to its conflict of law provisions.

 18.6. Jurisdiction. Without limitation of Section 18.18, each Party hereby irrevocably submits to the exclusive
jurisdiction of (i) the Superior Court of the State of Delaware, New Castle County, and (ii) the United States District Court for the District of Delaware, for the purposes of any suit, action or other proceeding arising out of this
Agreement or out of any transaction contemplated hereby. Each Party agrees to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware or if such suit, action or other proceeding may not be
brought in such court for jurisdictional reasons, in the Superior Court of the State of Delaware, New Castle County. Each Party further agrees that service of any process, summons, notice or document by personal delivery, by registered mail, or by a
recognized international express delivery service to such Party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to
jurisdiction in this Section. Each Party irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Superior
Court of the State of Delaware, New Castle County, and (ii) the United States District Court for the District of Delaware, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court
that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 18.7.
Severability. If any provision of this Agreement is held to be invalid, void or unenforceable for any reason, it shall be adjusted, if possible, rather than voided in order to achieve the intent of the Parties to the maximal extent possible.
In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the fullest extent possible. 

18.8. Assignment: Binding Effect. Neither this Agreement, nor any obligations or rights hereunder, shall be assignable or
transferable (whether by contract, operation of law or otherwise) by any Party hereto without the prior written consent of the other Party; provided however, that Cephalon may assign this Agreement without the consent of the Ambit to
its Affiliates or in connection with the sale or transfer of all or substantially all of its assets relating to this Agreement, whether by merger, sale of stock, operation of law or otherwise. Any purported assignment in contravention of this
Section shall, at the option of the non-assigning Party, be null and void and of no effect. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties to the extent necessary to carry
out the intent of this Agreement. Ambit acknowledges that Ambit’s being a party to this Agreement is essential to Cephalon. Accordingly, without limitation of any other provision herein, Ambit agrees that Cephalon shall have the right under 11
U.S.C. 365(c)(1) or successor provisions to refuse 

  
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to accept performance from or render performance to any entity, including Ambit as the debtor or debtor in possession, in a case involving Ambit under the U.S. Bankruptcy Code, and Ambit shall
not assert any arguments or defenses to the contrary. 
 18.9. Further Assurances. Each Party agrees to execute,
acknowledge and deliver such further instruments, and to do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

18.10. Force Majeure. No Party shall be liable for any failure or delay in performance under this Agreement to the extent such
failure or delay arises from Force Majeure. A Force Majeure is fire, explosion, earthquake, storm, flood, strike, labor difficulties, war, insurrection, riot, act of God or the public enemy, or any law, act, order, export or import control
regulations, proclamation, decree, regulation, ordinance, or instructions of local, state, federal or foreign governmental or other public authorities, or judgment or decree of a court of competent jurisdiction (but excluding a court injunction
against a Party’s performance) and not otherwise arising out of breach by such Party of this Agreement. In the event of the occurrence of such an event, the Party so affected shall give prompt written notice to the other Party, stating the
period of time the occurrence is expected to continue and shall use best efforts to end the failure or delay and ensure that the effects of such Force Majeure are minimized. 
 18.11. Negation of Agency. Nothing herein contained shall be deemed to create an agency, joint venture, amalgamation, partnership, or similar relationship between Cephalon and Ambit. The
relationship between the Parties established by this Agreement is that of independent contractors. 
 18.12. Publicity.
Promptly after the Effective Date, Ambit and Cephalon shall have the right to issue a press release regarding this Agreement, in a form agreed to by the Parties prior to the Effective Date. No other public announcement concerning the existence or
the terms of this Agreement shall be made, either directly or indirectly, by Ambit or Cephalon, except as may be legally required by applicable laws, regulations, or judicial order, without first obtaining the approval of the other Party and
agreement upon the nature, text, and timing of such announcement, which approval and agreement shall not be unreasonably withheld. The Party desiring to make any such public announcement shall provide the other Party with a written copy of the
proposed announcement in sufficient time prior to public release to allow such other Party to comment upon such announcement, prior to public release. Neither Party shall issue any press release or make any public announcement, which includes or
otherwise uses the name of the other Party in any public statement or document except with the prior written consent of such Party. Notwithstanding the preceding sentence, Ambit and Cephalon shall issue joint press releases in a timely manner
announcing the achievement of significant events related to or arising from the Collaboration. Such events include, by way of example, the achievement of milestone events and the payment of milestone payments, IND or NDA filings, and the
commencement of specific clinical trials. 

  
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 18.13. Entire
Agreement. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof. Any prior agreement, arrangement or undertaking, whether oral or in writing is hereby superseded. 

18.14. Beneficiaries. No person, other than Cephalon or Ambit and their permitted assignees hereunder, shall be deemed an intended
beneficiary hereunder or have any right to enforce any obligation of this Agreement. 
 18.15. Affiliates and
Subcontractors. Either Party may engage, at its sole expense, its Affiliates or Third Party subcontractors (including contract research organizations) to perform certain of its obligations under this Agreement. Any Affiliate or Third Party
subcontractor to be engaged by a Party to perform such Party’s obligations set forth in this Agreement shall meet the qualifications typically required by such Party for the performance of work similar in scope and complexity to the
subcontracted activity. The activities of any such Affiliates or Third Party subcontractors shall be considered activities of such Party under this Agreement. Such Party shall be responsible for ensuring compliance by any such Affiliates or Third
Party subcontractors with the terms of this Agreement. In any case in which a Party engages an Affiliate or a Third Party subcontractor, such Party shall obtain sole ownership of, or exclusive license to, all inventions, data, information and
related intellectual property rights made or developed by such Affiliate or Third Party subcontractor so that the Party is able to make the assignments and grant the licenses set forth herein. 

18.16. Compliance with Laws. In exercising their rights under this Agreement, the Parties shall fully comply with the requirements
of any and all applicable laws, regulations, rules and orders of any governmental body having jurisdiction over the exercise of rights under this Agreement. 
 18.17. Patent Marking. Each Party agrees to mark and have its Affiliates and Sublicensees mark all Collaboration Products and Licensed Products sold pursuant to this Agreement in accordance with
the applicable statute or regulations relating to patent marking in the country or countries of manufacture and sale thereof. 

18.18. Dispute Resolution. 
 (a) Attempt to Settle. The Parties agree to take all reasonable efforts to resolve any and all disputes between them concerning diligence obligations and/or questions of material breach and default
in connection with this Agreement in an amicable manner. Any such disputes shall promptly be presented to the Chief Executive Officer of Ambit and the Executive Vice President of Research and Development of Cephalon, or their respective designees,
for resolution. If a dispute between the Parties arising out of or relating to the validity or interpretation of, compliance with, breach or alleged breach of or termination of this Agreement cannot be resolved within fifteen (15) business days
of presentation to the Chief Executive Officer of Ambit and the Executive Vice President of Research and Development of Cephalon, or their respective designees, either Party may refer such dispute to binding arbitration or the courts to be conducted
as set forth in this Section 18.18 and Section 18.6, respectively. 

  
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 (b) Binding
Arbitration. Except in the event of alleged breach or default by a Party or lack of diligence by a bankrupt or insolvent Party, and except as set forth in Section 18.18(k), the Parties agree that any such dispute that arises in connection
with this Agreement and which cannot be amicably resolved by the Parties in accordance with Section 18.18(a) shall be resolved by binding arbitration as set forth in this Section, conducted in accordance with the Commercial Arbitration Rules of
the American Arbitration Association (AAA) by three (3) arbitrators. 
 (c) Written Notice. If a Party intends to
begin an arbitration to resolve a dispute, such Party shall provide written notice to the other Party informing the other Party of such intention and the issues to be resolved. Within twenty (20) business days after its receipt of such notice,
the other Party may, by written notice to the Party initiating arbitration, add additional issues to be resolved. 
 (d)
Selection of Arbitrators. Within forty-five (45) days following the receipt of the notice of arbitration, the Parties shall agree on the arbitrators, or if the Parties are unable to agree the arbitrators shall be selected as provided in
the AAA Commercial Arbitration Rules. The arbitrators shall not be employees, directors or shareholders of either Party or of an Affiliate and shall be selected in accordance with AAA rules. Where applicable, the arbitrators shall be independent
experts in pharmaceutical product development (including clinical development and regulatory affairs) in the U.S., Japan and Europe. 
 (e) Hearings. The arbitrators shall conduct one or more hearings to allow the Parties to present their positions regarding the dispute. 

(i) Discovery. The arbitrators shall determine what discovery will be permitted, consistent with the goal of limiting the cost
and time that the Parties must expend for discovery; provided the arbitrators shall permit such discovery as they deem necessary to permit an equitable resolution of the dispute. Any written evidence originally in a language other than English shall
be submitted in English translation accompanied by the original or a true copy thereof. The arbitrators shall have sole discretion with regard to the admissibility of any evidence. 

(ii) Proposed Ruling. At least ten (10) business days prior to a hearing, each Party must submit to the arbitrators and
serve on the other Party a proposed ruling on each issue to be resolved. Such writings shall be limited to not more than fifty (50) pages. 
 (iii) Time; Testimony. Each Party shall be entitled to no more than five (5) days of hearing to present testimony or documentary evidence. Such time limitation shall include any direct, cross
or rebuttal testimony, but such time limitation shall only be charged against the Party conducting such direct, cross or rebuttal testimony. It shall be the responsibility of the arbitrators to determine whether the Parties have had the five
(5) days to which each is entitled. 

  
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 (iv)
Representation by an Attorney. Each Party shall have the right to be represented by counsel. 
 (v) Location. The
arbitration shall take place in Philadelphia, Pennsylvania. 
 (f) Costs. The costs of the arbitration, including
administrative and arbitrator fees, shall be shared equally by the Parties. Each Party shall bear its own costs and attorney and witness fees. 
 (g) Written Decision. The arbitrators shall render a written decision with their resolution of the dispute. The decision of the arbitrators shall be final and not subject to appeal and binding on
the Parties hereto. 
 (h) Remedy. A disputed performance or suspended performances pending the resolution of the
arbitration must be completed within thirty (30) days following the final decision of the arbitrators or such other reasonable period as the arbitrators determine in a written opinion. 

(i) Final Decision Within Six Months. Each arbitrator selected in accordance with Section 18.18(d) shall be required to
acknowledge his or her intention to meet the Parties’ desire that a final decision be issued with respect to a dispute within six (6) months from the filing of notice of a request for such arbitration. 

(j) Equitable Relief. Notwithstanding anything in this Section 18.18, each Party shall have the right to seek injunctive or
other equitable relief from a court of competent jurisdiction that may be necessary to avoid irreparable harm, maintain the status quo or preserve the subject matter of the arbitration. 

(k) Intellectual Property. Disputes regarding the validity, scope or enforceability of intellectual property rights shall not be
subject to arbitration pursuant to this Section 18.18 but instead shall be submitted to a court of competent jurisdiction. 

18.19. No Trademark Rights. Except as provided herein, no right, express or implied, is granted by this Agreement to use in any
manner the name “Ambit”, “Cephalon” or any other trade name or trademark of the other Party or its Affiliates in connection with performance of this Agreement. 

18.20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument, and may be executed through the use of facsimiles. 
 18.21.
Taxes. Any tax paid or required to be withheld by a party (the payor) for the benefit of the other party (the payee) on account of payment payable under this Agreement shall be deducted from the amount of such payment otherwise due. The payor

  
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shall secure and send to the payee proof of any such taxes withheld and paid for its benefit of and shall, at the request of payee, provide reasonable assistance to payee in recovering said
taxes. 
 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized
representatives as of the Effective Date. 
  

									
	CEPHALON, INC.	 		 	 AMBIT BIOSCIENCES
 CORPORATION

					
	By:	 	 /s/ Jeffry L. Vaught
	 		 	By:	 	 /s/ Scott Salka

					
	Name:	 	Jeffry L. Vaught, Ph.D.	 		 	Name:	 	Scott Salka
					
	Title:	 	Executive Vice President
Research & Development	 		 	Title:	 	CEO
					
	Date:	 	November 3, 2006	 		 	Date:	 	3 Nov 06

  
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 SCHEDULE A

 AMBIT 6 TARGETS 
 [...***...] 
 For clarification, it is understood that Ambit will be
allowed to optimize inhibitors against [...***...] which may also be active inhibitors of [...***...], and [...***...]. 

For clarification, it is understood that Ambit will be allowed to optimize inhibitors of [...***...] which may also be active
inhibitors of [...***...],[...***...], and [...***...]. 

  

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 SCHEDULE B

 CEPHALON EXCLUSIVE TARGETS 
 [...***...] 

  

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 ATTACHMENT A

 APPLICABLE PROFILING SERVICES AGREEMENT PROVISIONS 
 The Parties agree that the following provisions of the Profiling Services Agreement shall apply with respect to Ambit’s profiling of any compounds under this Agreement, as if such terms were set
forth in this Agreement: 
 Sections 2.2.1, 2.3 (excluding any reference to Table 1), 2.5 (last two sentences, to be consistent with the
terms of this Agreement), 2.7, 2.8, 2.9 (as applicable), 2.10, 6.2, 6.3, 6.5, 6.6, 6.7 and 6.9, and paragraphs D of Exhibit A. 
 For the
avoidance of doubt, the foregoing provisions shall not apply to any activities under this Agreement other than the profiling activities to be performed by Ambit hereunder. 

  
 -74-License Agreement

  
 Exhibit 10.28

 ***Text Omitted and Filed Separately 
 with the Securities and Exchange Commission. 
 Confidential Treatment
Requested 
 Under 17 C.F.R. Sections 200.80(b)(4) and Rule 406 of the 

Securities Act of 1933, as amended. 
 EXECUTION COPY 
  
  

 
  
 LICENSE AGREEMENT 
 between 

AMBIT BIOSCIENCES CORPORATION 
 and 
 BRISTOL-MYERS SQUIBB COMPANY 

 
  

  
 LICENSE AGREEMENT

 THIS LICENSE AGREEMENT (this “Agreement”) is made and entered into as of October 2, 2007 (the
“Effective Date”), by and between Bristol-Myers Squibb Company, a Delaware corporation headquartered at 345 Park Avenue, New York, New York 10154 (“BMS”), and Ambit Biosciences Corporation, a Delaware
corporation, having its principal office at 4215 Sorrento Valley Boulevard, San Diego, CA 92121 (“Ambit”). BMS and Ambit are sometimes referred to herein individually as a “Party” and collectively as the
“Parties.” 
 RECITALS 
 WHEREAS, BMS Controls (as defined below) certain patent rights and know-how rights with respect to the Licensed Compounds (as defined below); and 

WHEREAS, Ambit desires to obtain from BMS the licenses set forth herein, and BMS desires to grant such licenses to Ambit, all on the
terms and conditions set forth in this Agreement; 
 WHEREAS, BMS and Ambit are entering into a License and Profiling Services
Agreement (as defined below) concurrently with this Agreement; and 
 WHEREAS, BMS and Ambit are entering into an Amended and
Restated License Agreement (as defined below) concurrently with this Agreement. 
 NOW, THEREFORE in consideration of the
foregoing and the mutual agreements set forth below, the Parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 The terms in this Agreement with initial letters capitalized, whether used in the singular or the plural, shall have the meaning set forth below or, if not listed below, the meaning designated in places
throughout this Agreement. 
 1.1 “AAA” has the meaning set forth in Section 14.2. 

1.2 “Act” means the United States Food, Drug and Cosmetic Act, as amended. 

1.3 “Affiliate” of a Person means any other Person which (directly or indirectly) is controlled by, controls or is under
common control with such Person. For the purposes of this definition, the term “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) as used with respect to a Person
means (i) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to cast at least fifty percent (50%) of the votes in the election of directors or (ii) in the case of a non-corporate entity,
direct or indirect ownership of at least fifty percent (50%) of the voting securities with the power to direct the management and policies of such entity. 
 1.4 “Agreement” means this Agreement, together with all Appendices attached hereto, as the same may be amended or supplemented from time to time. 

  
 - 1 -

  
 1.5 “Amended
and Restated License Agreement” means the agreement entitled Amended and Restated License Agreement which is entered into by Ambit and BMS concurrently with this Agreement. 

1.6 “Approval” means, with respect to any Licensed Product in any regulatory jurisdiction, approval from the applicable
Regulatory Authority sufficient for the manufacture, distribution, use and sale of the Licensed Product in such jurisdiction in accordance with applicable Laws, including receipt of pricing and reimbursement approvals, where applicable. 

1.7 “Blended Rate” means [...***...], expressed as a percentage. 

1.8 “BMS Core Patent Rights” means the patent applications and patents that are listed in Part I of Appendix 1
hereto, and (a) any patent application that claims or is entitled to claim priority to any of the patents and patent applications listed in Part I of Appendix 1 hereto (including any divisional, continuation, or continuation-in-part
patent application, but only with respect to and to the extent that the claims thereof are entitled to claim priority to a patent or patent application listed in Part I of Appendix 1), and foreign counterparts thereof (but in each case, only
with respect to claims in such application or foreign counterparts thereof that cover subject matter within the scope of the claims in the patent applications listed in Part I of Appendix 1 hereto), and (b) all patents issuing on any of
the foregoing patent applications in clause (a) above, together with all registrations, reissues, re-examinations, supplemental protection certificates, or extensions thereof, and any foreign counterparts thereof (but in each case, only with
respect to claims in such patents or foreign counterparts thereof that cover subject matter within the scope of the claims in the patent applications listed in Part I of Appendix 1 hereto). 

1.9 “BMS Know-How” means all technical information and know-how known to and Controlled by BMS as of the Effective Date
(including, without limitation, all biological, chemical, pharmacological, toxicological, clinical, manufacturing assay and related data, know-how and trade secrets) that is reasonably necessary for the Development or Commercialization of the
Licensed Compounds and/or Licensed Products. BMS Know-How shall not include information and know-how that is acquired or developed by BMS after the Effective Date. 
 1.10 “BMS Other Patent Rights” means the patents and patent applications which are listed in Part II of Appendix 1 hereto, and (a) any patent application that claims priority
to any of the patents and patent applications listed in Part II of Appendix 1 hereto (including any divisional, continuation, or continuation-in-part patent application), and foreign counterparts thereof (but in each case, only with respect
to claims in such application or foreign counterparts thereof that cover subject matter within the scope of the claims in the patents and patent applications listed in Part II of Appendix 1 hereto), and (b) all patents issuing on any of
the foregoing patent applications which are listed in Part II of Appendix 1 hereto or any of the foregoing patent applications in clause (a) above, together with all registrations, reissues, re-examinations, supplemental protection
certificates, or extensions thereof, and any foreign counterparts thereof (but in each case, only with respect to claims in such patents or foreign counterparts thereof that cover subject matter within the scope of the claims in the patents and
patent applications listed in Part II of Appendix 1 hereto). 
 1.11 “BMS Patent Rights” means the BMS
Core Patent Rights and the BMS Other Patent Rights. 

  

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 1.12 “Business
Day” or “business day” means a day other than Saturday, Sunday or any day on which commercial banks located in New York, New York are authorized or obligated by applicable Laws to close. 

1.13 “Calendar Quarter” means the respective periods of three 
consecutive calendar months ending on March 31, June 30, September 30 and December 31. 
 1.14 “Calendar Year” means each successive period of 12 months commencing on January 1 and ending on December 31. 

