Document:

EX-10.5

 Exhibit 10.5 

ZS PHARMA, INC. 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into between ZS Pharma, Inc., a Delaware corporation (“ZS
Pharma”), and Mark Asbury (“Employee”). In consideration of the premises and the following mutual terms and conditions, ZS Pharma and Employee agree as follows: 

1. Employment At Will. Employee is employed by ZS Pharma as an employee at will. Nothing in ZS Pharma’s policies is
intended to create a promise or representation of continued employment or employment for a fixed period of time. Similarly, no wage increase, promotion, length of service, oral promise by any person, or any other aspect of the employment
relationship that may arise shall change the ability of either ZS Pharma or Employee to terminate the employment relationship at will. 

2. Title, Duties and Compensation. 

(a) Title. Employee shall initially have the title of Senior Vice President and General Counsel of ZS Pharma. Such title
may be changed from time to time by ZS Pharma. 
 (b) Duties. Employee shall perform and discharge well and faithfully
for ZS Pharma Employee’s duties and responsibilities as an employee of ZS Pharma, including such management activities as are assigned to Employee from time to time in connection with the business of ZS Pharma and its Affiliates. Employee shall
perform his or her duties at all times as directed. Employee shall commit all or substantially all of Employee’s business time, energies, attention and skill on a full-time basis to the business and operations of ZS Pharma and its Affiliates.

 (c) Compensation. As full compensation for all services to be rendered by Employee to ZS Pharma, Employee shall
receive the following compensation and benefits: 
 (1) Base Salary. Employee shall receive cash compensation in the
amount of $13,750 per pay period ($330,000 if annualized), which shall be paid to Employee in regular intervals in accordance with ZS Pharma’s customary payroll schedules for salaried employees (“Base Salary”). The Base Salary payable
to Employee may be increased by the Board of Directors (or the Compensation Committee of the Board of Directors) in its sole discretion. 

(2) Annual Bonus. With respect to each fiscal year that ends during the Term, Employee shall be eligible to receive an
annual cash bonus opportunity equal to an amount up to thirty percent of Employee’s annualized Base Salary (“Annual Bonus”), based upon individual and ZS Pharma annual performance targets (“Performance Targets”) established
by mutual agreement of Employee and the Board of Directors (taking into account the recommendation of the Compensation Committee); provided, that if Employee and the Board of Directors 

 
cannot mutually agree on the Performance Targets for any fiscal year, the Performance Targets for such fiscal year shall be as determined by the Board of Directors in its sole discretion. The
amount of the Annual Bonus, if any, shall be based upon Employee’s and ZS Pharma’s attainment of the Performance Targets as determined by the Board of Directors (or the Compensation Committee of the Board of Directors) in its sole
discretion. If target Performance Target levels are not attained with respect to a given year, the Annual Bonus shall be payable with respect to such year in an amount, if any, as determined by the Board of Directors (or the Compensation Committee
of the Board of Directors) in its sole discretion. Each such Annual Bonus shall be payable on such date as is determined by the Board of Directors in its sole discretion, but in any event on or prior to March 15 immediately following the fiscal
year with respect to which such Annual Bonus relates. Notwithstanding any other provision of this Section 2, a bonus shall be payable with respect to a fiscal year if Employee earns such bonus and is employed by ZS Pharma on December 31 of
the applicable fiscal year, whether or not Employee remains employed with ZS Pharma on the applicable bonus payment date. 

(3) Stock Options. Subject to approval of the Compensation Committee, Employee shall be granted options to purchase
85,000 shares of ZS Pharma’s common stock (the “Stock Options”) pursuant to the Equity Plan. The exercise price of the Stock Options will be equal to the fair market value of the common stock (as determined under the Equity Plan) on
the date of grant, June 30, 2014. At the end of the first 12-month period following the Effective Date, 25% of the Stock Options shall vest and may be exercised. The remaining 75% of the Stock Options shall vest and may be exercised in equal
monthly installments over the 13th month to the 48th month following the Effective Date. 
 (4) Welfare and Fringe
Benefits. Employee shall be entitled to participate in, and ZS Pharma will reimburse Employee for the premiums, expenses and charges (if any) for Employee’s share of, any medical, dental, vision and term life benefits available from time to
time to other officers of ZS Pharma under the terms and conditions of such plans or programs. ZS Pharma shall make those reimbursement payments to Employee during the term of his or her employment and within thirty (30) days after receiving
Employee’s statement for such premiums, expenses and charges, along with reasonable supporting documentation. 
 (5)
Vacation. Employee shall receive twenty days of paid time off per year (“Vacation”), to be taken at such times and intervals as shall be mutually determined by Employee and ZS Pharma. At the end of each year, any unused Vacation
shall be forfeited, 
 (d) Certain Excise Taxes. Notwithstanding anything to the contrary in this Agreement, if
Employee is a ‘disqualified individual’ (as defined in Section 280G(c) of the Code), and the payments and benefits provided for under this Agreement, together with any other payments and benefits which Employee has the right to
receive 

 
from ZS Pharma or any of its Affiliates, would constitute a ‘parachute payment’ (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for under
this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by Employee from ZS Pharma and its Affiliates will be one dollar ($1.00) less than three times Employee’s
“base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by Employee shall be subject to the excise tax imposed by Section 4999 of the Code or (b) paid in
full, whichever produces the better net after-tax position to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if
applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and
continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing any benefit to be provided in kind hereunder in a similar order. The determination as to whether any such reduction in the
amount of the payments and benefits provided hereunder is necessary shall be made by ZS Pharma in good faith. If a reduced payment or benefit is made or provided and through error or otherwise that payment or benefit, when aggregated with other
payments and benefits from ZS Pharma (or its Affiliates) used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times Employee’s base amount, then Employee shall immediately repay such excess to ZS Pharma
upon notification that an overpayment has been made. Nothing in this Section 2(d) shall require ZS Pharma (or any of its Affiliates) to be responsible for, or have any liability or obligation with respect to, Employee’s excise tax
liabilities under Section 4999 of the Code. 
 3. Termination. 

