Document:

Exhibit 10.3

 

Compensation of Brigitte Rousseau

 

	Annual Base Salary: 	 	$148,000, subject to increase at the discretion of the Board of Directors.
	 	 	 
	Bonus:	 	Ms. Rousseau is entitled to receive one or more bonuses, subject to the discretion of the Board of Directors.EX-10.1(d)

 Exhibit 10. 1(d) 

AMENDMENT NUMBER ONE TO TERMINATION AGREEMENT AND 

TO MANUFACTURING AND SUPPLY AGREEMENT 

This Amendment Number One to Termination Agreement and to Manufacturing and Supply Agreement (this “Amendment Number One”) is
entered into as of the 2nd day of November, 2015 (the “Amendment Number One Effective Date”) by and between AstraZeneca AB (publ), a Swedish corporation with corporate identity no. 556011-7482 and a place of business at 431
83 Mölndal, Sweden (“AstraZeneca”) and Ardelyx, Inc., a Delaware corporation having its principal place of business at 34175 Ardenwood Boulevard, Fremont, California, United States of America 94555
(“Ardelyx”). Ardelyx and AstraZeneca are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

RECITALS 
 Whereas,
AstraZeneca and Ardelyx are parties to that certain Termination Agreement dated as of June 2, 2015 (the “Termination Agreement”); 

Whereas, AstraZeneca and Ardelyx are parties to that certain Manufacturing and Supply Agreement dated as of July 8, 2015 (the
“MSA”); 
 Whereas, Exhibit A attached to the MSA amended Sections 1(a)-(d) of Exhibit A attached to the
Termination Agreement; and 
 Whereas, the Parties desire to further amend Exhibit A attached to the MSA and to amend certain terms
and conditions of the Termination Agreement and the MSA in the manner set forth in this Amendment Number One. 
 Now, Therefore, in
consideration of the foregoing and the mutual agreements set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1. CAPITALIZED TERMS 

Capitalized terms not defined in this Amendment Number One shall have the meaning assigned in the Termination Agreement, in the MSA, or in the
Quality Assurance Agreement entered into between the Parties on July 8, 2015 (the “QAA”). 
 ARTICLE 2. AMENDMENTS
TO THE MSA 
 2.1 Section (b) of Exhibit A. Section (b) of Exhibit A attached to the MSA shall be deleted in its
entirety and replaced with the following: 

 “b. AstraZeneca shall complete the production of 220,000/50mg tenapanor tablets and shall
deliver the tablets to Ardelyx, or its designee on or before December 15, 2015. The tablets may be delivered under quarantine. Unless the tablets are delivered under quarantine, the delivery of the tablets will be accompanied by delivery to
Ardelyx or its designee of fully executed Certificates of Analysis; Certificates of Compliance; BSE/TSE statements and a list of any significant deviations. If the tablets are delivered under quarantine, AstraZeneca shall complete all work necessary
to (i) release the tablets and to provide fully executed Certificates of Analysis; Certificates of Compliance; BSE/TSE statements and a list of any significant deviations by February 15, 2016, or (ii) determine that the tablets may
not be released from quarantine. If the tablets are not released from quarantine on or before February 15, 2016, Ardelyx may elect to return the tablets to AstraZeneca at AstraZeneca’s cost. 

Section (c) of Exhibit A. Section (c) of Exhibit A attached to the MSA shall be deleted in its entirety and replaced with the
following: 
 “c. By December 31st 2015, AstraZeneca shall release to Ardelyx
all remaining drug substance being stored at Irix, and all such drug substance shall be shipped to the location designated in writing by Ardelyx. The shipment of such material shall be accompanied by delivery to Ardelyx or its designee of fully
executed Certificates of Analysis; Certificates of Compliance and BSE/TSE statements.” 
 2.2 Section (d) of Exhibit A.
Section (d) of Exhibit A attached to the MSA shall be revised to delete the language highlighted below: 
  

									
	 Compound
	  	 Amount
	  	 Location
	  	 Comments
	  	 GMP status

	Tenapanor free base (C4b)	  	65.4 kg	  	AZ-Macclesfield	  		  	GMP
	Tenapanor free base (C4b)	  	198 kg	  	Siegfried	  	To be converted to HCl salt	  	GMP

 * The estimated yield from the conversion of the free base to the Tenapanor HCl salt at Siegfried is approximately 160kg. 

2.3 New Section (e) to Exhibit A. The following new Section (e) shall be added to Exhibit A attached to the MSA: 

“e. On or before the tenth (10th) day following the effective date of this
Amendment Number One, AstraZeneca shall ship to Dottikon, Switzerland, (i) 198 kgs of tenapanor free base from Campaign 4b currently stored at Siegfried, and (ii) 65.4 kgs of tenanapor free base from Campaign 4b currently stored at
AZ-Macclesfield (collectively (i) and (ii) the “C4b Free Base”). AstraZeneca will ship the C4b Free Base to Dottikon, Switzerland in a manner that is consistent with AstraZeneca’s standard operating procedures for the
packaging and shipment of cGMP material. AstraZeneca shall retain title and risk of loss for the C4b Free Base until it has been delivered to 

 
Dottikon. Concurrent with the receipt of the C4b Free Base by Dottikon, the ownership of and title to the C4b Free Base shall transfer from AstraZeneca to Ardelyx. Ardelyx shall bear all cost and
risk of loss associated with the conversion of the C4b Free Base into the salt form, and AstraZeneca shall have no further responsibility for the C4b Free Base following its receipt by Dottikon. 