1.15 “Collaboration and Profiling Services Agreement” shall mean the agreement entitled Collaboration and Profiling
Services Agreement with an effective December 9, 2005 between the Parties. 
 1.16 “Combination Product”
means [...***...], except in the case where such delivery vehicle, adjuvant, or excipient is recognized by the FDA as an active ingredient in accordance with 21 CFR 210.3(b)(7). 

1.17 “Commercialization” or “Commercialize” means activities directed to commercially manufacturing,
obtaining pricing and reimbursement approvals, [...***...], marketing, promoting, distributing, importing or selling a pharmaceutical product. 
 1.18 “Commercially Reasonable Efforts” means, with respect to Licensed Compounds and Licensed Products the carrying out of Development or Commercialization activities in a diligent and
sustained manner using the efforts that a company within the bio-pharmaceutical industry would devote to a product of similar market potential, profit potential or strategic value that is not subject to royalties or other Third Party rights, in all
of the foregoing cases based on conditions then prevailing, taking into account the following: issues of safety and efficacy, product labeling or anticipated labeling, present and future market potential, competitiveness of the market, profitability
of the applicable product, regulatory environment, and the patent or other proprietary position, manufacturing and development costs, and without regard to any other compound to which such Party or any of its Affiliates may have access. Without
limiting the foregoing, Commercially Reasonable Efforts requires that a Party: (i) promptly assign responsibility for such Development and Commercialization activities to specific employees, contractors, agents, Affiliates or Sublicensees, as
applicable, who are held accountable for progress and monitor such progress on an on-going basis, (ii) set and consistently seek to achieve specific and meaningful objectives and timelines for carrying out such Development and Commercialization
activities, (iii) consistently make and implement decisions and allocate resources designed to advance progress with respect to such objectives and timelines, and (iv) employ compensation systems for its employees that are consistent with
the compensation systems such Party customarily applies to its other programs, in order to reasonably incentivize such employees to achieve such objectives. 
 1.19 “Confidential Information” means all trade secrets, processes, formulae, data, know-how, improvements, inventions, chemical or biological materials, assays, techniques, marketing
plans, strategies, customer lists, or other information that has been created, discovered, or developed by a Party, or has otherwise become known to a Party, or to which rights have been assigned to a Party, as well as any other information and
materials that are deemed confidential or proprietary to or by a Party (including, without limitation, all information and materials of a Party’s customers and any other Third Party and their consultants), in each case that are disclosed by
such Party to the other Party, regardless of whether any of the foregoing are marked “confidential” or “proprietary” or communicated to the other by the disclosing Party in oral, written, graphic, or electronic form. 

  

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 1.20
“Controlled” or “Controls”, when used in reference to intellectual property, means the legal authority or right of a Party hereto (or any of its Affiliates) to grant a license or sublicense of intellectual property
rights to another Party, or to otherwise disclose proprietary or trade secret information to such other Party, without breaching the terms of any agreement with a Third Party, or misappropriating the proprietary or trade secret information of a
Third Party. 
 1.21 “Cover,” “Covered” or “Covering” means, with respect to
patent rights, that the making, using, importation, offer for sale or sale of an invention claimed in such patent rights or the conducting of an activity, in the absence of a license under such patent rights, would infringe at least one Valid Claim
of such patent rights whether present in an issued patent or in a patent application if it issued as a patent containing such claim. 
 1.22 “Development” means non-clinical and clinical drug development activities reasonably related to the development and submission of information to a Regulatory Authority, including,
without limitation, [...***...]. When used as a verb, “Develop” means to engage in Development. 
 1.23 “Development Plan” means, with respect to any Licensed Product, a comprehensive, multiyear plan specifying the anticipated timing and technical details of Development activities for
such Licensed Product, including without limitation [...***...]. An outline of the initial Development Plan as of the Effective Date is attached hereto as Appendix 2. 

1.24 “Dollar” or “$” means the lawful currency of the United States. 

1.25 “Effective Date” means the date specified in the initial paragraph of this Agreement. 

1.26 “EMEA” means the European Agency for the Evaluation of Medicinal Products, or any successor agency thereto.

 1.27 “EU” means the European Union, as its membership may be altered from time to time, and any successor
thereto, and which, as of the Effective Date, consists of Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal,
Slovakia, Slovenia, Spain, Sweden and the United Kingdom, and that certain portion of Cyprus included in such organization. 

1.28 “Europe” means the countries comprising the European Union as it may be constituted from time to time, together
with those additional countries included in the European Economic Area as it may be constituted from time to time (which as of the Effective Date includes Iceland, Liechtenstein and Norway), Albania, Andorra, Belarus, Bosnia and Herzegovina,
Bulgaria, Croatia, Holy See (Vatican), Macedonia, Moldova, Monaco, Poland, Romania, Russian Federation, San Marino, Serbia and Montenegro, Switzerland, Turkey, Ukraine, other central and eastern European markets including former Soviet block and
USSR countries, and any successors to, or new countries created from, any of the foregoing. 

  

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 1.29
“FDA” means the U.S. Food and Drug Administration, or any successor agency thereto. 
 1.30
“Field” means [...***...]. 
 1.31 “First Commercial Sale” means,
with respect to any Product, the first sale for use or consumption by the general public of such Product in any country in the Territory after Approval of such Product has been granted, or such marketing and sale is otherwise permitted, by the
Regulatory Authority of such country. 
 1.32 “GAAP” means generally accepted accounting principles in the
United States. 
 1.33 “Generic Product” means any pharmaceutical product containing as an active ingredient a
Licensed Compound (or any salt, solvate, crystalline or noncrystalline form of such Licensed Compound) that is also contained in a Licensed Product, and which pharmaceutical product is sold in the same country as such Licensed Product by any Third
Party that is not a Sublicensee of Ambit or its Affiliates. 
 1.34 “IND” means an Investigational New Drug
Application, as defined in the Act, filed with the FDA or its foreign counterparts. 
 1.35 “Indemnification
Claim” has the meaning set forth in Section 12.3. 
 1.36 “Indemnitee” has the meaning set forth
in Section 12.3. 
 1.37 “Indemnitor” has the meaning set forth in Section 12.3. 

1.38 “Independent Evaluator” means an independent certified public accounting firm or investment bank of nationally
recognized standing, which is not at the time of the evaluation in Section 3.1 providing auditing or consulting services to either party, which is selected by Ambit and as to which BMS has no reasonable objection. BMS may reject a proposed
Independent Evaluator selected by Ambit only by written notice stating the reasons for rejection to Ambit given within five (5) business days after Ambit notifies BMS of the identity of the proposed Independent Evaluator. 

1.39 “JNDA” means a New Drug Application filed with the Koseisho required for marketing approval for the applicable
Licensed Product in Japan. 
 1.40 “JNDA Approval” means the approval of a JNDA by the Koseisho for the
applicable Licensed Product in Japan. 
 1.41 “Koseisho” means the Japanese Ministry of Health and Welfare, or
any successor agency thereto. 
 1.42 “Laws” means all laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision, agency or other body, domestic or foreign. 

1.43 “License and Profiling Services Agreement” means the agreement entitled License and Profiling Services Agreement
which is entered into by Ambit and BMS concurrently with this Agreement. 

  

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 1.44
“License” has the meaning set forth in Section 2.2(a). “License” also refers to the corresponding arrangement for the grant by Ambit of rights back to BMS with respect to one or more Licensed Compound(s) and
Product(s) pursuant to Article 3. 
 1.45 “Licensed Compounds” means: 

(a) [...***...]; 
 (b) [...***...]. 
 1.46 “Licensed
Product” means any product containing a Licensed Compound (alone or with other active ingredients), in all forms, presentations, formulations and dosage forms. 
 1.47 “Losses and Claims” has the meaning set forth in Section 12.1. 
 1.48 “MAA Approval” shall be achieved upon receiving Approval for the applicable Licensed Product in any Major European Country. 

1.49 “MAA Filing” means filing with the EMEA of a marketing authorization application (“MAA”) for the
applicable Licensed Product under the centralized European procedure. 
 1.50 “Major European Country” means
[...***...]. 
 1.51 “Major Market Countries” means
[...***...]. “Major Market Country” means one of these countries. 
 1.52
“NDA” means a New Drug Application filed with the FDA required for marketing approval for the applicable Licensed Product in the U.S. 
 1.53 “NDA Approval” means the approval of an NDA by the FDA for the applicable Licensed Product in the U.S. 
 1.54 “NDA Filing” means the acceptance by the FDA of the filing of an NDA for the applicable Licensed Product. 
 1.55 “Negotiation Period” has the meaning set forth in Article 3. 

1.56 “Net Sales” means, with respect to any Product, the amount billed by a Party, an Affiliate of such Party, or any
permitted Sublicensee for sales of such Product to a Third Party less: 
 (a) discounts (including, without limitation, cash
discounts and quantity discounts), retroactive price reductions, charge-back payments and rebates granted to managed health care organizations or to federal, state and local governments, their agencies, and purchasers and reimbursers or to trade
customers (a “Discount”); provided however, that where any such Discount is based on sales of a bundled set of products in which such Product is included, the Discount shall be allocated to such Product on a pro rata basis
based on the sales value (i.e., the unit average selling price multiplied by the unit volume) of the Product relative to the sales value contributed by the other constituent products in the bundled set, with respect to such sale; 

(b) credits or allowances actually granted upon claims, damaged goods, rejections or returns of such Product, including such Product
returned in connection with recalls or withdrawals; 

  

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 (c) freight out,
postage, shipping and insurance charges for delivery of such Product; 
 (d) taxes or duties levied on, absorbed or otherwise
imposed on the sale of such Product, including, without limitation, value-added taxes, or other governmental charges otherwise imposed upon the billed amount, as adjusted for rebates and refunds, to the extent not paid by the Third Party; and

 (e) amounts written off by reason of uncollectible debt. 

Net Sales shall be determined in accordance with GAAP. In the case of any Combination Product sold in the Territory, Net Sales for such
Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Product if sold separately, and B is the total invoice price of the other active
ingredient or ingredients in the Combination Product, if sold separately. If, on a country-by-country basis, the other active ingredient or ingredients in the Combination Product are not sold separately in said country, Net Sales for the purpose of
determining royalties of the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/D, where A is the invoice price of the Product if sold separately, and D is the invoice price of the
Combination Product. If neither the Product nor the other active ingredient(s) are sold separately in a given country, the Parties shall determine Net Sales for such Combination Product by mutual agreement based on the relative contribution of the
Licensed Compound and each other active ingredient to the Combination Product, and shall take into account in good faith any applicable allocations and calculations that may have been made for the same period in other countries (giving more weight
to allocations made for Major Market Countries than for other countries). 
 Net Sales shall not include any payments among a
Party, its Affiliates and Sublicensees. 
 1.57 “Notice” has the meaning set forth in Section 3.1.1(a).

 1.58 “Person” means any individual, firm, corporation, partnership, limited liability company, trust,
business trust, joint venture company, governmental authority, association or other entity. 
 1.59 “Phase 1
Trial” means a human clinical trial of a Product, the principal purpose of which is a preliminary determination of safety in healthy individuals or patients, as described in 21 C.F.R. 312.21(a), or a similar clinical study prescribed by the
Regulatory Authorities in a foreign country. 
 1.60 “Phase 2 Trial” means a human clinical trial of a Product,
the principal purpose of which is a determination of safety and efficacy in the target patient population, as described in 21 C.F.R. 312.21(b), or a similar clinical study prescribed by the Regulatory Authorities in a foreign country. 

1.61 “Phase 2 POC Study” means [...***...]. As used herein,
[...***...] shall mean [...***...], and [...***...] shall mean [...***...]. 

  

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 1.62 “Phase 3
Trial” means a human clinical trial of a Product on a sufficient number of subjects that is designed to establish that a pharmaceutical product is safe and efficacious for its intended use, and to determine warnings, precautions, and
adverse reactions that are associated with such pharmaceutical product in the dosage range to be prescribed, which trial is intended to support Approval of a Product, as described in 21 C.F.R. 312.21(c), or a similar clinical study prescribed by the
Regulatory Authorities in a foreign country. For purposes of this Agreement, “start of Phase 3 Trial” for a Product means the first dosing of such Product in a human patient in a Phase 3 Trial. 

1.63 “Phase 4 Trial” means a human clinical trial for a Product commenced after receipt of Approval in the country for
which such trial is being conducted and that is conducted within the parameters of the Approval for the Product. Phase 4 Trials may include, without limitation, epidemiological studies, modeling and pharmacoeconomic studies, investigator sponsored
clinical trials of the Product and post-marketing surveillance studies. 
 1.64 “Product” has the same meaning
as Licensed Product. 
 1.65 “Regulatory Authority” means any national or supranational governmental authority,
including, without limitation, the FDA, EMEA or Koseisho (i.e., the Japanese Ministry of Health and Welfare, or any successor agency thereto), that has responsibility in countries in the Territory over the Development and/or Commercialization of
Licensed Compounds and Products. 
 1.66 “Reviewer” has the meaning set forth in Section 11.5.2.

 1.67 “Safety Reasons” means [...***...]. 

1.68 “Sublicensee” means any Third Party to whom rights are transferred with respect to any Licensed Compound or
Product, including through any license, sublicense, co-development, co-discovery, co-promotion, distribution, joint venture, Development and Commercialization collaboration or similar transaction between a Party (or an Affiliate of a Party) and a
Third Party. “Sublicensee” shall also include any Third Party that is a party to a License agreement. 
 1.69
“Territory” means any country in the world. 
 1.70 “Third Party” means any Person other than
Ambit, BMS and their respective Affiliates. 
 1.71 “Third Party Term Sheet” has the meaning set forth in
Section 3.1.2(b). 
 1.72 “Title 11” has the meaning set forth in Section 13.8. 

1.73 “Trial Data” means [...***...]. 

1.74 “United States” or “U.S.” means the United States of America and its territories and possessions
(including, without limitation, Puerto Rico). 

  

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 1.75 “Valid
Claim” means a claim of (i) an issued and unexpired patent or a supplementary protection certificate, which claim has not been held invalid or unenforceable by a court or other government agency of competent jurisdiction from which no
appeal can be or has been taken and has not been held or admitted to be invalid or unenforceable through re-examination or disclaimer, opposition procedure, nullity suit or otherwise, or (ii) a pending patent application; provided,
however, that if a claim of a pending patent application shall not have issued within five (5) years (or in Japan, seven (7) years) after the earliest filing date from which such claim takes priority, such claim shall not constitute a
Valid Claim for the purposes of this Agreement unless and until a patent issues with such claim. 
 ARTICLE 2 

LICENSE GRANTS 
 2.1 BMS Patent Rights and BMS Know-How; Non-Assertion of Certain Patents. 

2.1.1 BMS Core Patent Rights and BMS Know-How. Subject to all the terms and conditions set forth in this Agreement (including,
without limitation, the reservation of rights in Section 2.5), BMS hereby grants to Ambit a non-transferable (except in accordance with Section 15.4), exclusive license, with the right to sublicense in accordance with Section 2.2,
under the BMS Core Patent Rights and BMS Know-How solely to make, use (including in activities directed at the research and Development of Licensed Compounds), have made, sell, have sold, offer to sell, export, import, practice methods to use, and
otherwise exploit or Commercialize Licensed Compounds and Licensed Products in the Field in the Territory. 
 2.1.2 BMS Other
Patent Rights. Subject to all the terms and conditions set forth in this Agreement (including, without limitation, the reservation of rights in Section 2.5), BMS hereby grants to Ambit a non-transferable (except in accordance with
Section 15.4), non-exclusive license, with the right to sublicense in accordance with Section 2.2, under the BMS Other Patent Rights solely to make, have made, use (including in activities directed at the research and Development of
Licensed Compounds), export and import intermediates and starting materials for the manufacture of Licensed Compounds, and to practice methods for the manufacture of Licensed Compounds, and to practice methods for manufacturing such intermediates
and starting materials, but only for the purposes of manufacturing, using, importing, exporting, selling, offering for sale and otherwise exploiting or Commercializing Licensed Compounds, in the Field in the Territory. For clarification, no rights
are granted to sell or offer to sell any such intermediates or starting materials, or use such intermediates or starting materials for any purpose other than for the purposes of manufacturing Licensed Compounds. 

2.1.3 Non-Assertion of Certain Patents. BMS will not assert against Ambit, its Affiliates or Sublicensees solely with respect to
the Development or Commercialization of Licensed Compounds and Licensed Products in the Field in the Territory those claims that (i) are included in any patent that (a) is Controlled by BMS during the term of this Agreement, (b) was
issued on or before the Effective Date or claims priority to a patent application that was abandoned or pending on the Effective Date, and (c) is not included in the BMS Patent Rights, (ii) Cover a Licensed Compound as a composition of
matter, a use of a Licensed Compound in the Field, or a pharmaceutical composition containing a Licensed Compound, or the manufacture of a Licensed Compound and (iii) are reasonably necessary for the Development or Commercialization of Licensed
Compounds or Licensed Products; provided that this Section 2.1.3 shall not apply with respect to any patent which is in-licensed by BMS from Third Party for which BMS would incur any payment obligation to a Third Party if such patent
were included in this Section 2.1.3, unless and only to the extent that Ambit agrees in writing to fully reimburse BMS or pay directly to such Third Party such payment obligation. 

  
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 2.1.4 No rights or
licenses are granted under this Section 2.1 or under any other provision of this Agreement with respect to any formulation technology of BMS that may be useful but is not reasonably necessary for the Development or Commercialization of any
Licensed Compound or Licensed Product or with respect to any compound other than a Licensed Compound. For clarification, no rights are granted under this Section 2.1 or under any other provision of this Agreement to co-formulate or use in
combination a Licensed Compound with any compound covered by BMS proprietary rights (as of the Effective Date or in the future) and not licensed hereunder. 
 2.2 Sublicenses. Ambit shall have the right to grant sublicenses with respect to the rights licensed to Ambit under Sections 2.1.1 and 2.1.2 to any Affiliate of Ambit for so long as such Affiliate
remains an Affiliate of Ambit, provided that (i) such Affiliate shall agree in writing to be bound by and subject to the terms and conditions of this Agreement in the same manner and to the same extent as Ambit, (ii) Ambit shall
remain responsible for the performance of this Agreement and shall cause such Affiliate to comply with the terms and conditions of this Agreement, and (iii) such sublicense is to make, use (including in activities directed at the research and
Development of Licensed Compounds), have made, sell, offer to sell, export and import and otherwise exploit or Commercialize Licensed Compounds and Licensed Products in the Field in the Territory. In addition, Ambit shall have the right to grant
(i) sublicenses with respect to the rights licensed to Ambit under Sections 2.1.1 and 2.1.2 to Third Parties provided each such sublicense is to make, use (including in activities directed at the research and Development of Licensed Compounds),
have made, sell, offer to sell, export and import and otherwise exploit or Commercialize Licensed Compounds and Licensed Products in the Field in the Territory solely in accordance with this Section 2.2. 

(a) Subject to Article 3, Ambit shall only have the right to grant a (sub)license to any Third Party (sub)licensee with respect to the
Development or Commercialization of any Licensed Compound or any Licensed Product containing such Licensed Compound (including without limitation any sublicense, co-development, co-promotion or similar arrangement expressly granting such rights)
(such arrangement being a “License”) upon [...***...]. The foregoing (sub)license limitations shall not limit Ambit’s ability to engage Third Party contractors in the Development, manufacture and/or
shipping/warehousing of any Licensed Compound or any Licensed Product containing such Licensed Compound, provided such engagement is essentially a fee-for-service or similar purchase arrangement and does not grant the Third Party contractor
the right to sell or promote such Licensed Compound or such Licensed Product. Other than a permitted assignment of this Agreement in accordance with Section 15.4.1, Ambit shall not have the right to enter into any License for any Licensed
Compound or any Licensed Product containing such Licensed Compound with a Third Party until after [...***...] as set forth above, and then only in accordance with this Section 2.2 and Article 3. 