(a) Termination by ZS Pharma or Employee. Except as provided in Section 7, Employee may terminate his or her
employment voluntarily at any time, with or without Good Reason, and ZS Pharma may terminate Employee’s employment at any time, with or without Cause. In the event that Employee or ZS Pharma terminates the employment relationship, the party
initiating the termination shall provide the other party with Notice of Termination. 
 (b) Termination upon Death. If
Employee dies at a time when Employee is employed by ZS Pharma, both this Agreement and Employee’s employment shall terminate as of the date of Employee’s death. 

 4. Compensation Upon Termination. 

(a) By ZS Pharma Without Cause Or By Employee With Good Reason. If Employee’s employment is terminated by ZS Pharma
without Cause or by Employee for Good Reason, ZS Pharma will provide compensation and benefits to Employee on the following terms: 

(1) Base Salary. As soon as practicable (or otherwise as required by law) following the Termination Date, ZS Pharma will
pay Employee’s Base Salary earned through the Termination Date at the rate in effect on the date Notice of Termination is given. 

(2) Severance Pay. As soon as practicable, but no later than ten days following the Termination Date, ZS Pharma will
provide Employee with a release of claims in a form satisfactory to ZS Pharma. On the first business day following the expiration of the sixty-five day period following the occurrence of the Termination Date, so long as Employee has timely executed
and returned the release of claims without revocation, ZS Pharma will provide a lump sum payment of severance pay to Employee in an amount equal to twelve months of Employee’s Base Salary at the rate in effect on the date Notice of Termination
is given (the “Severance Pay”). 
 (3) Welfare and Fringe Benefits. At the time of payment of the Severance
Pay and subject to Employee’s execution and return of the release described above, ZS Pharma will also pay Employee, in lieu of the level of coverage for Employee and his or her dependents under ZS Pharma’s welfare and fringe benefit plans
that applied during the period of active employment, an amount equal to the product of (i) twenty-four times (ii) the amount that was paid by, allocated to, or otherwise attributed to ZS Pharma as its employer premium contribution with
respect to Employee and his or her dependents, if any, under ZS Pharma’s welfare and fringe benefit plans during the month immediately preceding the month in which Employee’s termination occurred. 

(4) Stock Options. As of the Termination Date on which Employee is terminated by ZS Pharma without Cause or his or her
employment is terminated by Employee with Good Reason, Employee’s Stock Options will become fully vested and exercisable for 180 days, and, for the avoidance of doubt, any employment termination by Employee with Good Reason will be deemed a
termination by ZS Pharma without Cause under the terms of the Equity Plan under which the Stock Options were granted. To the extent that the provisions of this subsection are inconsistent with the provisions of Employee’s Option Agreements,
Employee and ZS Pharma hereby amend those Option Agreements to include the provisions of this subsection, which supersede any inconsistent provisions of the Option Agreements. 

(b) Upon Other Termination of Employment. If Employee’s employment is terminated by ZS Pharma for Cause, by
Employee without Good Reason, or because of death, ZS Pharma will pay Employee’s Base Salary earned through his or her last day of employment and provide benefits under Employee’s Stock Options and welfare and fringe benefit plans in
accordance with the respective terms of those plans. 

 5. Confidentiality; Restrictive Covenants. 

(a) Confidentiality. 

(1) Confidential Information. Employee recognizes and acknowledges that the Confidential Information, as it may exist
from time to time, is a valuable, special, and unique asset of ZS Pharma, the knowledge and use of which provides ZS Pharma with a competitive advantage over its competitors. Employee desires to obtain ZS Pharma’s Confidential Information to
aid in the effective performance of Employee’s duties as an employee of ZS Pharma. Accordingly, from the Effective Date, and until the tenth (10th) anniversary of such date or during the
period during which Employee is employed by ZS Pharma, Employee shall hold in strict confidence and shall not, directly or indirectly, disclose or reveal to any person, or use for Employee’s own personal benefit or for the benefit of anyone
else, any Confidential Information of any kind, nature, or description (whether or not acquired, learned, obtained, or developed by Employee alone or in conjunction with others) belonging to or concerning ZS Pharma or its affiliates, agents, or
employees, or any of its development or commercial partners, customers, distributors, licensees, suppliers, or others with whom ZS Pharma, or its affiliates, agents, or employees, now or hereafter have a business relationship, except (a) with
the prior written consent of an authorized representative of ZS Pharma. Employee acknowledges that the unauthorized use or disclosure of Confidential Information would be detrimental to ZS Pharma and would reasonably be anticipated to materially
impair ZS Pharma’s value. 
 (2) Non-Disclosure of Third Party Confidential Information. Employee will not,
during the course of Employee’s employment with ZS Pharma, breach any other agreement obligating Employee to keep in confidence any Confidential Information acquired by Employee in confidence or in trust prior to beginning employment with ZS
Pharma. Employee further will not disclose to ZS Pharma or any of its affiliates, agents, or employees, or induce ZS Pharma or any of its affiliates, agents, or employees to use in any unauthorized manner, any Confidential Information belonging to
any third party acquired by Employee in confidence or in confidence or in trust from such third party. Employee represents that Employee either (a) is under no contractual obligation to a third party due to having executed a restrictive
covenant or confidentiality or non-competition agreement, or (b) has provided ZS Pharma with a copy of any such covenant or agreement for review by ZS Pharma prior to beginning employment with ZS Pharma, which copy is attached to this Agreement
as Exhibit A. 
 (3) Return of Confidential Information and Other Documents. Employee agrees to promptly
deliver to ZS Pharma, upon termination of Employee’s employment with ZS Pharma, or at any other time when ZS Pharma so requests, all Confidential Information and any derivations, summaries, memoranda, notes, records, drawings, manuals, and
other documents (and all 