ARTICLE 3. AMENDMENTS TO THE TERMINATION AGREEMENT 

3.1 Section 4.1(a). Section 4.1(a) of the Termination Agreement shall be deleted in its entirety and replaced with the
following: 
 “(a) AstraZeneca will supply to Ardelyx and Ardelyx will purchase from AstraZeneca, those quantities of Lead Licensed
Product, Lead Licensed Compounds, drug substance, and additional materials described in Section 1(a)-(e) of Exhibit A attached to the MSA (the “Clinical Trial Material” or “CTM”).” 

3.2 Section 4.1(c). Section 4.1(c) of the Termination Agreement shall be deleted in its entirely and replaced with the
following: 
 “(c) In consideration of the delivery of the CTM, Ardelyx shall pay AstraZeneca a transfer price of eight million U.S.
dollars (U.S. $8,000,000) (the “CTM Transfer Price”), provided, that, such obligation shall be subject to and conditioned upon the following. Within fifteen (15) days following the Amendment Number One Effective Date, Ardelyx shall
pay AstraZeneca six million U.S. dollars (U.S. $6,000,000). Further, AstraZeneca may invoice Ardelyx for two million U.S. dollars (U.S. $2,000,000), promptly after the release and delivery of all of the CTM described in Sections 1(b) and 1(c) of the
Exhibit A to the MSA and Ardelyx shall pay such invoice within thirty (30) days of receipt thereof; provided, that, if the CTM described in Section 1(b) is released to Ardelyx under quarantine, AstraZeneca may not invoice Ardelyx for the
two million U.S. dollars (U.S. $2,000,000) unless and until such CTM is released from quarantine. 
 ARTICLE 4. ADDITIONAL PROVISIONS
RELATING TO C4B FREE BASE 
 The Parties acknowledge that prior to the Amendment Number One Effective Date, AstraZeneca engaged
Siegfried to conduct certain activities relating to the C4b Free Base, and Siegfried has performed some activities, but not the GMP manufacture of the hydrochloride salt from free base by spray drying. AstraZeneca shall remain solely responsible to
Siegfried for all costs and expenses associated with the work conducted by Siegfried prior to the Amendment Number One Effective Date, including, without limitation, any costs or expenses associated with the repair or replacement of any equipment
utilized by Siegfried in the conduct of such activities. After the Amendment Number One Effective Date, Ardelyx may engage Siegfried to conduct certain activities associated with the C4b Free Base, and Ardelyx shall be solely responsible for all
risks, costs and expenses associated with such work, without limitation. 

 ARTICLE 5. MISCELLANEOUS 

5.1 Governing Law. This Amendment Number One shall be governed by and interpreted under the laws of the State of Delaware, without
giving effect to any conflict of law provision that would otherwise result in the application of the laws of any State or jurisdiction other than the State of Delaware. 

5.2 Entire Agreement. This Amendment Number One, together with the Termination Agreement and the MSA, as expressly modified by this
Amendment Number One, constitutes the entire agreement between the Parties with respect to the subject matter of this Amendment Number One. There are no covenants, promises, agreements, warranties, representations, conditions, or understandings
between the Parties with respect to the subject matter of this Amendment Number One, other than as set forth in this Amendment Number One, and the Termination Agreement and MSA, as expressly modified by this Amendment Number One. No subsequent
alteration, amendment, change or addition to this Amendment Number One shall be binding upon the Parties unless reduced to writing and signed by the respective authorized officers of the Parties. 

5.3 Counterparts. This Amendment One 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. 
 [SIGNATURE PAGE FOLLOWS] 

 In Witness Whereof, the Parties have executed this Amendment Number One in duplicate
originals by their proper officers as of the date first written above. 
  

					
	 Ardelyx, Inc.
  

By: /s/ Michael Raab
  

Title: President and CEO
	 	 	  	 AstraZeneca AB (publ)
  

By: /s/ Mats Berglund
  

Title: Vice PresidentEX-10.21

 Exhibit 10.21 
  

 
  

			
		  	34175 Ardenwood Blvd
		  	Fremont, CA 94555
		  	(510) 745-1700 – Tele
		  	(510) 745-0493 – Fax
		  	www.ardelyx.com

 December 12, 2015 
 Paul
Korner, MD, MBA 
 809 Winnebago Drive 
 Franklin Lakes, NJ
07417 
 Dear Paul: 
 On behalf of Ardelyx (the
“Company”), I am pleased to offer you employment in the exempt position of Executive Vice President and Chief Medical Officer reporting to the Chief Executive Officer. This letter sets out the terms of Ardelyx’s offer of employment,
which is contingent upon the completion of reference checks to Ardelyx’s satisfaction. If you accept this offer, you will be required to execute the Company’s standard form of employee non-disclosure and assignment of inventions agreement.
In addition, you and the Company will enter into a Change in Control Severance Agreement that will further define some of the provisions set forth in this offer letter (the “Severance Agreement”). 