(b) Subject to the foregoing and Article 3, Ambit shall have the right to enter into a License agreement with a Third Party,
provided that, to the extent any such License agreement grants rights with respect to any Licensed Compound: 

  

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 (i) such License
agreement shall refer to this Agreement and shall be subordinate to and consistent with the terms and conditions of this Agreement, and shall not limit Ambit’s ability to fully perform all of its obligations under this Agreement or BMS’
rights under this Agreement; 
 (ii) in such License agreement, the Sublicensee shall agree in writing to be bound to Ambit by
terms and conditions that are substantially similar to, or less favorable to the Sublicensee than, or otherwise allow Ambit to fully perform, the corresponding terms and conditions of this Agreement; 

(iii) in such License agreement, BMS shall be made an express third party beneficiary of the Sublicensee’s obligations to Ambit
under such License that relate to compliance with the terms and conditions of this Agreement; 
 (iv) promptly after the
execution of such License agreement, Ambit shall provide a copy of such License agreement to BMS, with financial and other commercially sensitive terms redacted, 
 (v) Ambit shall remain responsible for the performance of this Agreement (including, without limitation, its obligations under Sections 5.1(a) and 6.1), the payment of all payments due, and making reports
and keeping books and records, and shall use commercially reasonable efforts to monitor such Sublicensee’s compliance with the terms of such License; 
 (vi) any sublicense rights granted by Ambit in a License (to the extent such sublicensed rights are granted to Ambit in this Agreement) shall terminate on a country-by-country and Licensed
Product-by-Licensed Product basis effective upon the termination under Section 13.2 of the license from BMS to Ambit with respect to such sublicensed rights, provided that such sublicensed rights shall not terminate if, as of the
effective date of such termination by BMS under Section 13.2, the Sublicensee is not in material breach of its obligations to Ambit under its License agreement, and within sixty (60) days of such termination the Sublicensee agrees in
writing to be bound directly to BMS under a license agreement substantially similar to this Agreement with respect to the rights sublicensed hereunder, substituting such Sublicensee (a “Surviving Sublicensee”) for Ambit, and
provided further that (A) such license agreement shall not prejudice any remedy BMS may have against Ambit for the circumstances which were the basis for such termination by BMS; (B) the scope of the rights granted to the Surviving
Sublicensee under such license agreement (with respect to licensed activities, Licensed Products and territory) shall be equal to the scope of the rights that had been sublicensed by Ambit to the Surviving Sublicensee pursuant to the License
agreement; (C) such license agreement shall not include the provisions of Article 3 or Section 8.1 hereof; (D) Ambit shall no longer be obligated under this Agreement to pay amounts set forth in Sections 8.2 and 8.3 hereof, to the
extent such amounts are payable based on the activities of such Surviving Sublicensee, its Affiliates and its sublicensees; and (E) such license agreement shall obligate the Surviving Sublicensee to pay directly to BMS amounts corresponding to
those set forth in Sections 8.2 and 8.3 hereof which are payable based on the activities of such Surviving Sublicensee, its Affiliates and its sublicensees; and 
 (vii) such Sublicensees shall have the right to grant further sublicenses with respect to the Development or Commercialization of Licensed Products, provided that such further sublicenses shall be
in accordance with and subject to all of the terms and conditions of this Section 2.2 other than any reference to Article 3 contained therein (i.e., the Sublicensee shall be subject to this Section 2.2 in the same manner and to the same
extent as Ambit, but shall not be subject to Article 3). 
 For purposes of clarification, the preceding provisions of this Section 2.2(b)
shall not apply to Licensed Compounds with respect to which Ambit grants BMS a License. 

  
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 (c) For clarity, where
provisions of this Agreement provide that Ambit shall be “solely” responsible or the like with respect to a matter (for example, Sections 5.4, 5.5, or 7.1), it is understood that such responsibilities may be carried out or borne on
Ambit’s behalf by a permitted Sublicensee or contractor of Ambit. 
 (d) It shall be a material breach of this Agreement
for Ambit to enter into any License hereunder not in compliance with this Section 2.2. 
 2.3 No Trademark License.
No right or license, express or implied, is granted to Ambit to use any trademark, trade name, trade dress or service mark owned or Controlled by BMS or any of its Affiliates. Ambit, at its sole cost and expense, shall be responsible for the
selection, registration and maintenance of all trademarks which it employs in connection with its activities conducted pursuant to this Agreement, if any, and shall own and control such trademarks. 

2.4 No Implied Licenses. No license or other right is or shall be created or granted hereunder by implication, estoppel or
otherwise. All such licenses and rights are or shall be granted only as expressly provided in this Agreement. 
 2.5 Retained
Rights. All rights not expressly granted under Section 2.1 are reserved by BMS and may be used by BMS for any purpose. Without limiting the foregoing, BMS retains any and all rights under the BMS Patent Rights and BMS Know-How to make, have
made, use, sell, have sold, export or import any compounds which are not Licensed Compounds and products not containing any Licensed Compounds. For clarification, BMS retains the exclusive right under the BMS Patent Rights to develop and
commercialize compounds within the BMS Patent Rights which are not Licensed Compounds. BMS also expressly reserves and retains the right (i) to make, have made and use Licensed Compounds for any internal research purposes, (ii) to support
the filing and prosecution of patent applications, and (iii) to make, have made and use any Licensed Compound solely for use as an intermediate or starting material in the manufacture of any compound which is not a Licensed Compound or a
Licensed Product. 
 ARTICLE 3 
 BMS RIGHT OF FIRST NEGOTIATION 
 3.1 BMS Right of First Negotiation.

 3.1.1 BMS shall have a right of first negotiation with respect to Licensed Compounds as follows (the “Right of First
Negotiation”). 
 (a)In the event that Ambit desires to enter into a License arrangement with respect to any Licensed
Compound, before entering into negotiations with any Third Party with respect to such License, Ambit will notify BMS of its desire and provide BMS with information in Ambit’s possession and control that Ambit reasonably determines is reasonably
necessary for BMS to perform its due diligence with respect to such Licensed Compound (including but not limited to information from or relating to clinical studies, correspondence with FDA, information regarding Third Party patents, and information
regarding the manufacture, sourcing and cost of goods for the Licensed Compound) (the “Notice”). The content of such information provided to BMS (and/or its consultants) for review shall be no less than the information Ambit may
subsequently provide to any Third Party in connection with negotiations with such Third Party regarding a License as set forth in Section 3.1.2. If BMS notifies Ambit in writing of its election to pursue a License for such Licensed Compound
within [...***...] after BMS’ receipt of such Notice, Ambit shall enter into good faith negotiations with BMS with respect to such License for a period 

  

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of [...***...] (the “Negotiation Period”) following receipt of such election from BMS. 

(b) During the Negotiation Period, Ambit will provide BMS with an opportunity to make a written proposal of terms and conditions with
respect to such a License and Ambit will either accept the proposal or provide a counter offer to BMS. If BMS has not provided Ambit with such a written proposal regarding all principal financial terms of such a License within the first
[...***...] of the Negotiation Period, the Negotiation Period will terminate. If Ambit and BMS are able to conclude an agreement in principle within the Negotiation Period as set forth in a mutually satisfactory term sheet
with respect to such License, the parties shall negotiate a definitive agreement in good faith with the goal of executing such agreement within [...***...] thereafter. 

(c) If BMS does not elect to pursue a License within the [...***...] period set forth above, or if BMS does so
elect but Ambit and BMS do not conclude an agreement in principle with respect to such License within the Negotiation Period, or if BMS does not provide Ambit with a written proposal regarding all principal financial terms of such a License within
the first [...***...] of the Negotiation Period, Ambit will then be free to enter into negotiations with any Third Party regarding a License for such Licensed Compound subject to the provisions set forth below in
Section 3.1.2. 
 3.1.2 Ambit shall not enter into an agreement with any Third Party with respect to such License for a
Licensed Compound under terms and conditions Less Favorable to Ambit (as defined below) than the terms last offered to BMS except in accordance with the following procedure. 
 (a) In the event that Ambit intends to enter into an agreement with a Third Party (based on bona fide arm’s length negotiations with an unaffiliated Third Party), Ambit shall provide BMS with notice
and a representation that the terms of such License are not Less Favorable to Ambit than the last offer made by Ambit to BMS. If BMS does not notify Ambit in writing within [...***...] after BMS’ receipt of such
notice that BMS elects to have Ambit’s representation reviewed (a “Review”), Ambit shall be free to enter into an agreement with such Third Party containing the terms and conditions of the proposed License. 

(b) If BMS notifies Ambit in writing within such [...***...] period of BMS’ election of a Review, Ambit
shall provide an Independent Evaluator with a copy of the term sheet containing the terms and conditions of the proposed License agreement with such Third Party (the “Third Party Term Sheet”) and a copy of the term sheet last
offered to BMS by Ambit, and Ambit shall provide BMS with written notice of this event. The Independent Evaluator shall promptly determine whether the terms and conditions of the Third Party Term Sheet are Less Favorable to Ambit than the terms and
conditions last offered by Ambit to BMS. In addition, the Independent Evaluator will confirm that the Third Party is a party unaffiliated with Ambit. Within [...***...] after Ambit has provided copies of the Third Party
Term Sheet and the term sheet last offered to BMS by Ambit, the Independent Evaluator will provide notice to BMS and Ambit regarding its determination, which determination shall be final and binding upon the parties and shall not be subject to
appeal or challenge or to any dispute resolution proceeding except in the case where a Party alleges that the other Party acted in bad faith or engaged in willful misconduct in the independent evaluation process by the Independent Evaluator or that
the Independent Evaluator did not act in good faith, breached a fiduciary duty or engaged in willful misconduct. 
 (c)If the
Independent Evaluator determines that the offer last made by Ambit to BMS was Less Favorable to Ambit than the Third Party Term Sheet, Ambit will be free to enter into an agreement with such Third Party having the terms and conditions set forth in
the Third Party Term Sheet (or terms and conditions more favorable to Ambit than the terms and conditions set forth in the Third Party Term Sheet). 

  

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 (d) If the Independent
Evaluator determines that the terms and conditions set out in the Third Party Term Sheet are Less Favorable to Ambit than the terms and conditions last offered by Ambit to BMS, Ambit may at its discretion continue its negotiation with the Third
Party (with the objective of obtaining terms and conditions which are more favorable to Ambit than the terms and conditions last offered by Ambit to BMS, provided that Ambit shall not enter into an agreement with such Third Party without
first following the above procedure with respect to a revised Third Party Term Sheet) or Ambit may offer such terms and conditions set out in the Third Party Term Sheet to BMS (or Ambit may offer terms and conditions financially less favorable to
Ambit than those set out in the Third Party Term Sheet). In the event that Ambit makes such offer to BMS, Ambit shall also offer to BMS the same terms with respect to governance and decision-making as set out in the Third Party Term Sheet (or
otherwise proposed by Ambit to the Third Party). If Ambit offers such terms and conditions to BMS, BMS will have an additional [...***...] to provide Ambit with notice that BMS desires to enter into an agreement with Ambit
on substantially the same terms and conditions as set out in the Third Party Term Sheet. If such notice is provided by BMS, the parties will work diligently and in good faith to expeditiously complete such an agreement. If such notice is not
provided by BMS within such [...***...] period, or, subject to the provisions of Section 3.1.2(f) below, if BMS does provide such notice but, notwithstanding the parties’ good faith efforts, Ambit and BMS do not
enter into a definitive written License agreement or a binding letter of intent with respect to a License based on the Third Party Term Sheet within [...***...] after BMS provides such notice, Ambit will be free to enter
into an agreement with such Third Party having terms and conditions at least as favorable to Ambit as those set out in the Third Party Term Sheet. 
 (e) The parties will initially share the fees of the Independent Evaluator on an equal (50/50) basis. If the Independent Evaluator determines that the offer last made by Ambit to BMS was Less
Favorable to Ambit than the Third Party Term Sheet, then within 30 days after the Independent Evaluator notifies the parties of such determination, BMS will reimburse Ambit for the portion of such fees previously borne by Ambit. If the Independent
Evaluator determines that the Third Party Term Sheet is Less Favorable to Ambit than the offer last made by Ambit to BMS, then within 30 days after the Independent Evaluator notifies the parties of such determination, Ambit will reimburse BMS for
the portion of such fees previously borne by BMS. 
 (f) In the event that Ambit has not entered into an agreement with a Third
Party with respect to a License within [...***...] following the end of a Negotiation Period or at such time that Significant New Clinical Data (defined below) becomes available with respect to the applicable Licensed
Compound, then thereafter, if Ambit desires to enter into a License arrangement, before entering into a License with any Third Party, Ambit will first notify BMS of its desire and the procedure described above shall apply again, and Ambit shall
provide BMS with a [...***...] Negotiation Period, provided that Ambit shall be free to continue negotiations regarding a License with any Third Party (but not initiate any new negotiations with any other Third
Party) during any such Negotiation Period after the initial Negotiation Period, but may not enter into a License except as permitted after the termination of such Negotiation Period, and further provided, that BMS shall work diligently and
expeditiously to provide a new written proposal and shall not be entitled to the Negotiation Period and process set forth above unless BMS proposes financial terms and conditions for such License that are at least as favorable to Ambit as the terms
last proposed to Ambit by BMS. 
 (g) Upon the initiation of any such Negotiation Period, Ambit shall promptly provide BMS with
all information in Ambit’s possession and control that Ambit would provide to any potential Third Party licensee, which would be reasonably necessary for such Third Party licensee to perform its due diligence with respect to such Licensed
Compound (including but not limited to redacted information from or relating to clinical studies, correspondence with FDA, information regarding Third Party patents, and information regarding the manufacture, sourcing and cost of goods for the
Licensed Compound). 

  

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 3.1.3 Any License
agreement entered into by Ambit with a Third Party in accordance with the foregoing procedure shall be consistent with the terms and conditions of this Agreement and shall fully enable Ambit to fully perform all of its obligations under the
Agreement which will continue in effect. 
 3.1.4 Certain Definitions. For the purposes of this Article 3, the following
capitalized terms shall have the following meanings: 
 (a) “Less Favorable to Ambit” means,
[...***...]. 
 (b) “Significant New Clinical Data” means
[...***...]. 
 ARTICLE 4 

TRANSFER OF KNOW-HOW 
 4.1 Documentation. During the [...***...] period following the Effective Date, BMS shall provide Ambit with one (1) electronic or paper copy of all documents, data
or other information Controlled by BMS as of the Effective Date to the extent that such documents, data and information are (i) reasonably necessary for the manufacture, Development or Commercialization of the Licensed Compounds and subject to
the BMS Know-How license under Section 2.1 (including, by way of example, relevant manufacturing processes, techniques and trade secrets, including any disclosed in the IND or other regulatory submissions), and (ii) are reasonably
available to BMS; provided, however, that the foregoing shall not require BMS to provide copies of documents, data and information to the extent that such documents, data and information do not satisfy the requirements in clauses (i) and
(ii) of the foregoing. Such documentation shall not be used by Ambit for any purpose other than Development, manufacture or Commercialization of Licensed Compounds and Licensed Products in accordance with this Agreement and is Confidential
Information of BMS. BMS shall be responsible for the cost of providing one (1) set of copies only. BMS shall have no obligation to reformat or otherwise alter or modify any such materials, or to create materials in electronic form, in order to
provide them to Ambit. If BMS becomes aware of any such documents, data or information subject to the foregoing after the [...***...] period following the Effective Date that has not been previously provided to Ambit, BMS
shall promptly notify Ambit and Ambit shall have [...***...] from said notice to request that BMS provide said documents, data or information to Ambit. Upon receipt of Ambit’s decision to receive such documents, data
or information, BMS shall then use good faith reasonable efforts to provide the documents, data or information to Ambit within [...***...] following such request. At any time during the term of this Agreement, Ambit may
also request from BMS access to primary data that are within the BMS Know-How, but were not previously delivered to Ambit, and that are reasonably necessary for the continued manufacture, Development or Commercialization of the Licensed Compound or
Licensed Product (including by way of example tissue samples from preclinical studies, which primary data would then be subject to the terms of this Section 4.1 and as applicable Section 4.3), and BMS shall

  

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use good faith reasonable efforts to promptly provide such primary data to Ambit upon request to the extent that such primary data is in BMS’ possession and is available without undue
searching. 
 4.2 Technical Assistance. During the [...***...] period following the Effective
Date, BMS shall provide Ambit with reasonable access by teleconference or in-person at BMS’ facilities (subject to BMS’ customary rules and restrictions with respect to site visits by non-BMS personnel) to BMS personnel reasonably
knowledgeable in the research and development of the Licensed Compounds and Licensed Products for up to [...***...] hours of consulting advice with respect to the Licensed Compounds and Licensed Products, provided
that (i) such access shall be requested and coordinated through a single Ambit contact person to be designated by Ambit and a single BMS contact person reasonably knowledgeable with respect to the Licensed Compounds to be designated by BMS,
(ii) BMS makes no warranty, express or implied, that Ambit shall be able to successfully implement and use the BMS Know-How, (iii) BMS shall not be obligated to provide more than [...***...] hours of consulting
advice in such period, and (iv) BMS will use reasonable efforts to provide such consulting advice promptly. If Ambit requests further consulting advice related to Licensed Compounds and Licensed Products in excess of the
[...***...] hour amount referenced above, BMS may at its sole discretion provide such consulting advice and, if BMS elects to provide such consulting advice, Ambit shall reimburse BMS for its time incurred in connection
therewith at a rate of $[...***...] per hour, plus any reasonable out-of-pocket expenses incurred by BMS in providing such consulting advice requested by Ambit. Such reimbursement shall be made to BMS within thirty
(30) days after submission of an invoice by BMS reasonably detailing BMS’ time expended, together with reasonable substantiation of any out-of-pocket expenses incurred. 

4.3 Materials. BMS shall provide Ambit with BMS’ inventory of the GMP lots of the Licensed Compound under BMS’ Control
as of the Effective Date (the “Transferred Materials”). Any such Transferred Materials shall be shall be subject to the terms and conditions of this Agreement, including the following. The Transferred Materials are provided “AS
IS”. BMS shall have no obligation to test or quality assurance (QA) release any Transferred Materials and shall make representations or warranties with respect to the suitability of the Transferred Materials for use in future studies. Ambit
shall be fully responsible for its and its Affiliates’, Sublicensees’ and contractors’ use, storage, handling and disposition of the Transferred Materials. Under no circumstances shall BMS be liable or responsible for Ambit’s or
its Affiliates’, Sublicensees’ and contractors’ use, storage, handling or disposition of the Transferred Materials, and Ambit assumes sole responsibility for any claims, liabilities, damages and losses that might arise as a result of
Ambit’s and its Affiliates’, Sublicensees’ and contractors’ use, storage, handling or disposition of any Transferred Material. Ambit shall indemnify, defend and hold harmless BMS and its Affiliates, and their respective officers,
directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives, from and against any and all damages, liabilities, losses, costs and expenses (including, without limitation, reasonable legal expenses,
costs of litigation and reasonable attorney’s fees) arising in connection with any claims, suits, proceedings, whether for money damages or equitable relief, of any kind, arising out of or relating, directly or indirectly, to Ambit’s, or
any of its Affiliates’, Sublicensees’ or contractors’ use, storage, handling or disposition of any Transferred Material. Transferred Materials may only be provided to Affiliates, Sublicensees and contractors of Ambit. 