 
copies thereof and therefrom) in any way relating to the business or affairs of ZS Pharma or any of its development or commercial partners, customers, distributors, licensees, or suppliers,
whether made or compiled by Employee or furnished to Employee by ZS Pharma or any of its affiliates, agents, employees, consultants, customers, development or commercial partners, distributors, licensees, or suppliers, that Employee has received or
generated. Employee confirms that all such derivations, summaries, memoranda, notes, records, drawings, manuals, and other documents (and all copies thereof and therefrom) constitute the exclusive property of ZS Pharma. 

(4) Subpoena or Court Order. In the event Employee becomes aware of any proceeding that might result in becoming
legally compelled (by deposition, interrogatory, request for documents, subpoena, court order, or similar process) to disclose any Confidential Information, Employee shall promptly notify ZS Pharma of such proceeding so that ZS Pharma may seek a
protective order or other appropriate remedy or waive compliance with the terms of this Agreement with respect to such Confidential Information. In the event that Employee becomes legally compelled to disclose any Confidential Information and such
protective order or other remedy is not obtained, or that ZS Pharma waives compliance with the provisions hereof, Employee agrees to disclose only that portion of the Confidential Information that Employee is legally required to disclose. 

(b) Non-Competition and Non-Solicitation. 

(1) During the time which Employee is employed by ZS Pharma (the “Employment Period”) and for a period of six
(6) months thereafter, Employee shall not, directly or indirectly: (i) own, engage in, conduct, manage, operate, participate in, be employed by, be connected in any manner whatsoever with, or render services or advice to (whether for
compensation or without compensation), any other person or business entity which, in the reasonable judgment of ZS Pharma, significantly and directly competes with a product being developed or commercialized by ZS Pharma, or (ii) knowingly
recruit or otherwise solicit or induce any employee of ZS Pharma to terminate his or her engagement with, or otherwise cease his or her relationship with, ZS Pharma in order to join any person or entity which, in the sole judgment of ZS Pharma,
competes with a product being developed or commercialized by ZS Pharma. 
 (2) The obligations set forth in paragraphs
5(b)(1) above shall not restrict Employee’s right to invest in the securities (not to exceed 1% of the outstanding securities of any class) of any publicly-held or privately-held corporation in the management of which Employee does not
participate. 
 (3) The restrictions set forth in paragraphs 5(b)(1) are considered by the parties to this Agreement to be
reasonable for the purposes of protecting the Business of ZS Pharma. However, if any such restriction is found by any court of competent jurisdiction to be unfair because it extends for too long a period of time or over too great a range of
activities or in too broad of a geographic area, it shall be interpreted to extend only over the maximum period of time, range or activities or geographic area to which it may be enforceable. 

 (c) Intellectual Property. 

(I) Employee shall promptly disclose to ZS Pharma all ideas, inventions, discoveries, processes, designs, methods, substances,
articles, computer programs, derivative works, and improvements, whether or not patentable or copyrightable (all of the foregoing being hereinafter collectively called “Intellectual Property”), that Employee conceives, invents, discovers,
creates, or develops, alone or with others, during the period of Employee’s employment by ZS Pharma, if such conception, invention, discovery, creation, or development: (i) occurs in the course of Employee’s employment with ZS Pharma;
(ii) occurs with the use of ZS Pharma’s or any of its affiliates’, agents’, or employees’ time, materials, or facilities; or (iii) could reasonably be considered to relate or pertain in any way to ZS Pharma’s or
any of its affiliates’, agents’, or employees’ present or anticipated purposes, activities, or affairs. 
 (2)
Employee agrees to assign and hereby irrevocably assigns to ZS Pharma, and its successors, assigns, or designees, all of Employee’s right, title, and interest in and to all Intellectual Property that Employee is obligated to disclose to ZS
Pharma pursuant to Section 6(a) and Employee acknowledges and agrees that all such Intellectual Property is the exclusive property of ZS Pharma. Employee further acknowledges and agrees that any and all works of authorship including, without
limitation, copyrights in any creation, modification, or enhancement of any software or computer program, produced in the course of Employee’s work for or employment by ZS Pharma, solely or with others, are works made for hire and constitute
the sole property of ZS Pharma. Employee agrees to assign and hereby irrevocably assigns to ZS Pharma, and its successors, assigns or designees, all of Employee’s right, title, and interest in and to such works of authorship. Employee hereby
irrevocably relinquishes and forever waives for the benefit of ZS Pharma any moral rights (defined as either any right to claim authorship of a work or any right to object to any distortion or other modification of a work, or any similar right
existing under the law of any country in the world or under any international agreement) in any work of authorship. 
 (3)
Employee shall assist ZS Pharma in the preparation of and shall execute and deliver all disclosures, applications for patents or reissue of patents, rights of priority, assignments, and other documents, give all testimony, and in general undertake
all lawful and reasonable actions requested by ZS Pharma to obtain, maintain, and enforce United States and foreign patents and to obtain, maintain, and enforce on behalf of ZS Pharma or its designee legal title and all rights in and to all
Intellectual Property referred to in the preceding provisions of this Section 5(c). 
 (4) Employee shall prepare and
maintain adequate and current written records of all Intellectual Property within the scope of Sections 5(c)(1) through 5(c)(3) in the form of notes, sketches, drawings, memoranda, or reports, all of which shall be promptly submitted by Employee to
ZS Pharma and shall be owned exclusively by ZS Pharma. 