Your first day of full time employment with Ardelyx will be January 4, 2015. Your full time starting base salary will be $16,666.66 semi-monthly, which
is equivalent to $400,000.00 per year, less applicable tax and other withholdings in accordance with the Company’s normal payroll procedure. You will also be eligible to receive an annual bonus of up to forty percent (40%) of your base
salary, with the amount of the bonus determined by the Board of Directors based on your performance as well as the performance of the Company. You will first become eligible for consideration for an annual bonus based upon your performance and that
of the Company during calendar year 2016. 
 In addition, you will receive a signing bonus equal to $130,000 to be paid in full on or before your fifth day
of employment. This signing bonus will be subject to the terms and conditions of the Severance Agreement, which shall provide for your reimbursement of the applicable portion of the signing bonus to the Company in the event that you terminate your
employment with the Company without good reason or the Company terminates your employment for cause, in either case, on or before the first anniversary of your commencement of employment (one hundred percent (100%) to be reimbursed) or during
the period between the first and second anniversaries of the commencement of your employment (fifty percent (50%) to be reimbursed). Ardelyx will reimburse up to $150,000 in moving expenses, and such amount will be paid in a lump sum (grossed
up for applicable withholding) within thirty (30) days following notice by you to the Company that you have initiated your relocation to the Bay Area; which shall occur within two years of the commencement of your employment. 

On your first day of employment, you will be granted an option to purchase shares of Company common stock under the Company’s equity incentive plan which
stock option shall have an accounting grant date fair value of $1.5 million. Your option will be exercisable at per share exercise price equal to the fair market value of Ardelyx stock on your option grant date. Your option will vest over a period
of 4 years, with 25% of the shares vesting at the end of your first year of employment, and the remainder vesting monthly over the following three years, and will be subject to the terms and conditions of the Company’s equity incentive plan and
standard form of stock option agreement, which you will be required to sign as a condition of receiving the option. 

 In addition, on your first day of employment, you will be granted a Restricted Stock Unit (RSU) for such number
of shares as is equal to $1 million in full value on the date of grant. The RSU will vest over four years in four equal installments on the annual anniversary of the date of grant, and will be subject to the terms and conditions of the
Company’s equity incentive plan and standard form of full value award, which you will be required to sign as a condition of receiving the RSU. 
 You
will be eligible to participate in various Company equity and benefit plans, including group health insurance, 401(k), and the Employee Stock Purchase Plan. You will earn three weeks of vacation each year. 

If this offer of employment is accepted, your employment with the Company will be “at will.” This means it is for no specified term and may be
terminated by you or the Company at any time, with our without cause or advance notice. In addition, the Company reserves the right to modify your compensation, position, duties or reporting relationship to meet business needs and to decide on
appropriate discipline. The Severance Agreement will provide, subject to the terms and conditions thereof, for (i) nine month salary continuation and the payment of healthcare continuation costs for twelves months, if you terminate your
employment for good reason or you are terminated without cause, in either case, outside of a change of control period, and (ii) a lump sum payment equal to 100% of the sum of your base salary and your target annual bonus for the year of
termination; the payment of healthcare continuation costs for 12 months; and the vesting of 100% of your unvested stock options or RSUs, if you terminate your employment for good reason or you are terminated without cause, in either case during a
change of control period. 
 In the event of any dispute or claim relating to or arising out of your employment relationship with the Company, this
agreement, or the termination of your employment with the Company for any reason (including, but not limited to, any claims of breach of contract, defamation, wrongful termination or age, sex, sexual orientation, race, color, national origin,
ancestry, marital status, religious creed, physical or mental disability or medical condition or other discrimination, retaliation or harassment), you and the Company agree that all such disputes shall be fully resolved by confidential, binding
arbitration conducted by a single arbitrator through the American Arbitration Association (“AAA”) under the AAA’s National Rules for the Resolution of Employment Disputes then in effect, which are available online at the AAA’s
website at www.adr.org. You and the Company hereby waive your respective rights to have any such disputes or claims tried before a judge or jury. 
 Please
sign and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement and return it to me prior to or on 5:00pm EST, December 18, 2015, at which time this offer shall expire 

Paul, it has been a real pleasure meeting you and all of us here at Ardelyx concur that you are an excellent fit with our team, and we look forward to working
with you at Ardelyx. 
  

	
	 Sincerely,
  

Ardelyx, Inc.

	
	 By /s/ Michael Raab
  

    President and Chief Executive Officer

 I agree to and accept employment with Ardelyx on the terms and conditions set forth in this agreement. I
understand and agree that my employment with the Company is at-will. 
  

					
	Date: 12 Dec 2015	 		 	 /s/ Paul Korner

		 		 	Paul Korner, MD, MBA
			
	Tentative Start Date: 4 January 2016

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