ARTICLE 5 

DEVELOPMENT 
 5.1 Development and Development Plan. 

  

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 (a) Commercially
Reasonable Efforts. Ambit (or its Sublicensees, as applicable) shall use Commercially Reasonable Efforts to Develop at least one Licensed Product, including but not limited to using Commercially Reasonable Efforts to expeditiously carry out the
pre-clinical and clinical development for the Licensed Compounds and Licensed Products (including expeditiously pursuing regulatory filings and Approvals and marketing authorizations for at least one Licensed Product), in accordance with the
Development Plan. 
 (b) Development Plan. An outline of the initial Development Plan, which shall be directed to initial
timelines for critical path activities, shall be provided by Ambit to BMS within [...***...] of the Effective Date. Such agreed upon outline shall be attached hereto as Appendix 2 to the Agreement. Ambit will
provide BMS with any significant updates and revisions to the Development Plan for BMS’ review and comment. 
 5.2
Development Reports. Ambit will provide BMS with semi-annual written development reports within thirty (30) days following June and December of each Calendar Year presenting a meaningful summary of the Development activities accomplished
by Ambit during the just ended six months, including updates to the Development Plan and a summary of significant results with respect to Licensed Compounds and Licensed Products. Upon reasonable request by BMS, Ambit shall also meet in-person with
BMS to review Ambit’s Development activities for the Licensed Compounds and Licensed Products. However, if BMS requests more than one such in-person meeting in any Calendar Year and any such additional meeting is not held at Ambit’s
facilities, then BMS will reimburse the travel and lodging expenses of Ambit personnel attending such meeting. In addition, upon reasonable request by BMS, Ambit shall provide BMS with summaries of clinical protocols, investigator brochures,
regulatory submissions and correspondence from regulatory agencies with respect to each Licensed Compound and Licensed Product. 

5.3 Records. Ambit shall maintain complete and accurate records of all work conducted in furtherance of the Development and
Commercialization of the Licensed Compounds and Licensed Products and all material results, data and developments made in conducting such activities. Such records shall be complete and accurate and shall fully and properly reflect all such work done
and results achieved in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes. 
 5.4
Development Responsibilities and Costs. Ambit shall have sole responsibility for, and shall bear the cost of conducting, all Development with respect to the Licensed Compounds and Licensed Products. Ambit shall Develop the Licensed Compounds
and Licensed Products in compliance with all applicable legal and regulatory requirements, including, without limitation, all legal and regulatory requirements pertaining to the design and conduct of clinical studies. 

5.5 Regulatory Responsibilities and Costs. Ambit shall have sole responsibility for, and shall bear the cost of preparing, all
regulatory filings and related submissions with respect to the Licensed Compounds and Licensed Products. Ambit shall be responsible for meeting the requirements of all pre-approval inspections required by any Regulatory Authorities. Except as set
forth in Section 13.4, Ambit or its Affiliate or Sublicensee shall own all INDs, Approvals and submissions in connection therewith and all Approvals shall be obtained by and in the name of Ambit or its Affiliate or Sublicensee. 

5.6 Subcontracting. Subject to and without limiting Section 2.2, Ambit may perform any activities in support of its
Development or Commercialization of Licensed Compounds and Licensed Products through subcontracting to a Third Party contractor or contract service organization, provided that: (a) none of the rights of BMS hereunder are adversely
affected as a result of such subcontracting; (b) any such Third Party subcontractor to whom Ambit discloses Confidential Information of BMS shall enter into an appropriate written agreement obligating such Third Party to be bound by obligations
of 

  

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confidentiality and restrictions on use of such BMS Confidential Information that are no less restrictive than the obligations in this Agreement; (c) Ambit will obligate such Third Party to
agree in writing to assign or license (with the right to grant sublicenses) to Ambit any inventions (and any patent rights covering such inventions) made by such Third Party in performing such services for Ambit; and (d) Ambit shall at all
times be responsible for the performance of such subcontractor. 
 ARTICLE 6 

COMMERCIALIZATION 
 6.1 Ambit Obligations. Ambit (or its Sublicensees, as applicable) shall use Commercially Reasonable Efforts to Commercialize at least one (1) Licensed Product in countries in the Territory,
including but not limited to the Major Market Countries. Without limiting the foregoing, Ambit shall use Commercially Reasonable Efforts to obtain Approvals in such countries with respect to at least one (1) Licensed Product and to effect the
First Commercial Sale thereof in such countries as soon as reasonably practicable after receipt of such Approvals. 
 6.2
Continued Availability. Following the First Commercial Sale of a Licensed Product in a Major Market Country in the Territory and until the expiration or termination of this Agreement, Ambit shall use Commercially Reasonable Efforts to supply
and keep such Licensed Product reasonably available to the public in such country. 
 6.3 Marking. Each Licensed Product
Commercialized by Ambit under this Agreement shall be marked (to the extent not prohibited by applicable Laws): (i) with a notice that such Licensed Product is sold under a license from BMS and (ii) with applicable patent and other
intellectual property notices relating to the BMS Patent Rights in such a manner as may be required by applicable Law. 
 6.4
Reports. Ambit shall provide BMS with semi-annual written reports within thirty (30) days following June and December of each Calendar Year summarizing significant commercial activities and events with respect to Licensed Products during
the just ended six months. 
 ARTICLE 7 
 MANUFACTURE AND SUPPLY 
 7.1 Manufacture and Supply. Ambit shall be
solely responsible at its own expense for making or having made all of its requirements of the Licensed Compounds and Licensed Products. Ambit shall manufacture, test, QA release, handle, store and ship the Licensed Compounds and Licensed Products
in compliance with all applicable Laws, with all regulatory filings, and with its applicable internal specifications and quality control procedures. 
 ARTICLE 8 
 FINANCIAL TERMS FOR AMBIT 

8.1 In partial consideration of the rights granted by BMS to Ambit pursuant to this Agreement, Ambit and BMS shall enter into the License
and Profiling Services Agreement concurrently with this Agreement, and Ambit shall make the payments provided for in this Article 8. 

  
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 8.2 Development
Milestone Payments. The following one-time milestone payments are payable by Ambit to BMS upon the first achievement by Ambit of the milestone event for the Licensed Compound. 

 

			
	 Milestone Event
	  	 Payment

	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]
		
	[...***...]	  	$[...***...]

 The milestone
payments set forth above shall be payable by Ambit to BMS within thirty (30) days of the achievement of the specified milestone event with respect to a Licensed Product. Each milestone payment shall not be refundable or returnable in any event,
nor shall it be creditable against royalties or other payments; provided, however, that if Development of a Licensed Product is discontinued after any such milestone payments have been made for such Licensed Product, then only the milestone
payment(s) not previously paid with respect to the discontinued Licensed Product will be payable with respect to the replacement Licensed Product for such discontinued Licensed Product. 

8.3 Royalty Payments. 
 8.3.1 Ambit shall pay to BMS in cash the following royalty payments on the total aggregate annual Net Sales in the Territory of all Licensed Products (including all indications and formulations for such
Licensed Products) in a particular Calendar Year by Ambit, its Affiliates, and Sublicensees in the Territory: 
  

			
	 Aggregate Annual Worldwide Net Sales of All

Licensed Products in a Calendar Year
	  	 Royalty Rate

	[...***...]	  	[...***...]%
		
	[...***...]	  	[...***...]%

By way of example, in a given Calendar Year, if the aggregate annual worldwide Net Sales for all Licensed Products is
[...***...], the following royalty payment would be payable under this Section 8.3.1 (subject to the reductions set forth below): [...***...]. 

8.3.2 Royalty Term. Royalties shall be payable on a product-by-product and country-by-country basis on Net Sales of Licensed
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particular Licensed Product in a country until the later of (i) [...***...] or (ii) [...***...] or
(iii) [...***...]. 
 8.3.3 Royalty Reduction. 

(a) In the event of Generic Product competition, the royalty amounts otherwise payable under Section 8.3.1 shall not be payable on a
country-by-country basis at any such time that (i) there is no BMS Core Patent Right Controlled by Ambit or any of its Affiliates in effect for any reason providing or capable of providing marketing exclusivity with respect to the applicable
Licensed Product in such country and (ii) there are sales of a Generic Product in such country. Such reduction shall be first applied with respect to such country starting with sales in the Calendar Quarter following the first Calendar Quarter
where both conditions (i) and (ii) in the preceding sentence are met and shall continue for as long as both such conditions are met. If after both such conditions are met in a country they both cease to be met in that country, then the
reduction under this Section 8.3.3 shall no longer apply for such country during the time both conditions are not met. 

(b) In the case where Ambit is unable to successfully enter into a License agreement with any Third Party due to the amount of the
royalty payment payable to BMS under Section 3.1.2, BMS may consider any Ambit request to amend the Agreement to reduce the amount of the royalty payment payable under Section 3.1.2, provided that in no event shall BMS have any
obligation to agree to any such proposed amendment. 
 8.3.4 Royalty Conditions. The royalties under Section 8.3.1
shall be subject to the following conditions: 
 (a) that only one royalty shall be due with respect to the same unit of
Licensed Product; 
 (b) that no royalties shall be due upon the sale or other transfer among Ambit, its Affiliates, or
Sublicensees, but in such cases the royalty shall be due and calculated upon Ambit’s or its Affiliate’s or Sublicensee’s Net Sales of Licensed Product to the first independent Third Party; and 

(c) no royalties shall accrue on the disposition of Licensed Product in reasonable quantities by Ambit, its Affiliates or Sublicensees as
part of an expanded access program or as part of Phase 4 Trials or as donations to non-profit institutions or government agencies for non-commercial purposes, provided, in each case, that neither Ambit, its Affiliate or Sublicensees receives
any payment for such Licensed Product. 
 8.3.5 Third Party Licenses. 

(a) If Ambit, in its reasonable judgment, is required to obtain a license from any Third Party under any patent Covering the applicable
Licensed Compound as a composition of matter (i.e., this reduction shall not apply, for example, with respect to Third Party patents covering a formulation or method of use for the Licensed Compound or Licensed Product) in order to import,
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license calculated on sales of a Licensed Product, or if Ambit is required by a court of competent jurisdiction to pay such a royalty to such a Third Party, then the amount of Ambit’s
royalty obligations under Section 8.3.1 hereof shall be reduced by [...***...] of the amount of the royalty paid to such Third Party, provided however, that the royalties payable under Section 8.3.1 hereof
shall not be reduced in any such event [...***...]. 
 (b) If Ambit, in its reasonable judgment, is
required to obtain a license from any Third Party under any patent Covering the applicable Licensed Product, otherwise than as described in Section 8.3.5(a), in order to import, manufacture, use or sell any such Licensed Product and if Ambit is
required to pay to such Third Party a royalty under such license calculated on sales of a Licensed Product, or if Ambit is required by a court of competent jurisdiction to pay such a royalty to such a Third Party, then the amount of Ambit’s
royalty obligations under Section 8.3.1 hereof shall be reduced by [...***...] of the amount of the royalty paid to such Third Party, provided however, that the royalties payable under Section 8.3.1 hereof
shall not be reduced in any such event [...***...]. 
 (c) Ambit shall use its commercially
reasonable efforts to minimize the amount of any of the foregoing payments owed by Ambit to a Third Party. Prior to Ambit exercising its reasonable judgment under this Section 8.3.5, Ambit shall provide BMS with written notice of a potential
need to obtain any license from Third Parties. The Parties shall discuss the best course of action to resolve such potential license requirement(s), provided that such discussions shall not limit or unreasonably delay Ambit’s right to
exercise its reasonable judgment. Prior to commencing any such discussions, the parties shall enter into a common interest and joint purpose agreement in form and substance reasonably acceptable to the Parties in order to enable the Parties to rely
on the common interest and joint purpose exception to the waiver of the attorney/client and attorney work product privilege with respect to confidential information exchanged by the Parties in furtherance of such discussions. 

(d) For clarification, in no event shall the royalties payable under Section 8.3.1 be reduced [...***...]
based on the aggregate of any reductions under this Section 8.3.5. 
 8.4 Manner of Payment. All payments to be made
by Ambit hereunder shall be made in Dollars by wire transfer of immediately available funds to such United States bank account as shall be designated by BMS. Late payments shall bear interest at the rate provided in Section 8.9. 

8.5 Sales Reports and Royalty Payments. After the First Commercial Sale of a Licensed Product and during the term of this
Agreement, Ambit shall furnish to BMS a written report, within sixty (60) days after the end of each Calendar Quarter (or portion thereof, if this Agreement terminates during a Calendar Quarter), showing the amount of royalty due for such
Calendar Quarter (or portion thereof). Royalty payments for each Calendar Quarter shall be due at the same time as such written report for the Calendar Quarter. With each quarterly payment, Ambit shall deliver to BMS a full and accurate accounting
to include at least the following information: 
 (a) the quantity of each Licensed Product sold (by country) by
Ambit, its Affiliates, and Sublicensees; 
 (b) the total gross sales and total Net Sales for each Licensed
Product (by country) by Ambit, its Affiliates, and Sublicensees in local currency and in Dollars; 
 (c) the
calculation of Net Sales from such gross sales; 
 (d) the exchange rates used in determining the amount of U.S.
Dollars payable; 

  

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 (e) the
names and addresses of all Sublicensees of Ambit; 
 (f) the royalties payable in Dollars which shall have
accrued hereunder in respect of such Net Sales; 
 (g) withholding taxes, if any, required by applicable Law to
be deducted in respect of such royalties; and 
 (h) the dates of the First Commercial Sales of Licensed Products
in any country during the reporting period. 
 If no royalty or payment is due for any royalty period hereunder, Ambit shall so
report. 
 8.6 Sales Record Audit. Ambit shall keep, and shall cause each of its Affiliates, and Sublicensees, if any, to
keep, full and accurate books of accounting in accordance with GAAP containing all particulars that may be necessary for the purpose of calculating all royalties payable to BMS. Such books of accounting (including, without limitation, those of
Ambit’s Affiliates, and Sublicensees, if any) shall be kept at their principal place of business and, with all necessary supporting data, shall during all reasonable times for the [...***...] next following the end of
the Calendar Year to which each shall pertain, be open for inspection at reasonable times by an independent certified accountant selected by BMS, and as to which Ambit has no reasonable objection, at BMS’ expense, for the purpose of verifying
royalty statements for compliance with this Agreement. Such accountant must have agreed in writing to maintain all information learned as Ambit Confidential Information, except as necessary to disclose to BMS such compliance or noncompliance by
Ambit. The results of each inspection, if any, shall be binding on both Parties and treated as Ambit Confidential Information. BMS shall pay for such inspections, except that in the event there is any upward adjustment in aggregate royalties payable
for the Calendar Quarter period of such inspection of more than [...***...] of the amount paid, Ambit shall pay for the reasonable out-of-pocket costs of such inspection. Any underpayments shall be paid by Ambit within
thirty (30) days of notification of the results of such inspection. Any overpayments shall be fully creditable against amounts payable in subsequent payment periods or, if no such amounts become payable within ninety (90) days after
notification of such results, shall be refunded. 
 8.7 Currency Exchange. With respect to Net Sales invoiced in Dollars,
the Net Sales and the amounts due to BMS hereunder shall be expressed in Dollars. With respect to Net Sales invoiced in a currency other than Dollars, the Net Sales shall be expressed in the domestic currency of the entity making the sale, together
with the Dollar equivalent, calculated using the arithmetic average of the spot rates on the close of business on the last Business Day of each month of the Calendar Quarter in which the Net Sales were made. The “closing mid-point rates”
found in the “dollar spot forward against the dollar” table published by The Financial Times or any other publication as agreed to by the Parties shall be used as the source of spot rates to calculate the average as defined in the
preceding sentence. All payments shall be made in Dollars. 
 8.8 Tax Withholding. The withholding tax, duties, and other
levies (if any) applied by a government of any country of the Territory on payments made by Ambit to BMS hereunder shall be borne by BMS. If applicable laws or regulations require that taxes be withheld from any amount payable hereunder, Ambit will
deduct those taxes from the otherwise remittable payment, pay the taxes to the proper taxing authority, so notify BMS, and provide documentation evidencing the payment. Ambit, its Affiliates and Sublicensees shall cooperate with BMS to enable BMS to
claim exemption therefrom under any double taxation or similar agreement in force and shall provide to BMS proper evidence of payments 

  

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of withholding tax and assist BMS by obtaining or providing in as far as possible the required documentation for the purpose of BMS’ tax returns. 

8.9 Interest Due. Without limiting any other rights or remedies available to BMS, Ambit shall pay BMS interest on any payments
that are not paid on or before the date such payments are due under this Agreement at a rate of one and one-half percent (1.5%) per month or the maximum applicable legal rate, if less, calculated on the total number of days payment is
delinquent. 
 ARTICLE 9 
 REPRESENTATIONS AND WARRANTIES; DISCLAIMER; 
 LIMITATION OF LIABILITY

 9.1 Mutual Representations and Warranties. Each Party represents and warrants to the other Party that (i) it
has all requisite corporate power and authority to enter into this Agreement and to perform its obligations under this Agreement, (ii) execution of this Agreement and the performance by such Party of its obligations hereunder have been duly
authorized, (iii) this Agreement is legally binding and enforceable on each Party in accordance with its terms, and (iv) the performance of this Agreement by it does not create a breach or default under any other agreement to which it is a
Party. 
 9.2 Representations and Warranties of BMS. 

9.2.1 BMS represents and warrants to Ambit that as of the Effective Date, to the reasonable knowledge of its in-house patent counsel,
(i) there is no pending litigation which alleges, or any communication, written or otherwise, alleging, that the practice of BMS Patent Rights or the Licensed Compounds have infringed or misappropriated any of the intellectual property rights
of any Third Party, (ii) all fees required to be paid by BMS in order to maintain the BMS Patent Rights have been paid to date, (iii) it has not previously assigned, transferred, conveyed or licensed (or granted an option to assign,
transfer, convey or license) its right, title and interest in the BMS Core Patent Rights or the BMS Know-How, and (iv) it is not aware of any facts that would render or potentially render any BMS Patent Rights invalid or unenforceable.

 9.2.2 BMS represents and warrants to Ambit that as of the Effective Date, to the reasonable knowledge of its in-house patent
counsel, (i) other than the patents and patent applications subject to Section 2.1.3 and the BMS Patent Rights, BMS does not Control any patent(s) or patent application(s) that is reasonably necessary for the Development or
Commercialization of any Licensed Compound or Licensed Product and that claims or discloses the composition of matter of any Licensed Compound or a method of manufacture or use of any Licensed Compound or Licensed Product, and (ii) none of the
patents and patent applications subject to Section 2.1.3 contain any claims that would be sub-generic claims if included in any of the BMS Core Patent Rights. 
 9.2.3 BMS represents and warrants that as of the Effective Date it is not knowingly employing, either as an employee or Affiliate or Third Party contractor or in any other capacity, the services of any
Person which has been debarred under Section 306 of the Act, 21 USC Section 335a(a) or (b), or similar local law in connection with the conduct of activities related to the Licensed Compound or Licensed Product. In the event BMS becomes
aware or receives notice of any such debarment of any such Person in connection with the conduct of activities relating to the Licensed Compound or Licensed Product, BMS shall notify Ambit immediately. 