 (5) Employee shall perform Employee’s obligations under this
Section 5(c) at ZS Pharma’s expense, without any additional compensation other than that which Employee receives by reason of Employee’s employment with ZS Pharma, or pursuant to a separate agreement between ZS Pharma and Employee, if
any, of ZS Pharma that may be in effect from time to time. 
 (6) If ZS Pharma or its designee is unable for any reason
whatsoever to obtain Employee’s signature to any documents that Employee is required or may be required by ZS Pharma to sign pursuant to this Section 5(c), Employee hereby irrevocably designates and appoints ZS Pharma as Employee’s
agent and attorney-in-fact and hereby grants to ZS Pharma a power of attorney (in each case with full power of substitution) to act for and on behalf of Employee and in Employee’s stead to execute, deliver, and file all such documents
(including, without limitation, all applications for United States and foreign patents or for the reissue of such patents) and to do all other lawful acts that Employee is required or may be required by ZS Pharma to do pursuant to this
Section 5(c). 
 (d) ZS Pharma shall be entitled to all lawful remedies available to it for the enforcement of the
covenants contained in this Section 5 and such provisions may be enforced by an action, suit or proceeding (a “Proceeding”) in any court of competent jurisdiction. In addition, Employee acknowledges and agrees that the provisions of
Section 5 shall constitute separate covenants which shall be enforceable during and after the time Employee is employed by ZS Pharma. Without limiting the generality of the foregoing, each of the parties hereto acknowledges and agrees that the
other party hereto would be irreparably damaged if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party hereto shall be entitled to
preliminary and permanent injunctive relief to prevent breaches of the provisions of this Agreement by the other party hereto without the necessity of proving actual damages or of posting any bond, and to enforce specifically the terms and
provisions hereof, which rights shall be cumulative and in addition to any other remedy to which a party hereto may be entitled hereunder or at law or equity. 

(e) The covenants contained in Section 5 will be construed as independent of any other provisions of this Agreement, and
the existence of any claim or cause of action of Employee against ZS Pharma or any officer, manager or equity owner of ZS Pharma, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by ZS Pharma of
the covenants of Employee contained in this Section 5. 

 6. Code Section 409A. Despite any other provisions of this Agreement to the contrary,
any Deferred Compensation payments otherwise due under this Agreement will be paid in accordance with this Section. 

(a) Post-Termination Payment Suspension. If as of the date his or her employment terminates, Employee is a
“specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) and ZS Pharma has stock that is publicly traded on an established securities market or otherwise, any Deferred Compensation payments otherwise payable
because of employment termination will be suspended until the first day of the seventh month following the month in which the Termination Date occurs (of, if earlier, Employee’s date of death), and the Deferred Compensation payments in the
seventh month (or, if earlier, Employee’s date of death) will include all previously suspended amounts. 
 (b)
Interpretation. This Agreement shall be interpreted and applied in a manner consistent with the standards for nonqualified deferred compensation plans established by Code Section 409A and its interpretive regulations and other regulatory
guidance. To the extent that any terms of this Agreement would subject Employee to gross income inclusion, interest, or additional tax pursuant to Code Section 409A, those terms are to that extent superseded by, and shall be adjusted to the
minimum extent necessary to satisfy or be excluded from coverage by, the applicable Code Section 409A standards. 

(c) Reimbursement. To the extent any payment hereunder is deemed a reimbursement that is subject to Code
Section 409A, (i) in no event shall any reimbursement payment be made later than the close of the taxable year following the taxable year in which the reimbursable expense (or similar charge) was incurred, and (ii) the right to
reimbursement shall not be subject to liquidation or exchange for another benefit. 
 7. Obligation To Remain an
Employee. In the event any other corporation, person or group of persons acting in concert begins a tender or exchange offer, circulates a proxy to shareholders or takes other steps known to Employee to effect a Change in Control, Employee
agrees to remain an employee of ZS Pharma and to devote his or her best efforts to render full-time services to ZS Pharma commensurate with Employee’s position, until the earliest of the following: (a) such other corporation, person or
group has abandoned or terminated efforts to effect a Change in Control; (b) a Change in Control has occurred; or (c) this Agreement has been terminated. 

8. Notices. For purposes of this Agreement, notices and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered personally, mailed by United States certified mail, return receipt requested, postage prepaid, or sent by prepaid express mail, addressed as follows: 

If to ZS Pharma: 
 ZS Pharma, Inc.

 508 Wrangler Drive 
 Suite
100 
 Coppell, Texas 75019 

Attn.: Corporate Secretary 

 If to Employee: 

Mark Asbury 
 1320 Cortez Avenue

 Burlingame, California 94010 
 Either party
may change the address to which notices are to be sent by written notice to the other party. Notice of change in notice address shall be effective only upon receipt by the other party. 

9. Successors; Binding Agreement. 

(a) ZS Pharma will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all
or substantially all of the business and/or assets of ZS Pharma expressly to assume and agree to perform this Agreement in the same manner and to the same extent that ZS Pharma would be required to perform it if no such succession had taken place.

 (b) This Agreement shall inure to the benefit of and be enforceable by Employee’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. 
 10. Legal Actions. 