9.3 Representations and Warranties of Ambit. 

  
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 9.3.1 Ambit
represents, warrants and covenants that (i) all of its activities related to its use of the BMS Patent Rights and BMS Know-How, and the Development and Commercialization of the Licensed Compounds and Licensed Products, pursuant to this
Agreement shall comply with all applicable legal and regulatory requirements, and (ii) it shall not knowingly engage in any activities that use the BMS Patent Rights and/or BMS Know-How in a manner that is outside the scope of the license
rights granted to it hereunder or that infringe the intellectual property rights of any Third Party. 
 9.3.2 Ambit represents
and warrants that as of the Effective Date it is not knowingly employing, either as an employee or Affiliate or Third Party contractor or in any other capacity, the services of any Person which has been debarred under Section 306 of the Act, 21
USC Section 335a(a) or (b), or similar local law. In the event Ambit becomes aware or receives notice of any such debarment of any such Person in connection with the conduct of activities relating to the Licensed Compound or Licensed Product,,
Ambit shall notify BMS immediately. 
 9.4 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY
MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO ANY PATENT RIGHTS, CONFIDENTIAL INFORMATION OR
KNOW-HOW OF SUCH PARTY OR ANY LICENSE GRANTED BY SUCH PARTY HEREUNDER, OR WITH RESPECT TO ANY COMPOUNDS, INCLUDING BUT NOT LIMITED TO ANY TRANSFERRED MATERIALS, OR PRODUCTS. FURTHERMORE, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER MAKES
ANY REPRESENTATIONS OR WARRANTIES THAT ANY PATENT, PATENT APPLICATION, OR OTHER PROPRIETARY RIGHTS INCLUDED IN PATENT RIGHTS, CONFIDENTIAL INFORMATION OR KNOW-HOW LICENSED BY SUCH PARTY TO THE OTHER PARTY HEREUNDER ARE VALID OR ENFORCEABLE OR THAT
USE OF SUCH PATENT RIGHTS, CONFIDENTIAL INFORMATION OR KNOW-HOW CONTEMPLATED HEREUNDER DOES NOT INFRINGE ANY PATENT RIGHTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. 

9.5 Limitation of Liability. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT OR OTHERWISE, NEITHER PARTY SHALL BE LIABLE TO THE OTHER
WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT, WHETHER UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY, FOR ANY INCIDENTAL, INDIRECT, SPECIAL, EXEMPLARY, PUNITIVE, MULTIPLE, OR CONSEQUENTIAL DAMAGES
(INCLUDING, WITHOUT LIMITATION, CONSEQUENTIAL DAMAGES CONSISTING OF LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL, OR LOSS OF BUSINESS); PROVIDED, HOWEVER, THAT THE FOREGOING SHALL NOT APPLY TO ANY INTENTIONAL BREACH BY A PARTY OF THE
LICENSES GRANTED TO IT UNDER THIS AGREEMENT THAT IS AN INFRINGEMENT OF ANY PATENT RIGHTS NOT INCLUDED IN THE PATENT RIGHTS LICENSED TO SUCH PARTY HEREUNDER, OR ANY BREACH BY EITHER PARTY OF ARTICLE 11 HEREOF. 

ARTICLE 10 

PATENT MAINTENANCE; INFRINGEMENT; EXTENSIONS 
 10.1 Ownership of Inventions. Inventorship of inventions conceived or reduced to practice in the course of activities performed under or contemplated by this Agreement shall be determined by
application of United States patent Laws pertaining to inventorship. If such inventions are jointly invented by one or more employees, consultants or contractors of each Party, such inventions shall be

  
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jointly owned (“Joint Invention”), and if one or more claims included in an issued patent or pending patent application which is filed in a patent office in the Territory claim
such Joint Invention, such claims shall be jointly owned (“Joint Patent Rights”). If such an invention is solely invented by an employee, consultant or contractor of a Party, such invention shall be owned by such Party, and any
patent filed claiming such solely owned invention shall also be owned by such Party. Subject to Section 5.6 with respect to contractors, each Party shall enter into binding agreements obligating all employees, consultants and contractors
performing activities under or contemplated by this Agreement, including activities related to the BMS Patent Rights, Licensed Compounds or Licensed Products, to assign his/her interest in any invention conceived or reduced to practice in the course
of such activities to the Party for which such employee, consultant or contractor is providing its services. This Agreement shall be understood to be a joint research agreement in accordance with 35 U.S.C. § 103(c)(3) to develop the
Licensed Compounds and Licensed Products. The filing, prosecution, maintenance and enforcement of Joint Patent Rights which are BMS Core Patent Rights shall be handled in accordance with this Article 10. 

10.2 Filing, Prosecution and Maintenance of BMS Core Patent Rights. Ambit shall be responsible, using its in-house patent counsel
or outside patent counsel selected by Ambit (such selection to be subject to BMS’s approval, such approval not to be unreasonably withheld), for the preparation, prosecution (including, without limitation, any interferences, reissue proceedings
and reexaminations) and maintenance of BMS Core Patent Rights. Ambit shall be responsible for all costs incurred by Ambit with respect to such preparation, prosecution and maintenance of BMS Core Patent Rights so long as Ambit remains responsible
for such preparation, prosecution and maintenance. Upon reasonable request by Ambit, BMS shall provide reasonable assistance and cooperation (including, without limitation, making available to Ambit documents possessed by BMS that are reasonably
required by Ambit and making available personnel for interviews and testimony) in any actions reasonably undertaken by Ambit under this Section 10.2. Upon request by BMS, Ambit shall provide BMS with a general update of the filing, prosecution
and maintenance status for each of the BMS Core Patent Rights, but shall not be obligated to disclose to BMS any Ambit Confidential Information. Ambit shall reasonably consult with and cooperate with BMS with respect to the preparation, prosecution
and maintenance of the BMS Core Patent Rights reasonably prior to any deadline or action with the U.S. Patent & Trademark Office or any foreign patent office, and shall furnish to BMS copies of all relevant documents reasonably in advance
of such consultation. Ambit shall provide to BMS copies of any papers relating to the filing, prosecution or maintenance of the BMS Core Patent Rights promptly upon their being filed or received. Ambit shall not knowingly take any action during
prosecution and maintenance of the BMS Core Patent Rights that would materially adversely affect them (including any reduction in claim scope), without BMS’s prior consent, which consent shall not be unreasonably withheld or delayed.

 10.3 Patent Abandonment. 
 10.3.1 Generally. In no event will Ambit knowingly permit any of the BMS Core Patent Rights to be abandoned in any country in the Territory, or elect not to file a new patent application claiming
priority to a patent application within the BMS Core Patent Rights either before such patent application’s issuance or within the time period required for the filing of an international (i.e., Patent Cooperation Treaty), regional (including
European Patent Office) or national application, without BMS first being given an opportunity to assume full responsibility for the continued prosecution and maintenance of such BMS Core Patent Rights, or the filing of such new patent application.
Accordingly, Ambit shall provide BMS with notice of the allowance and expected issuance date of any patent within the BMS Core Patent Rights, or any of the aforementioned filing deadlines, and BMS shall provide Ambit with prompt notice as to whether
BMS desires Ambit to file such new patent application. In the event that Ambit decides either (i) not to continue the prosecution or maintenance of a patent application or patent within BMS Core Patent Rights in any country or (ii) not to
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requested to be filed by BMS, Ambit shall provide BMS with notice of this decision at least sixty (60) days prior to any pending lapse or abandonment thereof. 

10.3.2 BMS Option to Assume Responsibility. BMS shall, upon Ambit’s notice as described in Section 10.3.1, have the
right, but not the obligation, to assume responsibility for all reasonably documented external costs associated with the filing and/or further prosecution and maintenance of such patents and patent applications, on a patent-by-patent and
country-by-country basis. Ambit shall proceed with such filing and/or further prosecution and maintenance promptly upon receipt of written notice from BMS of its election to assume such responsibility, with such filing to occur prior to the issuance
of the patent to which the application claims priority or expiration of the applicable filing deadline, as set forth above. In the event that BMS assumes such responsibility for such filing, prosecution and maintenance costs, Ambit shall have the
right, but not the obligation, to transfer the responsibility for such filing, prosecution and maintenance of such patent applications and patents to BMS’s in-house patent counsel or outside patent counsel selected by BMS and reasonably
acceptable to Ambit, provided that Ambit shall (i) provide sufficient written notice to BMS of any such election such that the relevant transfer shall not prejudice the filing, prosecution and/or maintenance of patent rights (where
possible, such notice shall be provided at least sixty (60) days prior to any pending lapse or abandonment thereof); (ii) transfer or cause to be transferred to BMS or its patent counsel the complete prosecution file for the relevant
patents and patent applications, including all correspondence and filings with patent authorities with respect thereto; and (iii) at the reasonable request of BMS and without demanding any further consideration therefore, do all things
necessary, proper or advisable, including without limitation the execution, acknowledgment and recordation of specific assignments, oaths, declarations and other documents on a country-by-country basis, to assist BMS in obtaining, perfecting,
sustaining and/or enforcing such patent(s). In such case, Section 10.3.1 shall apply to such patent applications and patents except that the role of Ambit and BMS shall be reversed. Such patent applications and patents shall otherwise continue
to be subject to all of the terms and conditions of the Agreement in the same way as the other BMS Core Patent Rights, as applicable. 
 10.4 Enforcement of BMS Core Patent Rights Against Infringers. 
 10.4.1
Enforcement by Ambit. 
 (a) In the event that BMS or Ambit becomes aware of a suspected infringement of any BMS Core
Patent Right exclusively licensed to Ambit under this Agreement, such Party shall notify the other Party promptly, and following such notification, the Parties shall confer. Ambit shall have the right, but shall not be obligated, to bring an
infringement action with respect to such infringement at its own expense, in its own name and entirely under its own direction and control, subject to the following. BMS shall reasonably assist Ambit (at Ambit’s expense) in any action or
proceeding being prosecuted if so requested, and shall lend its name to and join as a nominal party in such actions or proceedings if reasonably requested by Ambit or required by applicable Laws. BMS shall have the right to participate and be
represented in any such suit by its own counsel at its own expense. No settlement of any such action or proceeding which restricts the scope, or adversely affects the enforceability, of a BMS Core Patent Right may be entered into by Ambit without
the prior written consent of BMS, which consent shall not be unreasonably withheld, delayed or conditioned. 
 (b) BMS shall
have the right at its discretion to grant to Ambit such rights (including assignment of the applicable BMS Core Patent Rights) as may be necessary for Ambit to exercise its rights under this Section 10.4 (including defending or enforcing any
BMS Core Patent Rights) without BMS’ involvement. In the event of such grant of rights (including assignment) with respect to any BMS Core Patent Rights, such BMS Core Patent Rights shall continue to be treated as BMS Core Patent Rights and
shall otherwise continue to be subject to all of the terms and conditions of the 

  
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Agreement in the same way as the other applicable BMS Core Patent Rights. For purposes of clarity, election or non-election by BMS to grant or assign rights to Ambit under this
Section 10.4.1(b) shall not limit BMS’ obligations under Section 10.4.1(a) to reasonably assist Ambit in any action or proceeding, or to join in such action or proceeding upon request by Ambit if such joinder is necessary under
applicable Laws for Ambit to exercise its rights under this Section 10.4. 
 10.4.2 Enforcement by BMS. If Ambit
elects not to bring any action for infringement described in Section 10.4.1 and so notifies BMS, then BMS may bring such action at its own expense, in its own name and entirely under its own direction and control, subject to the following.
Ambit shall reasonably assist BMS (at BMS’ expense) in any action or proceeding being prosecuted if so requested, and shall lend its name to such actions or proceedings if requested by BMS or required by applicable Laws. Ambit shall have the
right to participate and be represented in any such suit by its own counsel at its own expense. No settlement of any such action or proceeding which restricts the scope, or adversely affects the enforceability, of a BMS Core Patent Right may be
entered into by BMS without the prior written consent of Ambit, which consent shall not be unreasonably withheld, delayed or conditioned. 
 10.4.3 Withdrawal. If either Party brings an action or proceeding under this Section 10.4 and subsequently ceases to pursue or withdraws from such action or proceeding, it shall promptly
notify the other Party and the other Party may substitute itself for the withdrawing Party under the terms of this Section 10.4. 
 10.4.4 Damages. In the event that either Party exercises the rights conferred in this Section 10.4 and recovers any damages or other sums in such action, suit or proceeding or in settlement
thereof, such damages or other sums recovered shall first be applied to all out-of-pocket costs and expenses incurred by the Parties in connection therewith, including, without limitation, attorneys fees. If such recovery is insufficient to cover
all such costs and expenses of both Parties, it shall be shared in proportion to the total of such costs and expenses incurred by each Party. If after such reimbursement any funds shall remain from such damages or other sums recovered, such funds
shall be retained by the Party that controlled the action or proceeding under this Section 10.4; provided, however, that if Ambit is the Party that controlled such action or proceeding, BMS shall receive out of any such remaining
recovery received by Ambit an amount as follows: (i) as to ordinary damages, BMS shall receive payment equivalent to payments that would have been due to BMS under this Agreement had the infringing sales that Ambit lost to the infringer been
made by Ambit and (ii) as to special or punitive damages, such amount shall be allocated between the Parties in the same proportion as ordinary damages under clause (i), and provided further that the amounts paid under (i) and
(ii) shall not [...***...] of the total recovery of Ambit from such action or proceeding. 

10.5 Patent Term Extension. BMS and Ambit shall each cooperate with one another and shall use commercially reasonable efforts in
obtaining patent term extension (including without limitation, any pediatric exclusivity extensions as may be available) or supplemental protection certificates or their equivalents in any country with respect to patent rights covering the Licensed
Products. If elections with respect to obtaining such patent term extensions are to be made, Ambit shall have the right to make the election to seek patent term extension or supplemental protection, provided that such election will be made so
as to maximize the period of marketing exclusivity for the Licensed Product. For such purpose, for all Approvals Ambit shall provide BMS with written notice of any expected Approval at least thirty (30) days prior to the expected date of
Approval, as well as notice within five (5) business days of receiving each Approval confirming the date of such Approval. Notification of the receipt of an Approval shall be in accordance with Section 15.2 except that the notification
shall be sent to: 
 Bristol-Myers Squibb Company 
 P.O. Box 4000 

  

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Route 206 & Province Line Road 
 Princeton, New Jersey
08543-4000 
 Attention: Vice President and Chief Intellectual Property Counsel 

Telephone: 609-252-4825 
 Facsimile: 609-252-7884 
 10.6 Data Exclusivity and Orange Book Listings.

 10.6.1 With respect to data exclusivity periods (such as those periods listed in the FDA’s Orange Book (including
without limitation any available pediatric extensions) or periods under national implementations of Article 10.1(a)(iii) of Directive 2001/EC/83, and all international equivalents), Ambit shall use commercially reasonable efforts consistent with its
obligations under applicable Law to seek, maintain and enforce all such data exclusivity periods available for the Licensed Products. With respect to filings in the FDA Orange Book (and foreign equivalents) for issued patents for a Licensed Product,
Ambit shall, consistent with its obligations under applicable Law, list in a timely manner and maintain all applicable BMS Core Patent Rights and other patents Controlled by Ambit required to be filed by it, or that it is permitted to file, under
applicable Law. At least [...***...] prior to an anticipated deadline for the filing of patent listing information for BMS Core Patent Rights, Ambit will consult with BMS regarding the content of such filing. In the event
of a dispute between the Parties as to whether a BMS Core Patent Right can be filed and/or the content of such filing, the Parties will take expedited steps to resolve the dispute as promptly as possible, including seeking advice of an independent
legal counsel to guide their decision. BMS shall use commercially reasonable efforts consistent with its obligations under applicable Law to provide reasonable cooperation to Ambit in filing and maintaining such Orange Book (and foreign equivalent)
listings. 
 10.6.2 Without limiting the foregoing, BMS shall have the right at its discretion to grant to Ambit such rights
(including assignment of the applicable BMS Core Patent Rights) as may be necessary for Ambit to exercise its rights under this Section 10.6 (including seeking, maintaining and enforcing all data exclusivity periods) without BMS’
involvement. In the event of such grant of rights (including assignment) with respect to any BMS Core Patent Rights, such BMS Core Patent Rights shall continue to be treated as BMS Core Patent Rights and shall otherwise continue to be subject to all
of the terms and conditions of the Agreement in the same way as the other applicable BMS Core Patent Rights. For purposes of clarity, election by BMS to grant or assign rights to Ambit under this Section 10.6.2 shall not limit BMS’
obligation under Section 10.6.1 to provide reasonable cooperation to Ambit to the extent such cooperation is reasonably necessary for Ambit in filing and maintaining such Orange Book (and foreign equivalent) listings. 

10.7 Notification of Patent Certification. Each Party shall notify and provide the other Party with copies of any allegations of
alleged patent invalidity, unenforceability or non- infringement of a BMS Core Patent Right pursuant to a Paragraph IV Patent Certification by a Third Party filing an Abbreviated New Drug Application, an application under §505(b)(2) or other
similar patent certification by a Third Party, and any foreign equivalent thereof. Such notification and copies shall be provided to the other Party within seven (7) days after such Party receives such certification, and shall be sent to the
address set forth in Section 10.5 in the case of notifications to BMS or the address set forth in Section 15.2 in the case of notifications to Ambit. In addition, upon request by BMS, Ambit shall provide reasonable assistance and
cooperation (including, without limitation, making available to BMS documents possessed by Ambit that are reasonably required by BMS and making available personnel for interviews and testimony) in any actions reasonably undertaken by BMS to contest
any such patent certification. 
 10.8 Limitation on Patent Actions. Neither party shall be required to take any action
pursuant to Sections 10.4, 10.5, 10.6 or 10.7 that such Party reasonably determines in its sole judgment and 

  

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discretion conflicts with or violates any court or government order or decree that such Party is then subject to or otherwise may create legal liability on the part of such Party. 

ARTICLE 11 

NONDISCLOSURE OF CONFIDENTIAL INFORMATION 
 11.1 Nondisclosure. Each Party agrees that, for so long as this Agreement is in effect and for a period of [...***...] thereafter, a Party (the “Receiving
Party”) receiving or possessing Confidential Information of the other Party (the “Disclosing Party”) (or that has received any such Confidential Information from the other Party prior to the Effective Date) shall
(i) maintain in confidence such Confidential Information using not less than the efforts such Receiving Party uses to maintain in confidence its own proprietary industrial information of similar kind and value, (ii) not disclose such
Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except for disclosures expressly permitted below, and (iii) not use such Confidential Information for any purpose except those permitted by
this Agreement (it being understood that this clause (iii) shall not create or imply any rights or licenses not expressly granted under Article 2 hereof). 
 11.1.1 Confidentiality of Know-How for Disclosure Purposes. During such time as the license to the BMS Know-How granted under Section 2.1.1 is in effect, solely for disclosure purposes to
Third Parties, the BMS Know-How shall be deemed to be Confidential Information of both BMS and Ambit under Article 11, both BMS and Ambit shall be deemed to be a Disclosing Party of the BMS Know-How under Article 11, and BMS and its Affiliates shall
be deemed not to have known such BMS Know-How prior to disclosure for the purposes of Section 11.1.2(b). Other than for disclosure purposes to Third Parties, the BMS Know-How shall solely be the Confidential Information of BMS. 