(a) This agreement shall be governed by the laws of the State of Texas excluding any conflicts or choice of law rule or
principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 

(b) In the event any legal action is brought at any time to resolve a dispute under or in connection with this Agreement, ZS
Pharma shall reimburse Employee, on a current basis, for all legal fees and expenses, if any, incurred by Employee in connection with such action. ZS Pharma shall make those reimbursement payments to Employee within thirty (30) days after
receiving Employee’s statement for such fees and expenses, along with reasonable supporting documentation. In the event, however, that ZS Pharma is the prevailing party in the action under circumstances that permit the court to award
attorney’s fees to ZS Pharma, Employee shall reimburse ZS Pharma for all sums advanced to Employee pursuant to this Section. 
 11.
Miscellaneous. 
 (a) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 (b) No
waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions at the same or
at any subsequent time. No agreement or representations, oral or otherwise, express or implied, with respect to the subject matter of this Agreement have been made by either party which are not set forth expressly in this Agreement. 

(c) In no event shall Employee be obligated to seek other employment or take any other action by way of mitigation of the
amounts payable to Employee under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not Employee obtains other employment. 

 12. Effective Date and Expiration. This Agreement becomes effective as of
the Effective Date and will expire immediately following the date on which Employee’s employment with ZS Pharma is terminated by ZS Pharma, by Employee, or by reason of Employee’s death. Expiration of this Agreement shall not reduce or
eliminate the rights and duties that Employee and ZS Pharma have accrued before expiration. 
 13. Definitions. The
following definitions shall be applicable to and govern the interpretation of this Agreement: 
 (a) “Affiliate”
means any entity that is a member, along with ZS Pharma, Inc., of a controlled group of corporations or a group of other trades or businesses under common control, within the meaning of Code Section 414(b) or (c). 

(b) “ZS Pharma” means ZS Pharma, Inc., an Affiliate, and any successor to the business or assets of ZS Pharma, Inc.
that executes and delivers the agreement provided for in Section 9(a) of this Agreement or which otherwise becomes bound by all of the tennis and provisions of this Agreement by the operation of law. 

(c) “Board of Directors” means the Board of Directors of ZS Pharma. 

(d) “Cause” means, with respect to termination of Employee’s employment by ZS Pharma, one or more of the
following occurrences, as determined by the Board of Directors: (i) Employee’s willful and continued failure to perform substantially the duties of Employee’s position or to follow lawful instructions of a senior executive or the
Board of Directors, if such failure continues for a period of five days after ZS Pharma delivers to Employee a written notice identifying such failure; (ii) Employee’s conviction of a felony or of another crime that reflects adversely on ZS
Pharma; (iii) Employee’s engaging in fraudulent or dishonest conduct, gross misconduct that is injurious to ZS Pharma, or any misconduct that involves moral turpitude; (iv) Employee’s material breach of his or her obligations under this
Agreement or under Employee Nondisclosure and Noncompete Agreement between Employee and ZS Pharma; (v) alcohol or substance abuse that has impaired or could reasonably be expected to impair the ability of Employee to perform his or her duties to ZS
Pharma; (vi) failure to comply with ZS Pharma’s policies in any material respect, including those regarding harassment or discrimination in employment; or (vii) excessive absenteeism, willful or persistent neglect of, or abandonment of
Employee’s duties, which has not been cured after reasonable notice from ZS Pharma. For any of the stated occurrences to constitute “Cause” under this Agreement, the Board of Directors must find that the stated act or omission
occurred, by a resolution duly adopted by the affirmative vote of at least three-quarters of the entire membership of the Board of 

 
Directors, after giving reasonable notice to Employee and an opportunity for Employee, together with Employee’s counsel, to be heard before the Board of Directors. 

(e) “Change in Control” has the meaning given such term in the Equity Plan. 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Confidential Information” means any and all financial, commercial, business, technical, engineering, or other
information in written, oral, visual, or electronic form concerning the business and affairs of ZS Pharma and its affiliates, agents, and employees, including without limitation (i) information derived from reports, investigations, experiments,
research, and work in progress, (ii) drawings, designs, plans, and proposals, (iii) manufacturing methods, (iv) proprietary computer programs and codes, (v) marketing and sales data, plans, and proposals, (vi) customer,
distributor, licensee, and supplier lists and any other information about ZS Pharma’s relationships with others, (vii) historical financial information and financial projections, and (viii) all other concepts, ideas, materials, and
information prepared or provided by or for ZS Pharma. The term “Confidential Information” does not include information that: (a) was or is made available to Employee without restriction by a third party who has the right to disclose
such information to Employee; (b) was known to or independently developed by Employee prior to beginning employment by ZS Pharma, as evidenced by corroborating, dated written documentation created prior to beginning employment by ZS Pharma; or
(c) becomes public through no breach of this Agreement by Employee. In any action, suite, or other legal or administrative proceeding involving an alleged breach of this Agreement, Employee will bear the burden of proving that the relevant
information falls within one of these excluded categories. 
 (h) “Deferred Compensation” means compensation
provided under a nonqualified deferred compensation plan as defined in, and subject to, Code Section 409A. 
 (i)
“Effective Date” means July 1, 2014. 
 (j) “Equity Plan” means ZS Pharma’s equity incentive or
stock option plan in effective as of the grant date of an award of Stock Options. 
 (k) “Good Reason” means, with
respect to the termination of employment by Employee, one or more of the following occurrences: (i) a material adverse change in the nature or scope of Employee’s responsibilities; (ii) a reduction in Employee’s salary rate or
target bonus; (iii) a reduction of ten percent (10%) or more in the aggregate benefits provided to Employee and his or her dependents under ZS Pharma’s employee benefit plans; (iv) relocation of Employee at ZS Pharma’s
request further than twenty-five (25) miles from Employee’s current location; or (v) failure by ZS Pharma to obtain the assumption agreement from any successor as contemplated in Section 9(a). Notwithstanding the foregoing, any
assertion by Employee of a termination of employment or service for Good Reason shall not be effective unless all 

 
of the following requirements are satisfied: (1) the condition described in clause (i), (ii), (iii) or (iv) above giving rise to Employee’s termination of employment or
service must have arisen without Employee’s consent; (2) Employee must provide written notice to the Company of such condition in accordance with Section 8 within 30 days of the initial existence of the condition; (3) the
condition specified in such notice must remain uncorrected for 30 days after receipt of such notice by the Company (“cure period”); and (4) Employee’s termination of employment or service must occur within 30 days after the end
of the cure period. If Employee does not provide the notice described in clause (2) above, or if the Company corrects the event during the cure period as described in clause (3) above, or Employee does not terminate employment or service
as described in clause (4) above, then the event shall not constitute Good Reason. 
 (1) “Notice of
Termination” means a written notice, from the party initiating Employee’s employment termination to the other party, specifying whether the termination is covered by the provisions of Section 4(a) or (b) and the facts and
circumstances claimed to provide the basis for termination. 
 (m) “Option Agreement” means any agreement or other
instrument evidencing a grant or award of Stock Options under an Equity Plan. 
 (n) “Termination Date” means the
date on which Employee’s employment with ZS Pharma is terminated (i) pursuant to Employee’s Notice of Termination to ZS Pharma, (ii) ZS Pharma’s Notice of Termination to Employee, or (iii) by reason of Employee’s
death. 
 [Signature Page Follows] 

 ZS Pharma, by its duly authorized officers, and Employee have caused to be executed and executed,
respectively, this Agreement as of the Effective Date. 
  

									
	ZS PHARMA, INC.				EMPLOYEE
					
	By:		 /s/ Robert Alexander
				By:		 /s/ Mark Asbury

	Name:		Robert Alexander						Mark Asbury
	Title:		Chief Executive OfficerEX-10.1

 Exhibit 10.1 

RESOLUTE ENERGY CORPORATION 

FORM OF 
 STOCK OPTION
AGREEMENT 
 (Incentive Stock Option) 

This Stock Option Agreement (Incentive (this “Agreement”) between RESOLUTE ENERGY CORPORATION (the
“Corporation”) and                     (“Participant”) is dated as of
                    (the “Date of Grant”). 

RECITALS 
 A. The
Corporation has adopted the Resolute Energy Corporation 2009 Performance Incentive Plan, as amended (the “Plan”); 
 B. The
Plan provides for the granting of incentive awards to eligible persons as determined by the Administrator; and 
 C. The Administrator has
determined that Participant is a person eligible to receive an incentive stock option award under the Plan and has determined that it would be in the best interests of the Corporation to grant the award provided for herein. 

AGREEMENT 
 1. Grant of Option. 

(a) Grant. The Corporation hereby grants to Participant a stock option to purchase [number written in text]
(            ) shares of the Corporation’s common stock (the “Common Stock”) at an exercise price of
$            per share (the “Exercise Price”), subject to the terms and conditions of the Plan and this Agreement (the “Option”). The Option is
intended to be an incentive stock option within the meaning of Section 422 of the Code and accordingly the Exercise Price is intended to be no less than the Fair Market Value of the Common Stock on the Date of Grant. The Option is effective
as of the Date of Grant. 
 (b) Plan Incorporated. Participant acknowledges receipt of a copy of the Plan, and agrees that, except as
contemplated by Section 15 below, this Option shall be subject to all of the terms and conditions set forth in the Plan, including future amendments thereto, if any, pursuant to the terms thereof, which Plan is incorporated herein by reference
as a part of this Agreement. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. 
 2. Vesting;
Exercisability. Unless sooner vested in accordance with this Agreement, the Option shall vest and become exercisable in installments in accordance with the following schedule, provided Participant remains continuously employed by or providing
services to the Corporation from the Date of Grant through the vesting dates indicated below (each a “Vesting Date”): 

			
	 Vesting Date
	  	Portion of Option
Vesting on the
Applicable Vesting
Date
		  	
		  	
		  	

 Vesting shall be cumulative, so that once any portion of the Option becomes vested and exercisable, it shall
continue to be vested and exercisable in whole or in part, as elected by Participant from time to time, until the Option expires in accordance with Sections 4 or 5 below, as applicable. If the Participant is employed by a Subsidiary of the
Corporation, any references in this Agreement to employment with the Corporation shall instead be deemed to refer to employment with such Subsidiary. 
 3.
Exercise of Option. 
 (a) Procedure for Exercise. If electing to exercise this Option as to all or a part of the shares
covered by this Option, Participant shall give written notice to the Corporation of such election and of the number of shares he or she has elected to purchase, in such form as the Administrator shall have prescribed or approved, and shall, at the
time of exercise, tender the full purchase price for shares and make arrangements satisfactory to the Administrator with respect to any withholding taxes required to be paid in connection with such exercise. Participant may pay the purchase price
using any of the following methods, or a combination thereof: 
  

	 	(i)	by certified or official bank check payable to the Corporation (or the equivalent thereof acceptable to the Administrator); 

  

	 	(ii)	as permitted by the Administrator, by delivery of previously-acquired shares of Common Stock owned by Participant having a Fair Market Value (determined as of the Option exercise date) equal to the portion of the
exercise price being paid thereby; 

  

	 	(iv)	as permitted by the Administrator, on a net-settlement basis with the Corporation withholding the amount of Common Stock sufficient to cover the exercise price and tax withholding obligation; and/or 

 

	 	(v)	as permitted by the Administrator, by delivery to the Corporation of a written assignment of a sufficient amount of the proceeds from the sale of Common Stock to be acquired pursuant to the exercise of the Option to pay
for all of the Common Stock to be acquired pursuant to the Option (along with applicable tax withholdings) and an authorization to the broker or selling agent to pay that amount to the Corporation and to effect such sale at the time of exercise.