11.1.2 Exceptions. The obligations in Section 11.1 shall not apply with respect to any portion of the Confidential
Information that the Receiving Party can show by competent proof: 
 (a) is publicly disclosed by the Disclosing
Party, either before or after it is disclosed to the Receiving Party hereunder; or 
 (b) was known to the
Receiving Party or any of its Affiliates, without any obligation to keep it confidential or any restriction on its use, prior to disclosure by the Disclosing Party; or 

(c) is subsequently disclosed to the Receiving Party or any of its Affiliates by a Third Party lawfully in possession
thereof and without any obligation to keep it confidential or any restriction on its use; or 
 (d) is published
by a Third Party or otherwise becomes publicly available or enters the public domain, either before or after it is disclosed to the Receiving Party; or 
 (e) has been independently developed after disclosure by the Disclosing Party by employees or contractors of the Receiving Party or any of its Affiliates without the aid, application or use of
Confidential Information of the Disclosing Party. 
 11.2 Authorized Disclosure. The Receiving Party may disclose
Confidential Information belonging to the Disclosing Party to the extent (and only to the extent) such disclosure is reasonably necessary in the following instances: 

  

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 (a) filing or
prosecuting patents; 
 (b) regulatory filings; 
 (c) prosecuting or defending litigation; 
 (d) subject to Section 11.4,
complying with applicable governmental Laws and regulations (including, without limitation, the rules and regulations of the Securities and Exchange Commission or any national securities exchange) and with judicial process, if in the reasonable
opinion of the Receiving Party’s counsel, such disclosure is necessary for such compliance; and 
 (e) disclosure
(i) in connection with the performance of this Agreement and solely on a “need to know basis”, to Affiliates; potential or actual collaborators (including potential Sublicensees); or employees, contractors, or agents; or
(ii) solely on a “need to know basis” to potential or actual investment bankers, investors, lenders, or acquirers; each of whom in the case of clause (i) or (ii) prior to disclosure must be bound by written obligations of
confidentiality and non-use no less restrictive than the obligations set forth in this Article 11; provided, however, that the Receiving Party shall remain responsible for any failure by any Person who receives Confidential Information
pursuant to this Article 11 to treat such Confidential Information as required under this Article 11. 
 If and whenever any
Confidential Information is disclosed in accordance with this Section 11.2, such disclosure shall not cause any such information to cease to be Confidential Information except to the extent that such disclosure results in a public disclosure of
such information (otherwise than by breach of this Agreement). Where reasonably possible and subject to Section 11.4, the Receiving Party shall notify the Disclosing Party of the Receiving Party’s intent to make such disclosure pursuant to
paragraphs (a) through (d) of this Section 11.2 sufficiently prior to making such disclosure so as to allow the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the confidentiality of the
information. 
 11.3 Terms of this Agreement. The Parties acknowledge that the terms of this Agreement shall be treated
as Confidential Information of both Parties. 
 11.4 Securities Filings. In the event either Party proposes to file with
the Securities and Exchange Commission or the securities regulators of any state or other jurisdiction a registration statement or any other disclosure document which describes or refers to this Agreement under the Securities Act of 1933, as
amended, the Securities Exchange Act, of 1934, as amended, or any other applicable Laws, the Party shall notify the other Party of such intention and shall provide such other Party with a copy of relevant portions of the proposed filing not less
than five (5) business days prior to such filing (and any revisions to such portions of the proposed filing a reasonable time prior to the filing thereof), including any exhibits thereto relating to this Agreement, and shall use reasonable
efforts to obtain confidential treatment of any information concerning this Agreement that such other Party requests be kept confidential, and shall only disclose Confidential Information which it is advised by counsel is legally required to be
disclosed. No such notice shall be required under this Section 11.4 if the substance of the description of or reference to this Agreement contained in the proposed filing has been included in any previous filing made by the other Party
hereunder or otherwise approved by the other Party. 
 11.5 Publication. 

11.5.1 Publication by BMS. BMS may publish or present data and/or results relating to a Licensed Compound or Licensed Product in
scientific journals and/or at scientific conferences, subject to the prior review and approval by Ambit as follows. BMS shall provide Ambit with the opportunity to 

  
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review any proposed abstract, manuscript or presentation which discloses information relating to a Licensed Compound or Licensed Product by delivering a copy thereof to Ambit no less than thirty
(30) days before its intended submission for publication or presentation. Ambit shall have thirty (30) days from its receipt of any such abstract, manuscript or presentation in which to notify BMS in writing of any specific objections to
the disclosure. In the event Ambit objects to the disclosure in writing within such thirty (30) days period, BMS agrees not to submit the publication or abstract or make the presentation containing the objected-to information until the Parties
have agreed to the content of the proposed disclosure, and BMS shall delete from the proposed disclosure any Ambit Confidential Information or BMS Know-How or the identity of any Licensed Compound or Licensed Product, upon reasonable request by
Ambit. Once any such abstract or manuscript is approved by Ambit and accepted for publication, BMS will provide Ambit with a copy of the final version of the manuscript or abstract. For clarification, this Section 11.5.1 shall not limit or
restrict BMS’ ability to publish or present publicly information on compounds which are not Licensed Compounds or Licensed Products, provided such publication or presentation does not contain Ambit Confidential Information (including BMS
Know-How) or identify any Licensed Compound or Licensed Product or in any way intentionally adversely affect the Development or Commercialization of a Licensed Compound or Licensed Product or intentionally adversely affect any efforts by Ambit to
sublicense a Licensed Compound or Licensed Product under Section 3.1.2. 
 11.5.2 Publication by Ambit. Ambit may
publish or present data and/or results relating to a Licensed Compound or Licensed Product in scientific journals and/or at scientific conferences, subject to the prior review by the Reviewer designated by BMS as set forth below. Ambit shall provide
the Reviewer with the opportunity to review any proposed abstract, manuscript or presentation which discloses information relating to a Licensed Compound or Licensed Product by delivering a copy thereof to the Reviewer no less than thirty
(30) days before its intended submission for publication or presentation. The Reviewer shall have thirty (30) days from its receipt of any such abstract, manuscript or presentation in which to notify Ambit in writing of any specific
objections to the disclosure. In the event the Reviewer objects to the disclosure in writing within such thirty (30) days period, which objection shall only be based upon the inclusion of BMS Confidential Information, Ambit agrees not to submit
the publication or abstract or make the presentation containing the objected-to information until Ambit and the Reviewer have agreed to the content of the proposed disclosure, and Ambit shall delete from the proposed disclosure any BMS Confidential
Information upon the instructions of the Reviewer. Once any such abstract or manuscript is accepted for publication, Ambit will provide the Reviewer with a copy of the final version of the manuscript or abstract. As used herein,
“Reviewer” means a BMS patent attorney who is not then working on a program targeting any of the [...***...] targets targeted by the Licensed Compound. Such Reviewer will not disclose the Ambit
Confidential Information contained in the proposed abstract, manuscript or presentation being reviewed to others or use such Ambit Confidential Information for any purpose other than the review under this Section 11.5.2 until such Ambit
Confidential Information is subject to the exceptions set forth in Section 11.1.2. 
 ARTICLE 12 

INDEMNITY 

12.1 Ambit Indemnity. Ambit shall indemnify, defend and hold harmless BMS and its Affiliates, and their respective officers,
directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives, from and against any and all claims, threatened claims, damages, losses, suits, proceedings, liabilities, costs (including, without
limitation, reasonable legal expenses, costs of litigation and reasonable attorney’s fees) or judgments, whether for money or equitable relief, of any kind, arising out of any claim, action, lawsuit or other proceeding brought by a Third Party
(“Losses and Claims”) arising out of or relating, directly or indirectly, (i) to the research, Development, 

  

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Commercialization (including, without limitation, promotion, advertising, offering for sale, sale or other disposition), transfer, importation or exportation, manufacture, labeling, handling or
storage, or use of, or exposure to, any Licensed Compound and/or any Licensed Product by or for Ambit or any of its Affiliates, Sublicensees, agents and/or contractors, (ii) to Ambit’s (or its Affiliates’ and/or Sublicensees’)
use and practice otherwise of the BMS Patent Rights and/or BMS Know-How, including, without limitation, claims and threatened claims based on (A) product liability, bodily injury, risk of bodily injury, death or property damage,
(B) infringement or misappropriation of Third Party patents, copyrights, trademarks or other intellectual property rights, or (C) the failure to comply with applicable Laws related to the matters referred to in the foregoing clauses
(i) and (ii) with respect to any Licensed Compound and/or any Licensed Product, or (iii) Ambit’s gross negligence, recklessness or willful misconduct or Ambit’s material breach of any representation or warranty set forth in
this Agreement; except in any such case for Losses and Claims to the extent reasonably attributable to (x) BMS having committed an act or acts of gross negligence, recklessness or willful misconduct or having materially breached any
representation or warranty set forth in this Agreement or (y) any act or omission of BMS or any of its Affiliates or any of their respective officers, directors, employees, agents, or licensors prior to the Effective Date, including but not
limited to infringement or misappropriation of Third Party patents, copyrights, trademarks or other intellectual property rights, or the research, Development, use or manufacture of any Licensed Compound or Licensed Product prior to the Effective
Date. 
 12.2 BMS Indemnity. BMS shall indemnify, defend and hold harmless Ambit and its Affiliates, and their respective
officers, directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives, from and against any and all Losses and Claims arising out of or relating, directly or indirectly to (i) BMS’ gross
negligence, recklessness or willful misconduct or (ii) BMS’ material breach of any representation or warranty set forth in this Agreement; except in any such case for Losses and Claims to the extent reasonably attributable to
(x) Ambit having committed an act or acts of gross negligence, recklessness or willful misconduct or having materially breached any representation or warranty set forth in this Agreement or (y) any act or omission of Ambit or any of its
Affiliates or any of their respective officers, directors, employees, agents or licensors prior to the Effective Date. 
 12.3
Indemnification Procedure. A claim to which indemnification applies under Section 12.1 or Section 12.2 shall be referred to herein as an “Indemnification Claim”. If any Person or Persons (collectively, the
“Indemnitee”) intends to claim indemnification under this Article 12, the Indemnitee shall notify the other Party (the “Indemnitor”) in writing promptly upon becoming aware of any claim that may be an
Indemnification Claim (it being understood and agreed, however, that the failure by an Indemnitee to give such notice shall not relieve the Indemnitor of its indemnification obligation under this Agreement except and only to the extent that the
Indemnitor is actually prejudiced as a result of such failure to give notice). The Indemnitor shall have the right to assume and control the defense of the Indemnification Claim at its own expense with counsel selected by the Indemnitor and
reasonably acceptable to the Indemnitee, provided, however, that an Indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the Indemnitee, if representation of such Indemnitee by the counsel
retained by the Indemnitor would be inappropriate due to actual or potential differing interests between such Indemnitee and any other party represented by such counsel in such proceedings. If the Indemnitor does not assume the defense of the
Indemnification Claim as aforesaid, the Indemnitee may defend the Indemnification Claim but shall have no obligation to do so. The Indemnitee shall not settle or compromise the Indemnification Claim without the prior written consent of the
Indemnitor, and the Indemnitor shall not settle or compromise the Indemnification Claim in any manner which would have an adverse effect on the Indemnitee’s interests (including without limitation any rights under this Agreement or the scope or
enforceability of the BMS Patents Rights or BMS Know-How), without the prior written consent of the Indemnitee, which consent, in each case, shall not be unreasonably withheld or delayed. The Indemnitee shall reasonably cooperate with the Indemnitor
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make available to the Indemnitor all pertinent information under the control of the Indemnitee, which information shall be subject to Article 11. 

12.4 Insurance. Ambit shall, beginning with the initiation of the first clinical trial for a Licensed Product, maintain at all
times thereafter during the term of the Agreement, and until the later of (i) six (6) years after termination or expiration of the Agreement or (ii) the date that all statutes of limitation covering claims or suits that may be brought
for personal injury based on the sale or use of a Licensed Product have expired in all states in the U.S., comprehensive general liability insurance from a recognized, creditworthy insurance company, on a claims-made basis, with endorsements for
contractual liability and product liability, and with coverage limits of not less than $10 million per occurrence, and which shall name BMS as an “additional insured” thereunder. The minimum level of insurance set forth herein shall not be
construed to create a limit on Ambit’s liability hereunder. Within ten (10) days following written request from BMS, Ambit shall furnish to BMS a certificate of insurance evidencing such coverage as of the date. Ambit shall use
commercially reasonable efforts to cause such certificate of insurance, as well as any certificates evidencing new coverages of Ambit, to include a provision whereby thirty (30) days’ written notice must be received by BMS prior to
coverage cancellation by either Ambit or the insurer and of any new coverage. In the case of a cancellation of such coverage, Ambit shall promptly provide BMS with a new certificate of insurance evidencing that Ambit’s coverage meets the
requirements in the first sentence of this Section. 
 ARTICLE 13 

TERM AND TERMINATION 
 13.1 Term. This Agreement shall commence as of the Effective Date and, unless sooner terminated in accordance with the terms hereof or by mutual written consent, shall continue until neither party
has any obligation under this Agreement to make payments to the other Party. 
 13.2 Termination By BMS. BMS shall have
the right to terminate this Agreement, at BMS’ sole discretion, as follows. 
 13.2.1 Insolvency. BMS shall have the
right to terminate this Agreement with respect to any or all licenses granted to Ambit pursuant to Article 2 of this Agreement and any or all rights granted under Section 2.1.3, at BMS’ sole discretion, upon delivery of written notice to
Ambit upon the filing by Ambit in any court or agency pursuant to any statute or regulation of the United States or any other jurisdiction a petition in bankruptcy or insolvency or for reorganization or similar arrangement for the benefit of
creditors or for the appointment of a receiver or trustee of Ambit or its assets, or if Ambit is served with an involuntary petition against it in any insolvency proceeding, upon the ninety-first (91st) day after such service if such
involuntary petition has not previously been stayed or dismissed, or upon the making by Ambit of an assignment of substantially all of its assets for the benefit of its creditors; provided that the insolvency adversely affects or could in
BMS’s reasonable judgment adversely affect BMS’ rights under this Agreement. 
 13.2.2 Breach. Subject to
Section 13.2.5 below, BMS shall have the right to terminate this Agreement with respect to any or all licenses granted to Ambit pursuant to Article 2 of this Agreement and any or all rights granted under Section 2.1.3, at BMS’ sole
discretion, upon delivery of written notice to Ambit in the event of any material breach by Ambit of any terms and conditions of this Agreement (other than failure to use Commercially Reasonable Efforts to Develop or Commercialize the Licensed
Compounds and a Licensed Product, which breach is covered under Section 13.2.3), provided that such breach has not been cured within [...***...] after written notice thereof is given by BMS to Ambit specifying
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breach involves the failure to make a payment when due, such breach must be cured within[...***...] after written notice thereof is given by BMS to Ambit. In the case
where the material breach (other than a breach that involves the failure to make a payment when due) cannot reasonably be cured within the [...***...] period after written notice thereof is given by BMS to Ambit, the
Agreement shall continue and shall not be terminated for a period reasonably required (as determined by BMS) by Ambit to cure such breach, so long as Ambit is undertaking the steps and following the timelines specified in writing by BMS to
reasonably cure said breach. 
 13.2.3 Failure to Use Commercially Reasonable Efforts. Subject to Section 13.2.5
below, BMS shall have the right to terminate this Agreement with respect to any or all licenses granted to Ambit pursuant to Article 2 of this Agreement and any or all rights granted under Section 2.1.3 on a country-by-country basis (except as
otherwise set forth in this Section 13.2.3), at BMS’ sole discretion, in the event that Ambit fails to use Commercially Reasonable Efforts (by itself or through its Affiliates or Sublicensees) to Develop and Commercialize at least one
Licensed Product, provided that Ambit has not exercised such Commercially Reasonable Efforts in the applicable country or countries within [...***...] following written notice by BMS. 

(a) Termination under this Section 13.2.3 shall apply to all Licensed Compounds and Licensed Products, but only for the affected
country or countries, provided however, that (i) if the applicable termination event relates to a breach of Section 5.1(a) or Section 6.1 in a country, then BMS shall not have the right to terminate this Agreement with respect
to such country if Ambit is in compliance with such provisions with respect to the United States and four other Major Market Countries, and (ii) if the applicable termination event relates to a breach of Section 5.1(a) or Section 6.1
in a country in the EU, then BMS shall not have the right to terminate this Agreement with respect to such country if Ambit is in compliance with such provisions with respect to three Major Market Countries in the EU. 

(b) For clarity, it is understood and acknowledged that to the extent Ambit uses Commercially Reasonable Efforts (by itself or through
its Affiliates or Sublicensees) to Develop at least one Licensed Product through an MAA Filing, Ambit shall be in compliance with Section 5.1(a) with respect to all countries in the EU. For further clarity, it is understood and acknowledged
that Commercially Reasonable Efforts in the Development of a Licensed Product in a particular country may include sequential implementation of clinical trials and/or intervals between clinical trials for data interpretation and clinical program
planning, to the extent such implementation is consistent with the scientific, technical and commercial factors relevant to Development of such Licensed Product in such country. Accordingly, and for further clarity, it is understood and acknowledged
that Commercially Reasonable Efforts may include the sequential Commercialization of the Licensed Product in the Major Market Countries. 
 13.2.4 Termination of License and Profiling Services Agreement. In the event that BMS terminates the License and Profiling Services Agreement for an uncured material breach by Ambit (or, as
applicable, a successor to its obligations under the License and Profiling Services Agreement), BMS may terminate this Agreement with respect to any or all licenses granted to Ambit pursuant to Article 2 of this Agreement and any or all rights
granted under Section 2.1.3 upon written notice to Ambit. 
 13.2.5 Disputed Breach. If Ambit disputes in good faith
the existence or materiality of a breach specified in a notice provided by BMS pursuant to Section 13.2.2, or a failure to use Commercially Reasonable Efforts specified in a notice Provided by BMS pursuant to Section 13.2.3, and Ambit
provides notice to BMS of such dispute within the applicable [...***...] period, BMS shall not have the right to terminate this Agreement unless and until the existence of such material breach or failure by Ambit has been
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to cure such breach within [...***...] days following such determination (except to the extent such breach involves the failure to make a payment when due, which breach
must be cured within [...***...] following such determination). It is understood and acknowledged that during the pendency of such a dispute, all of the terms and conditions of this Agreement shall remain in effect and the
Parties shall continue to perform all of their respective obligations hereunder. The Parties further agree that any payments that are made by one Party to the other Party pursuant to this Agreement pending resolution of the dispute shall be promptly
refunded if an arbitrator or court determines pursuant to Section 14.2 that such payments are to be refunded by one Party to the other Party. 
 13.2.6 Scope of Termination. Except as otherwise expressly provided herein, termination of this Agreement shall be as to all countries in the Territory and all Licensed Compounds and Licensed
Products. 
 13.3 Termination by Ambit. Ambit shall have the right to terminate this Agreement, at Ambit’s sole
discretion, as follows. At Ambit’s discretion, on a country-by-country and product-by-product basis, effective upon [...***...] prior written notice in the case where NDA Approval has not been obtained for the
applicable Licensed Product or upon six (6) months prior written notice in the case where NDA Approval has been obtained for the applicable Licensed Product, Ambit may terminate this Agreement for any reason; provided, however, that
(i) no such termination right may be exercised as to a Major Market Country in the EU unless all countries in Europe are so terminated and (ii) no such termination right may be exercised as to all of the Major Market Countries unless all
countries in the Territory are so terminated. 
 13.4 Effect of Termination Under Section 13.2.1, 13.2.2, 13.2.3, 13.2.4
or 13.3. Upon termination of this Agreement or any right or license pursuant to Section 13.2.1, 13.2.2, 13.2.3, 13.2.4 or 13.3, the rights and obligations of the Parties shall be as set forth in this Section 13.4. 

13.4.1 Upon termination of this Agreement, either in its entirety or with respect to one or more applicable Licensed Compounds or
Licensed Products in one or more applicable countries (each, a “Terminated Country”) pursuant to Section 13.2.1, 13.2.2, 13.2.3, 13.2.4 or 13.3 hereof (the rights and obligations of the Parties as to the remaining countries of
the Territory in which termination under Section 13.2.3 or 13.3 has not occurred, being unaffected by such termination), the following shall apply: 
 (a) All rights and licenses granted to Ambit in Article 2 and all rights granted under Section 2.1.3 shall terminate with respect to each applicable Licensed Product in each Terminated Country
(subject to Section 2.2(b)(vi)), all rights of Ambit under the BMS Patent Rights and BMS Know-How with respect to each applicable Licensed Product in each Terminated Country shall revert to BMS, and Ambit shall cease all use of the BMS Patent
Rights and BMS Know-How with respect to each applicable Licensed Product in each Terminated Country. To the extent that there remain any countries in the Territory that are not Terminated Countries (“Remaining Countries”), all such
rights and licenses shall remain in place with respect to the Remaining Countries. 
 (b)All regulatory filings (including,
without limitation, all INDs and NDAs) and Approvals and other documents relating to or necessary to further develop and commercialize Licensed Compounds and Licensed Products, as they exist as of the date of such termination, and all of
Ambit’s right, title and interest therein and thereto, in each Terminated Country shall be assigned to BMS, and Ambit shall provide to BMS one (1) copy of the foregoing documents and filings and all documents and filings contained in or
referenced in any such filings, together with the raw and summarized data for any preclinical and clinical studies of the Licensed Compounds and such Licensed Products (and where reasonably available, electronic copies thereof); provided, however,
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Development and Commercialization of any Licensed Compound or Licensed Product, the Development and/or Commercialization of which was terminated by Ambit or one of its Affiliates or Sublicensees
for Safety Reasons. Upon such termination pursuant to Section 13.2.1, 13.2.2, 13.2.3, 13.2.4 or 13.3 hereof, Ambit shall notify BMS in writing as to those Licensed Compounds and Licensed Products the Development and/or Commercialization of
which was terminated by Ambit or one of its Affiliates or Sublicensees for Safety Reasons and the nature of such Safety Reasons. Ambit agrees to make available for BMS’ inspection, relevant data, materials and reports that support such Safety
Reasons, provided that BMS enters into an agreement with Ambit or the relevant Affiliate or Sublicensee of Ambit to maintain the confidentiality of such data, materials and reports. If BMS disputes that the Development and/or Commercialization of a
Licensed Compound or Licensed Product was terminated for Safety Reasons, the dispute will be subject to the dispute resolution provisions of Article 14. BMS shall have the right to obtain specific performance of Ambit’s obligations referenced
in this Section 13.4.1(b) and/or in the event of failure to obtain assignment, Ambit hereby consents and grants to BMS the right to access and reference (without any further action required on the part of Ambit, whose authorization to file this
consent with any Regulatory Authority is hereby granted) any and all such regulatory filings for any regulatory or other use or purpose. In addition, upon request by BMS, Ambit shall grant to BMS the right to access and reference any other documents
(including but not limited to regulatory filings) that are available to Ambit and reasonably necessary for BMS to further Develop, manufacture and Commercialize the Licensed Compounds and Licensed Products in each Terminated Country. Without
limiting the foregoing in this paragraph, to the extent applicable, Ambit’s obligations under Section 10.6 shall continue. 
 (c) All amounts due or payable to BMS that were accrued, or that arise out of acts or events occurring, prior to the effective date of termination shall remain due and payable; but (except as otherwise
expressly provided herein) no additional amounts shall be payable based on events occurring after the effective date of termination. 
 (d) Should Ambit have any inventory of any applicable Licensed Compound allocated for use in clinical trials in a Terminated Country, Ambit shall offer to sell such Licensed Compounds to BMS at
Ambit’s out-of-pocket cost (but BMS shall be under no obligation to purchase same unless it agrees to do so in writing at such time). 
 (e) Should Ambit have any inventory of any applicable Licensed Product approved and allocated prior to termination in a Terminated Country, Ambit shall have six (6) months thereafter in which to
dispose of such inventory (subject to the payment to BMS of any royalties due hereunder thereon), provided however, that (i) such right shall terminate at such time that BMS or a Third Party has taken over responsibility for the sale of
such Licensed Product in such country and (ii) such Licensed Product shall not be sold at a discount to a purchaser that is greater than the average discount provided to such purchaser for the Licensed Product in such country during the 12
month period preceding such termination and, in addition, such sales shall not result in the applicable wholesaler inventory levels for such Licensed Product exceeding the average levels for the 12 month period preceding such termination.

 (f) Ambit shall provide to BMS all Ambit Termination Know-How (as defined below) in existence as of the date of such
termination, including but not limited to Ambit’s manufacturing processes, techniques and trade secrets for making such Licensed Compounds and Licensed Products and all know-how relating to any composition, formulation, method of use or
manufacture of such Licensed Compounds and such Licensed Products, and BMS shall automatically have an exclusive, perpetual, worldwide, transferable, sublicensable right and license under the Ambit Termination Know-How solely for (i) using
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Compounds and Licensed Products in each Terminated Country and (ii) making and having made the Licensed Compounds and Licensed Products anywhere in the Territory solely for importation,
exportation, sale and offer for sale in each Terminated Country. Ambit shall, at no charge, provide such training and assistance as is necessary to enable BMS to use the Ambit Termination Know-How to make the Licensed Compounds and Licensed Products
in existence as of the date of such termination. For the purposes of the foregoing, “Ambit Termination Know-How” means all processes, techniques and know-how Controlled by Ambit and/or its Affiliates as of the date of termination
that are reasonably necessary for the research, manufacture, Development and/or Commercialization of the Licensed Compounds and/or the Licensed Products. Ambit Termination Know-How shall not include information and know-how that is acquired or
developed by Ambit after the date of termination. 
 (g) If Ambit has the capability as of the date of termination for Ambit to
commercially manufacture and supply Licensed Compounds and/or Licensed Products, upon request by BMS, Ambit shall supply to BMS Licensed Compounds and/or Licensed Products for use and sale in the Terminated Countries, at a price equal to one hundred
fifteen percent (115%) of Ambit’s documented fully-burdened manufacturing cost (determined in accordance with GAAP) for such Licensed Compounds and/or Licensed Products, under terms and conditions as may be mutually agreed between the
Parties. In such event, Ambit shall manufacture and supply such Licensed Compounds and/or Licensed Products to BMS until the earlier of (i) such time as BMS assumes responsibility for its own manufacture and supply of such Licensed Compounds
and/or Licensed Products for the Terminated Countries, or (ii) twelve (12) months after the date of such termination. 

(h) Ambit shall assign (or, if applicable, use its best efforts to cause its Affiliate to assign) to BMS all of Ambit’s (and such
Affiliate’s) right, title and interest in and to any registered or unregistered trademark, trademark application, trade name or internet domain name that is specific to a Licensed Product (it being understood that the foregoing shall not
include any trademarks or trade names that contain the name “Ambit”) in each Terminated Country. 
 (i) Ambit shall
provide to BMS all data generated during the term of this Agreement relating to the Licensed Compounds and the Licensed Products and assign (or, if applicable, use its best efforts to cause its Affiliate to assign) to BMS all of Ambit’s (and
such Affiliate’s) entire right, title and interest in and to all such data in each Terminated Country. 
 (j) Ambit shall
grant to BMS (i) an exclusive license with respect to the applicable Licensed Product for each Terminated Country, with the right to grant sublicenses, under the Ambit Termination Patent Rights (as defined below) Covering Licensed Compounds as
a composition of matter, and (ii) a non-exclusive license with respect to each Terminated Country, with the right to grant sublicenses, under all other Ambit Termination Patent Rights, solely for (x) using (including in activities directed
at the research and Development of Licensed Compounds), selling, having sold, offering for sale, exporting, and importing the Licensed Compounds and Licensed Products in the Field in each Terminated Country, and (y) making and having made the
Licensed Compounds and Licensed Products anywhere in the Territory solely for importation, exportation, sale and offer for sale in the Field in each Terminated Country, which licenses and rights shall be subject to the prosecution and enforcement
rights and obligations set forth in Article 10 with the roles of BMS and Ambit switched thereunder. In consideration for the licenses and other rights granted to BMS under this Section 13.4.1(j), BMS will pay to Ambit a
[...***...] royalty on Net Sales of each particular Licensed Product by BMS, its Affiliates and Sublicensees in a Terminated Country until the expiration of the last to expire patent in such country within the Ambit
Termination Patent Rights (including extensions thereof under applicable Laws, including patent term extensions, pediatric exclusivity extensions or supplemental protection certificates or their equivalents in any country) with a Valid Claim
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the applicable Licensed Compound that is contained in that particular Licensed Product. For clarification, no royalty shall be payable by BMS based on any Ambit Termination Patent Rights that do
not Cover the applicable Licensed Compound as a composition of matter, any BMS Patent Rights and/or any Joint Patent Rights. For the purposes of the foregoing, “Ambit Termination Patent Rights” means (i) those patents and
patent applications Controlled by Ambit and/or its Affiliates as of the date of termination that are reasonably necessary for the research, manufacture, Development and/or Commercialization of the Licensed Compounds and/or the Licensed Products;
(ii) any patent application that claims priority to any of the patents and patent applications included in clause (i) above (including any divisional, continuation, or continuation-in-part patent application), and foreign counterparts
thereof (but in each case, only with respect to claims in such application or foreign counterparts thereof that cover subject matter within the scope of the claims in the patents and patent applications included in clause (i) above), and
(iii) all patents issuing on any of the foregoing patent applications which are included in clauses (i) and (ii) above, together with all registrations, reissues, re-examinations, supplemental protection certificates, or extensions
thereof, and any foreign counterparts thereof (but in each case, only with respect to claims in such patents or foreign counterparts thereof that cover subject matter within the scope of the claims in the patents and patent applications included in
clause (i) above). 
 (k) Neither Party shall be relieved of any obligation that accrued prior to the effective date of
such termination or expiration. 
 (l) Each Party shall have the right to retain all amounts previously paid to it by the other
Party, subject to any applicable determination of an arbitrator or court pursuant to Section 14.2. 
 (m) BMS shall
indemnify, defend and hold harmless Ambit and its Affiliates, and their respective officers, directors, employees, agents, licensors, and their respective successors, heirs and assigns and representatives, from and against any and all Losses and
Claims arising out of or relating, directly or indirectly, (i) to the research, Development, Commercialization (including, without limitation, promotion, advertising, offering for sale, sale or other disposition), transfer, importation or
exportation, manufacture, labeling, handling or storage, or use of, or exposure to, any Licensed Compound or Licensed Product by or for BMS or any of its Affiliates, Sublicensees, agents and/or contractors or (ii) to BMS’ (or its
Affiliates’ and/or Sublicensees’) use and practice otherwise of the Ambit Termination Know-How and the Ambit Termination Patent Rights licensed to BMS under this Section 13.4.1, including, without limitation, claims and threatened
claims based on (A) product liability, bodily injury, risk of bodily injury, death or property damage, (B) infringement or misappropriation of Third Party patents, copyrights, trademarks or other intellectual property rights, or
(C) the failure to comply with applicable Laws related to the matters referred to in the foregoing clauses (i) and (ii) with respect to any Licensed Compound or Licensed Product. 

(n) The provisions of Section 12.3 shall be applied to claims for indemnification under Section 13.4.1(m) in the same manner as
they apply to Indemnification Claims under Article 12. 
 (o) BMS shall maintain, commencing no later than initiation of the
first clinical trial of a Licensed Product if at the time of such termination there is no Licensed Product subject to such termination in clinical trials or being Commercialized or commencing immediately upon such termination in the event that there
is at the time of such termination a Licensed Product subject to such termination in clinical trials or being Commercialized and at all times thereafter during the term of this Agreement, and until the later of (i) six (6) years after
termination or expiration of this Agreement or (ii) the date that all statutes of limitation covering claims or suits that may be brought for personal injury 

  
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based on the sale or use of a Licensed Product have expired in all states in the U.S., comprehensive general liability insurance from a recognized, creditworthy insurance company, on a
claims-made basis, with endorsements for contractual liability and product liability, and with coverage limits of not less than $10 million per occurrence, and which shall name Ambit as an “additional insured” thereunder. The minimum level
of insurance set forth herein shall not be construed to create a limit on BMS’ liability hereunder. Within ten (10) days following written request from Ambit, BMS shall furnish to Ambit a certificate of insurance evidencing such coverage
as of the date. BMS shall use commercially reasonable efforts to cause such certificate of insurance, as well as any certificates evidencing new coverages of BMS, to include a provision whereby thirty (30) days’ written notice must be
received by Ambit prior to coverage cancellation by either BMS or the insurer and of any new coverage. In the case of a cancellation of such coverage, BMS shall promptly provide Ambit with a new certificate of insurance evidencing that BMS’
coverage meets the requirements in the first sentence of this Section 13.4.1(o). As an alternative to the foregoing, BMS may self-insure against all such risks and provide Ambit, upon request, with reasonable information concerning BMS’
self-insurance program. Such insurance information shall be kept in confidence in the same manner as any other Confidential Information disclosed by BMS to Ambit. 
 (p) Any rights and obligations contained in any sublicense or the like entered into with any Third Party pursuant to Section 3.1.2 prior to the effective date of such termination shall remain in full
force and effect, subject to and to the extent as set forth in Section 2.2(b)(vi). 
 13.4.2 It is understood and agreed
that BMS shall be entitled to specific performance as a remedy to enforce the provisions of this Section 13.4, in addition to any other remedy to which it may be entitled by applicable Law. 

13.5 [intentionally left blank] 
 13.6 Effect of Expiration of this Agreement. Upon expiration of this Agreement: 
 (a) All amounts due or payable to a Party that were accrued, or that arise out of acts or events occurring, prior to the effective date of expiration shall remain due and payable; but (except as otherwise
expressly provided herein) no additional amounts shall be payable based on events occurring after the effective date of expiration. 
 (b) Each Party shall have the right to retain all amounts previously paid to such Party by the other Party. 
 (c) Neither Party shall be relieved of any obligation that accrued prior to the effective date of such termination. 
 (d) The license with respect to BMS Know-How granted under Section 2.1 shall remain in effect and shall be fully paid up. 
 13.7 Survival. The following provisions shall survive termination or expiration of this Agreement, as well as any other provision which by its terms or by the context thereof, is intended to
survive such termination: Article 1 (as applicable), Section 2.2(b)(vi), Article 5 (with respect to obligations arising prior to expiration or termination of this Agreement), Article 8 (with respect to obligations arising prior to expiration or
termination of this Agreement), Section 9.4, Section 9.5, Section 10.1, Section 10.4.4 (with respect to an action, suit or proceeding commenced prior to termination), Section 10.7, Article 11, Article 12 (with respect to
Losses and Claims arising from activities and breaches that take place prior to expiration or termination of this Agreement), this Section 13.7, Section 

  
 - 39 -

  
 13.8, Article 14 and
Article 15. Termination or expiration of this Agreement shall not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration nor preclude either Party from pursuing all
rights and remedies it may have hereunder or at law or in equity, subject to Section 14.2, with respect to any breach of this Agreement nor prejudice either Party’s right to obtain performance of any obligation. All other obligations shall
terminate upon expiration of this Agreement. 
 13.8 Bankruptcy. The Parties agree that in the event a Party becomes a
debtor under Title 11 of the U.S. Code (“Title 11”), this Agreement shall be deemed to be, for purposes of Section 365(n) of Title 11, a license to rights to “intellectual property” as defined therein. Each Party as a
licensee hereunder shall have the rights and elections as specified in Title 11. Any agreements supplemental hereto shall be deemed to be “agreements supplementary to” this Agreement for purposes of Section 365(n) of Title 11.

 ARTICLE 14 
 DISPUTE RESOLUTION; ARBITRATION 
 14.1 Resolution by Senior
Executives. Other than (i) determinations made by Independent Evaluators and certified accountants as provided in Sections 3.1 and 8.7, respectively; (ii) pursuit of equitable relief as provided in Section 14.2(g); and
(iii) a dispute governed by expedited arbitration in accordance with Section 14.3 below, in the event of any dispute between the Parties in connection with this Agreement, the construction hereof, or the rights, duties or liabilities of
either Party hereunder, the Parties shall first attempt in good faith to resolve such dispute by negotiation and consultation between themselves. In the event that such dispute is not resolved on an informal basis within ten (10) Business Days,
either Party may, by written notice to the other Party, refer the dispute to the Chief Executive Officer of Ambit and the President, Pharmaceutical Research Institute of BMS or other designated officer of BMS for attempted resolution by good faith
negotiation within thirty (30) days after such notice is received. 
 14.2 Arbitration. Other than
(i) determinations made by Independent Evaluators and certified accountants, as provided in Sections 3.1 and 8.7, respectively; (ii) pursuit of equitable relief as provided in Section 14.2(g); (iii) disputes regarding the
validity, scope or enforceability of intellectual property rights or regarding confidentiality obligations and (iv) expedited arbitration in accordance with Section 14.3 below, if any dispute between the Parties relating to or arising out
this Agreement cannot be resolved in accordance with Section 14.1, either Party may submit such dispute for resolution through binding arbitration as follows: 
 (a) A Party may submit such dispute to arbitration by notifying the other Party, in writing, of such dispute. Within thirty (30) days after receipt of such notice, the Parties shall designate in
writing a single arbitrator to resolve the dispute; provided, however, that if the Parties cannot agree on an arbitrator within such thirty (30) day period, the arbitrator shall be selected by the New York, NY office of the American
Arbitration Association (the “AAA”) or, if such office does not exist or is unable to make a selection, by the office of the AAA nearest to New York City. The arbitrator for any disputed breach under Section 13.2.5 related to
an alleged failure to use Commercially Reasonable Efforts as described in Section 13.2.3 shall be an individual with experience and expertise in the worldwide Development and Commercialization of pharmaceuticals and the business, legal and
scientific considerations related thereto. Otherwise, the arbitrator shall be a lawyer knowledgeable and experienced in the applicable Laws concerning the subject matter of the dispute. In any case the arbitrator shall not be an Affiliate, employee,
consultant, officer, director or stockholder of either Party, or otherwise have any current 

  
 - 40 -

 
or previous relationship with either Party or their respective Affiliates. The governing law in Section 15.7 shall govern any such proceedings. The language of the arbitration shall be
English. 
 (b) Within thirty (30) days after the designation of the arbitrator, the arbitrator and the Parties shall meet,
and each Party shall provide to the arbitrator a written summary of all disputed issues, such Party’s position on such disputed issues and such Party’s proposed ruling on the merits of each such issue. 