  
 2 

 (b) Issuance of Shares. Upon exercise of the Option, the Corporation shall transfer the
purchased shares to Participant electronically, or, if so requested by Participant, by delivering a properly executed stock certificate for the shares in his name. 

4. Expiration of Option;. The Option shall expire at 11:59 P.M. E.T. on
            ,         202     (the “Expiration Date”), or, if earlier, following termination of
Participant’s employment as provided in Section 5. 
 5. Termination of Employment 

(a) Termination for Cause. Upon termination of Participant’s employment or service with the Corporation and its Subsidiaries by
the Corporation or its Subsidiaries for “cause,” any portion of this Option that is outstanding as of the date of such termination of employment or service (whether vested and exercisable or not) shall terminate upon the date of such
termination of employment or service. The term “cause” shall have the meaning ascribed to such term in the Participant’s employment contract, or if none, “cause” shall be determined in good faith by the Administrator. 

(b) Termination upon Death or Disability. Upon termination of Participant’s employment or service with the Corporation and its
Subsidiaries as a result of death or Disability (as defined below), the portion of this Option that is outstanding and vested and exercisable as of the date of such termination of employment or service shall remain exercisable for a period of one
(1) year from the date of termination of employment or service and shall terminate thereafter. Any portion of this Option which is not vested and exercisable as of the date of such termination of employment or service shall terminate upon the
date of such termination of employment or service. “Disability” for purposes of this Agreement, shall mean that Participant is unable to perform the essential positions of his or her position with the Corporation (without reasonable
accommodation) for a consecutive period of 180 days by reason of any medically determinable physical or mental impairment. 
 (c)
Termination other than for Cause, Death or Disability. Upon termination of Participant’s employment or service with the Corporation and its Subsidiaries for any reason not set forth in subsections (a) or (b), the portion of this
Option that is outstanding and vested and exercisable as of the date of termination of employment or service shall remain exercisable for a period of ninety (90) days from the date of termination of employment or service and shall terminate
thereafter. Any portion of this Option which is not vested and exercisable as of the date of such termination of employment or service shall terminate upon the date of such termination of employment or service. 

(d) Death Following Termination of Employment. In the event Participant dies after terminating employment or service but prior to the
expiration of the applicable post-termination exercise period described in subsection (b) or (c) above, then Participant’s beneficiary(ies) designated pursuant to Section 9 below shall be entitled to exercise the then-outstanding
portion of the Option for a period of one (1) year following the date of death. 

  
 3 

 (e) [FOR CEO, PRESIDENT AND CFO ONLY] Qualifying Retirement. Notwithstanding
the retirement of the Participant, any portion of this Option that remains unvested as of such retirement date shall not terminate, but shall continue to vest and shall remain outstanding as if the Participant continued to be employed by the
Corporation, unless the Administrator reasonably determines that the retirement was not a Qualifying Retirement. The Participant hereby acknowledges that the Option will cease to be an incentive stock option if not exercised within three months
following the Participant’s retirement. “Qualifying Retirement” means retirement by the Participant after the Participant has (1) attained the age of 65, (2) completed at least five years of employment with the
Corporation or its predecessor entities, and (3) remains in compliance with the terms of any non-compete agreement between the Corporation and the Participant in place at the time of Participant’s retirement. In the event that
subsequent to the date of the Participant’s retirement, he breaches the terms of any such non-compete agreement and fails to cure such breach within 60 days following written notice, then any portion of this Option that remains outstanding at
such time shall be forfeited as of the end of such cure period. The Participant agrees that he shall give the Corporation a minimum of six months advanced written notice of any retirement, except where circumstances do not permit such notice in
which case Participant shall give the maximum amount of advanced notice reasonably practicable. 
 (f) No Extension Beyond Expiration
Date. Notwithstanding anything above to the contrary, neither Participant nor any person claiming under or through Participant shall be permitted to exercise any portion of the Option after the Expiration Date. 

6. Change of Control Event. The provisions of Section 7.3 of the Plan shall apply upon the occurrence of a Change in Control Event. 

7. Tax Withholding Obligations. The Corporation’s obligation to issue Common Stock pursuant to the exercise of this Option shall be subject to the
requirement that Participant make appropriate arrangements with the Corporation to provide for payment of all applicable tax withholdings. Participant may elect to satisfy such tax withholdings obligations through one or a combination of the
following: (A) to pay such withholdings to the Corporation in cash, (B) to have such withholdings deducted from his or her regular pay, or (C) if permitted by the Administrator, to have the Corporation withhold from shares otherwise
issuable to Participant, shares having an aggregate Fair Market Value equal to the minimum amount required to be withheld or such lesser amount as may be elected by Participant; provided however, that the amount of stock so withheld shall not result
in an accounting charge to the Corporation. All fractional shares shall be settled in cash. All elections shall be subject to the approval or disapproval of the Administrator. The value of shares withheld shall be based on the Fair Market Value of
the stock on the date that the amount of tax to be withheld is to be determined (the “Tax Date”). Any election to have shares withheld for this purpose will be subject to the following restrictions: 

 

	 	(i)	All elections must be made prior to the Tax Date; 

  

	 	(ii)	All elections shall be irrevocable; and 

  

	 	(iii)	 If Participant is an officer or director of the Corporation within the 

  
 4 

	 	
meaning of Section 16 of the Exchange Act (“Section 16”), Participant must satisfy the requirements of such Section 16 and any applicable rules thereunder with respect
to the use of stock to satisfy such tax withholding obligation. 