(c) The arbitrator shall set a date for a hearing, which shall be no later than thirty (30) days after the submission of written
proposals pursuant to Section 14.2(b), for the presentation of evidence and legal argument concerning each of the issues identified by the Parties. The Parties shall have the right to be represented by counsel. Except as provided herein, the
arbitration shall be governed by the Commercial Arbitration Rules of the AAA applicable at the time of the notice of arbitration pursuant to Section 14.2(a); provided, however, that the Federal Rules of Evidence shall apply with regard
to the admissibility of evidence in such hearing. 
 (d) The arbitrator shall use his or her best efforts to rule on each
disputed issue within thirty (30) days after completion of the hearing described in Section 14.2(c). The determination of the arbitrator as to the resolution of any dispute shall be binding and conclusive upon all Parties. All rulings of
the arbitrator shall be in writing and shall be delivered to the Parties except to the extent that the Commercial Arbitration Rules of the AAA provide otherwise. Nothing contained herein shall be construed to permit the arbitrator to award punitive,
exemplary or any similar damages. 
 (e) The (i) attorneys’ fees of the Parties in any arbitration, (ii) fees of
the arbitrator and (iii) costs and expenses of the arbitration shall be borne by the Parties in a proportion determined by the arbitrator. 
 (f) Any arbitration pursuant to this Section 14.2 shall be conducted in Denver, Colorado. Any arbitration award may be entered in and enforced by a court in accordance with Section 15.8.

 (g) Notwithstanding anything in this Article 14, each Party shall have the right to seek injunctive or other equitable relief
from a court of competent jurisdiction pursuant to Section 15.8 that may be necessary to avoid irreparable harm, maintain the status quo or preserve the subject matter of the arbitration, including any breach or threatened breach of
Section 11.1 or 13.4. 
 14.3 Expedited Arbitration. The Parties agree that it is important to be able to clarify
any disputes regarding Section 2.2 or Article 3 quickly. Accordingly, if: 
 (i) BMS disputes Ambit’s right to enter
into a License agreement based on (A) Ambit’s compliance with Article 3 or (B) whether a License agreement complies with Section 2.2; and such dispute is not expressly made subject to resolution by the Independent Evaluator by
the terms of Section 3.1; 
 (ii) there is an alleged breach of Article 3 by either Party; 

(iii) a Party alleges that the other Party has failed to act in good faith with respect to its performance under Article 3; or

 (iv) either Party disputes the finding of the Independent Evaluator pursuant to Section 3.1.2, provided that such
Party holds a good faith belief that the other Party acted in bad faith or engaged in 

  
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willful misconduct in the independent evaluation process or that the Independent Evaluator did not act in good faith, breached a fiduciary duty or engaged in willful misconduct; 

then the Parties shall resolve such dispute in accordance with this Section 14.3. 

Arbitration under this Section 14.3 shall be conducted in the same manner and subject to the same terms and conditions as
arbitration under Section 14.2, provided that: 
 (a) the Parties shall designate in writing a single arbitrator
within fifteen (15) days of written notice of the dispute; 
 (b) the arbitrator and the Parties shall meet, and each Party
shall provide to the arbitrator a written summary of all disputed issues, such Party’s position on such disputed issues and such Party’s proposed ruling on the merits of each such issue within fifteen (15) days after the designation
of the arbitrator; 
 (c) the arbitrator shall use his or her best efforts to rule on each disputed issue within fifteen
(15) days after completion of the hearing described in Section 14.2(c); 
 (d) the arbitrator shall select one of the
requested positions as his decision, and shall not have the authority to render any substantive decision other than to so select the position of either BMS or Ambit; and 
 (e) the Parties shall use good faith efforts to complete arbitration under this Section 14.3 within sixty (60) days following a request by any Party for such arbitration. 

14.4 In an arbitration procedure under Section 14.3, in the event that the arbitrator determines that BMS has failed to act in good
faith with respect to its performance under Section 3.1, the following shall apply: (a) the provisions of Section 3.1 shall terminate and (b) all other provisions of this Agreement shall remain in full force and effect. For
purposes of clarity, the foregoing shall be in addition to and shall in no way limit any ruling of the arbitrator in accordance with Section 14.3. 
 ARTICLE 15 
 MISCELLANEOUS 

15.1 Severability. If any one or more of the provisions of this Agreement is held to be invalid or unenforceable, the provision
shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such
that the objectives contemplated by the Parties when entering this Agreement may be realized. 
 15.2 Notices. Any notice
required or permitted to be given by this Agreement shall be in writing and shall be delivered by hand or overnight courier with tracking capabilities or mailed postage prepaid by first class, registered or certified mail addressed as set forth
below unless changed by notice so given: 
  

			
	If to Ambit:	    	Ambit Biosciences Corporation
		    	4215 Sorrento Valley Boulevard
		    	San Diego, California 92121
		    	Attention: Stephen Keane, Senior Vice President, Corporate Development

  
 - 42 -

			
		    	Telephone: 858-334-2147
		    	Facsimile: 858-334-2198
	With a copy to:	    	
		    	Ambit Biosciences Corporation
		    	4215 Sorrento Valley Boulevard
		    	San Diego, California 92121
		    	Attention: Kerry Kelly, Vice President, General Counsel
		    	Telephone: 858-334-2153
		    	Facsimile: 858-334-2198
		
		    	If to BMS:
		    	Bristol-Myers Squibb Company
		    	P.O. Box 4000
		    	Route 206 & Province Line Road
		    	Princeton, New Jersey 08543-4000
		    	Attention: Vice President, External Science, Technology and Licensing
		
		    	With a copy to:
		    	Bristol-Myers Squibb Company
		    	P.O. Box 4000
		    	Route 206 & Province Line Road
		    	Princeton, New Jersey 08543-4000
		    	Attention: Vice President and Senior Counsel, Corporate and Business Development

 Any such notice shall be deemed given on the date received. A Party may add, delete, or change the person or address to whom notices should be sent at any time upon written notice delivered to the
Party’s notices in accordance with this Section 15.2. 
 15.3 Force Majeure. Neither Party shall be liable for
delay or failure in the performance of any of its obligations hereunder if such delay or failure is due to causes beyond its reasonable control, including, without limitation, acts of God, fires, earthquakes, strikes and labor disputes, acts of war,
terrorism, civil unrest or intervention of any governmental authority (“Force Majeure”); provided, however, that the affected Party promptly notifies the other Party and further provided that the affected Party shall use its
commercially reasonable efforts to avoid or remove such causes of non-performance and to mitigate the effect of such occurrence, and shall continue performance with the utmost dispatch whenever such causes are removed. When such circumstances arise,
the Parties shall negotiate in good faith any modifications of the terms of this Agreement that may be necessary or appropriate in order to arrive at an equitable solution. 
 15.4 Assignment. 
 15.4.1 BMS may, without Ambit’s consent, assign or
transfer all of its rights and obligations hereunder, in connection with any transfer of all of the BMS Patent Rights and BMS Know-How, to any Affiliate of BMS or to any Third Party (including, without limitation, a successor in interest);
provided, however, that such assignee or transferee agrees in a writing provided to Ambit to be bound by the terms of this Agreement. 

  
 - 43 -

  
 15.4.2 Upon thirty
(30) days advance written notice to BMS and subject to BMS’ approval, such approval not to be unreasonably withheld, delayed or conditioned, Ambit may assign or transfer all of its rights and obligations hereunder to any Third Party,
provided however, that, (i) Ambit’s rights and obligations under this Agreement shall be assumed by the Third Party assignee, (ii) such assignment includes, without limitation, all Approvals and all rights and obligations under
this Agreement, (iii) such Third Party shall have agreed prior to such assignment or transfer to be bound by the terms of this Agreement in a writing provided to BMS, and (iv) Ambit remains responsible for the performance of this
Agreement. 
 15.4.3 Notwithstanding the provisions of Section 15.4.2 above, Ambit may assign or transfer all of its rights
and obligations hereunder without such consent to an Affiliate of Ambit or to a successor in interest by reason of merger, consolidation or sale of all or substantially all of the assets of Ambit, provided however, that (i) Ambit’s
rights and obligations under this Agreement shall be assumed by its successor in interest and shall not be transferred separate from all or substantially all of its other pharmaceutical related business assets (as distinct from Ambit’s contract
profiling services business), (ii) such assignment includes, without limitation, all Approvals and all rights and obligations under this Agreement, (iii) such successor in interest or Affiliate shall have agreed prior to such assignment or
transfer to be bound by the terms of this Agreement in a writing provided to BMS, and (iv) where this Agreement is assigned or transferred to an Affiliate, Ambit remains responsible for the performance of this Agreement. 

15.4.4 Subject to the foregoing, this Agreement shall inure to the benefit of and be binding on the Parties’ successors and assigns.
Any assignment or transfer in violation of the foregoing shall be null and void and wholly invalid, the assignee or transferee in any such assignment or transfer shall acquire no rights whatsoever, and the non-assigning non-transferring Party shall
not recognize, nor shall it be required to recognize, such assignment or transfer. 
 15.5 Further Assurances. Each Party
agrees to do and perform all such further acts and things and shall execute and deliver such other agreements, certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry out the intent and
accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder. 
 15.6 Waivers
and Modifications. The failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof shall not be deemed to be a waiver of any
other breach of such provision or any other provision on such occasion or any succeeding occasion. No waiver, modification, release or amendment of any obligation under or provision of this Agreement shall be valid or effective unless in writing and
signed by all Parties hereto. 
 15.7 Choice of Law. This Agreement shall be governed by, enforced, and shall be
construed in accordance with the laws of the State of Delaware without regard to its conflicts of law provisions. 
 15.8
Jurisdiction. 
 15.8.1 Any suit, action or other proceeding relating to a dispute regarding the validity, scope or
enforceability of intellectual property rights or regarding confidentiality obligations shall not be subject to the provisions of this Section 15.8.1 and Section 15.8.2. Unless the Parties otherwise agree in writing, each Party, for the
purpose of enforcing an award under Section 14.2 or for seeking injunctive or other equitable relief as permitted under Section 14.2(g), hereby irrevocably submits to the exclusive jurisdiction of (i) the Supreme Court of the State of
New York, New York County or the Supreme Court or Chancery Court of the State of Delaware (each a “State Court”), and (ii) the United States District 

  
 - 44 -

 
Court for the Southern District of New York or the U.S. District Court for the District of Delaware (each a “District Court”), for the purposes of any suit, action or other
proceeding arising out of this Agreement or out of any transaction contemplated hereby. Each party agrees to commence any such action, suit or proceeding either in a District Court or if such suit, action or other proceeding may not be brought in
such court for jurisdictional reasons, in a State Court. 
 Each party further agrees that service of any process, summons,
notice or document by personal delivery, by registered mail, or by a recognized international express delivery service to such Party’s respective address set forth above shall be effective service of process for any action, suit or proceeding
in the applicable District Court or State Court with respect to any matters to which it has submitted to jurisdiction in this Section. Each party irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
proceeding arising out of this Agreement or the transactions contemplated hereby in the applicable District Court or State Court, and hereby and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 15.8.2
Each Party hereto hereby waives to the fullest extent permitted by applicable Laws, any right it may have to a trial by jury in respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each Party
hereto (i) certifies that no representative, agent or attorney of the other Party has represented, expressly or otherwise, that such other Party would not, in the event of litigation, seek to enforce that foregoing waiver and
(ii) acknowledges that it and the other Party hereto have been induced to enter into this Agreement, as applicable, by, among other things, the mutual waivers and certifications in this Section 15.8. 

15.9 Publicity. Ambit shall have the right to issue a press release, and BMS will have the right to make a separate public
disclosure, regarding the execution of this Agreement, the License and Profiling Services Agreement and the Amended and Restated License Agreement in substantially the form of the press release attached to the License and Profiling Services
Agreement. Each Party agrees not to issue any other press release or public statement disclosing the existence of this Agreement or any other information relating to this Agreement or the transactions contemplated hereby without the prior written
consent of the other Party, provided, however, that any disclosure which is required by applicable Laws or the rules of a securities exchange, as reasonably advised by the disclosing Party’s counsel, may be made subject to the following.
The Parties agree that any such required disclosure will not contain confidential business or technical information and, if disclosure of confidential business or technical information is required by applicable Laws, the Parties will use appropriate
diligent efforts to minimize such disclosure and obtain confidential treatment for any such information which is disclosed to a governmental agency. Each Party agrees to provide to the other Party a copy of any public announcement regarding this
Agreement or the subject matter thereof as soon as reasonably practicable under the circumstances prior to its scheduled release. Except under extraordinary circumstances, each Party shall provide the other with an advance copy of any such
announcement at least five (5) business days prior to its scheduled release. Each Party shall have the right to expeditiously review and recommend changes to any such announcement and, except as otherwise required by applicable Laws, the Party
whose announcement has been reviewed shall remove any Confidential Information of the reviewing Party that the reviewing Party reasonably deems to be inappropriate for disclosure. The contents of any announcement or similar publicity which has been
reviewed and approved by the reviewing Party, including the press release attached to the Collaboration and Profiling Services Agreement, can be re-released by either Party without a requirement for re-approval. Nothing in this Section 15.9
shall be construed to prohibit Ambit or its Affiliates or Sublicensees from making a public announcement or disclosure regarding the stage of development of Licensed Products in Ambit’s (or its Affiliates’ or Sublicensees’) product
pipeline or disclosing clinical trial results regarding such License Products, or as may be required by applicable Laws 

  
 - 45 -

 
or the rules of a securities exchange as reasonably advised by Ambit’s (or its Affiliates’ or Sublicensees’) counsel. 

15.10 Relationship of the Parties. Each Party is an independent contractor under this Agreement. Nothing contained herein is
intended or is to be construed so as to constitute BMS and Ambit as partners, agents or joint venturers. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other
Party or to bind the other Party to any contract, agreement or undertaking with any Third Party. 
 15.11 Headings.
Headings and captions are for convenience only and are not be used in the interpretation of this Agreement. 
 15.12 Entire
Agreement. This Agreement (including all Appendices attached hereto, which are incorporated herein by reference), together with the License and Profiling Services Agreement and the Amended and Restated License Agreement (i) sets forth all
of the covenants, promises, agreements, warranties, representations, conditions and understandings between the Parties hereto, (ii) constitutes and contains the complete, final and exclusive understanding and agreement of the Parties with
respect to the subject matter herein and (iii) cancels, supersedes and terminates all prior agreements and understanding between the Parties with respect to the subject matter hereof. For the avoidance of doubt, the confidentiality agreement
entered into by BMS and Ambit on [...***...] (the “Confidentiality Agreement”) shall remain in effect with respect to all Confidential Information (as that term is defined in the Confidentiality Agreement)
disclosed by the Parties that does not pertain to the subject matter of this Agreement. All Confidential Information (as that term is defined in the Confidentiality Agreement) pertaining to the subject matter of this Agreement disclosed to BMS by
Ambit under the Confidentiality Agreement shall be considered Confidential Information (as that term is defined in this Agreement) of Ambit disclosed under this Agreement and shall be subject to the terms and conditions of this Agreement; and all
Confidential Information (as that term is defined in the Confidentiality Agreement) pertaining to the subject matter of this Agreement disclosed to Ambit by BMS under the Confidentiality Agreement shall be considered Confidential Information (as
that term is defined in this Agreement) of BMS disclosed under this Agreement and shall be subject to the terms and conditions of this Agreement. There are no covenants, promises, agreements, warranties, representations, conditions or
understandings, whether oral or written, between the Parties other than as set forth herein, or in the License and Profiling Services Agreement and the Amended and Restated License Agreement. No subsequent alteration, amendment, change or addition
to this Agreement shall be binding upon the Parties hereto unless reduced to writing and signed by the respective authorized officers of the Parties. For clarification, the Collaboration and Profiling Services Agreement entered into December 9,
2005 between the Parties remains in full force and effect and is not amended or modified by, or subject to, this Agreement. 

15.13 Counterparts. This Agreement may be executed in counter-parts with the same effect as if both Parties had signed the same
document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 
 15.14 Nonsolicitation. During the [...***...] period following the Effective Date, each Party agrees that neither it nor any of its Affiliates shall knowingly recruit,
solicit or induce, directly or indirectly, any employee of the other Party or any of its Affiliates directly involved in the research or Development activities with respect to Licensed Compounds to terminate his or her employment with the other
Party or such Affiliate and become employed by or consult for such Party or any of its Affiliates. For purposes of the foregoing, “recruit”, “solicit” or “induce” shall not be deemed to mean (i) circumstances where
an employee of a Party or any of its Affiliates initiates contact with the other Party or any of its Affiliates with regard to possible employment, or (ii) general solicitations of employment not

  

***Confidential Treatment Requested 

  
 - 46 -

 
specifically targeted at employees of the other Party or any of its Affiliates, including responses to general advertisements. 

15.15 Exports. Ambit agrees not to export or re-export, directly or indirectly, any information, technical data, the direct
product of such data, samples or equipment received or generated under this Agreement in violation of any applicable export control Laws. 
 15.16 Interpretation. 
 15.16.1 Each of the Parties acknowledges and agrees
that this Agreement has been diligently reviewed by and negotiated by and between them, that in such negotiations each of them has been represented by competent counsel and that the final agreement contained herein, including the language whereby it
has been expressed, represents the joint efforts of the Parties hereto and their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party hereto as being responsible for the wording
or drafting of this Agreement or any such provision, and ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision. 

15.16.2 The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “any” shall mean “any and all” unless otherwise clearly indicated by context. 

15.16.3 Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or
therein), (b) any reference to any Laws herein shall be construed as referring to such Laws as from time to time enacted, repealed or amended, (c) any reference herein to any person shall be construed to include the person’s
successors and assigns, (d) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, and
(e) all references herein to Articles, Sections or Appendices, unless otherwise specifically provided, shall be construed to refer to Articles, Sections (including any sub-Sections as applicable) and Appendices of this Agreement. 

* * * 

[signature page follows] 

  
 - 47 -

  
 IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed by their respective duly authorized officers. 
  

			
	AMBIT BIOSCIENCES CORPORATION
		
	By:	 	 /s/ Scott Salka

		 	(Signature)
		
	Name:	 	 Scott Salka

		
	Title:	 	  

	
	BRISTOL-MYERS SQUIBB COMPANY
		
	By:	 	 /s/ Graham R. Brazier

		 	(Signature)
		
	Name:	 	 Graham R. Brazier

		
	Title:	 	 Vice President & Head of Business

		 	 Development

  
 - 48 -

  
 Appendix 1

 Part I 
 BMS Core Patent Rights 
  

													
	 DOCKET NO
	 	 COUNTRY
	 	 STATUS
	 	 FILING
DATE
	 	 FILING NUMBER
	 	 GRANT
DATE
	 	 GRANT
NUMBER

	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]

  

***Confidential Treatment Requested 

  
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 Part II

 BMS Other Patent Rights 
  

													
	 DOCKET NO
	 	 COUNTRY
	 	 STATUS
	 	 FILING

DATE
	 	 FILING NUMBER
	 	 GRANT

DATE
	 	 GRANT

NUMBER

	 [...***...]
	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]	 	[...***...]

  

***Confidential Treatment Requested 

  
 - 50 -

  
 Appendix 2

 Outline of Development Plan as of Effective Date 
 [...***...] 

  

***Confidential Treatment Requested 

  
 - 51 -

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