 8. Transferability. Except as set forth below, this Option may not
be transferred except by will or pursuant to the laws of descent and distribution and shall be exercisable during Participant’ life only by the Participant, or in the event of Disability or incapacity, by Participant’s guardian or legal
representative. 
 9. Beneficiaries. Participant may file with the Administrator a written designation of a beneficiary on such form as may be
prescribed by the Administrator and may, from time to time, amend or revoke such designation. If no designated beneficiary survives Participant, upon his death this Option may be exercised only by the executor or administrator of his or her estate
or by a person who shall have acquired the right to such exercise by will or by the laws of descent and distribution. No transfer of this Option by will or the laws of descent and distribution shall be effective to bind the Corporation unless the
Administrator shall have been furnished with written notice thereof and with a copy of the will and/or such evidence as the Administrator may deem necessary to establish the validity of the transfer and an agreement by the transferee to comply with
all the terms and conditions of the Agreement that are or would have been applicable to Participant and to be bound by the acknowledgments made by Participant in connection with the grant of this Option. 

10. No Rights as Stockholder Prior to Exercise. Neither Participant nor his transferee shall have rights as a stockholder with respect to any shares
covered by this Option until the date the shares are transferred electronically or the stock certificate is issued evidencing ownership of the shares. Except as otherwise provided in the Plan, no adjustments shall be made for dividends (ordinary or
extraordinary), whether in cash, securities or other property, or distributions or other rights, for which the record date is prior to the date the shares are transferred electronically or the stock certificate is issued. 

11. Authority of Administrator. In making any decisions or taking any actions with respect to the matters covered by this Agreement, the Administrator
shall have all of the authority and discretion, and shall be subject to all of the protections, provided for in the Plan. All decisions and actions by the Administrator with respect to this Agreement shall be made in the Administrator’s
discretion and shall be final and binding on the Participant. 
 12. No Right to Continued Employment. The Participant acknowledges and agrees that,
notwithstanding the fact that the vesting of the Option is contingent upon his or her continued employment by the Corporation, this Agreement does not constitute an express or implied promise of continued employment or confer upon the Participant
any rights with respect to continued employment by the Corporation. 
 13. Binding Effect. This Agreement shall bind Participant and the Corporation
and their beneficiaries, survivors, executors, administrators and transferees. 

  
 5 

 14. Amendment. The Corporation may modify, amend or waive the terms of this award, prospectively or
retroactively, but no such modification, amendment or waiver shall impair the rights of Participant without his or her consent, except as required by applicable law, NYSE or stock exchange rules, tax rules or accounting rules. Prior to the
effectiveness of any modification, amendment or waiver required by tax or accounting rules, the Corporation will provide notice to Participant and the opportunity for Participant to consult with the Corporation regarding such modification, amendment
or waiver. The waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this
Agreement. 
 15. Conflicts and Interpretation. In the event of any conflict between this Agreement and the Plan, this Agreement shall control. In
the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Administrator has the power, among others, to
(i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. 

16. Compliance with Securities Laws. 

(a) No Corporation Obligation. The Corporation shall be under no obligation to effect a registration pursuant to the Securities
Act of any shares of Common Stock to be issued hereunder or to effect similar compliance under any other applicable laws. Notwithstanding anything herein to the contrary, the Corporation shall not be obligated to cause to be issued or delivered any
shares of Common Stock unless and until the Corporation is advised by its counsel that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities and the requirements of any
securities exchange on which shares of Common Stock are traded. The Administrator may require, as a condition of the issuance and delivery of shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such agreements
and representations, and that such certificates bear such legends, as the Administrator, in its sole discretion, deems necessary or desirable. 

(b) Transfer of Shares Subject to Compliance with Laws. The transfer of any shares of Common Stock hereunder shall be effective
only at such time as counsel to the Corporation shall have determined that the issuance and delivery of such shares is in compliance with all applicable laws, regulations of governmental authorities and the requirements of any securities exchange on
which shares of Common Stock are traded. The Administrator may, in its sole discretion, defer the effectiveness of any transfer of shares of Common Stock hereunder in order to allow the issuance of such shares to be made pursuant to registration or
an exemption from registration or other methods for compliance available under federal or state securities laws. The Administrator shall inform Participant in writing of its decision to defer the effectiveness of a transfer. During the period of
such deferral in connection with the exercise of this Option, Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

18. Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard
to conflict of law principles thereunder. 

  
 6 

 19. Participant’s Acknowledgments. The Participant acknowledges that he or she has read this
Agreement, has received and read the Plan and the Prospectus captioned Resolute Energy Corporation 2009 Performance Incentive Plan (“Information”), and understands the terms and conditions of this Agreement, the Plan and the
Information. 
 20. Section 409A. This Option is intended to be exempt from Code Section 409A as an incentive stock option within the
meaning of Section 422 of the Code or as an exempt stock right as described in the Treasury Regulations issued under Code Section 409A, and shall be interpreted accordingly. 

[Signature Page Follows.] 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Stock Option Agreement (Incentive) as of the
date first written above. 
  

			
	RESOLUTE ENERGY CORPORATION
		
	By:		  

	Name:
	Title:
	
	PARTICIPANT:
	
	  

 [Signature Page to Stock Option Agreement (Incentive Stock Option)]

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