Document:

EX-10.1

 Exhibit 10.1 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has
been requested with respect to the omitted portions. 
 AMENDED AND RESTATED INTELLECTUAL PROPERTY 

LICENSE AND ASSIGNMENT AGREEMENT 

This Amended and Restated Intellectual Property License and Assignment Agreement (this “ Restated Agreement”) dated as of
November 23, 2009 (the “Amendment Date”) is entered into by and between Relypsa, Inc., a Delaware corporation, having a place of business at 5301 Patrick Henry Drive, Santa Clara, CA 95054 (“Relypsa”) and
Ilypsa, Inc., a Delaware corporation and a wholly-owned subsidiary of Amgen Inc., having a place of business at One Amgen Center Drive, Thousand Oaks, CA 91320 (“Ilypsa”). 

RECITALS 
 WHEREAS, Ilypsa was
acquired by Amgen Inc. (“Amgen”) on July 18, 2007, and each of Amgen, as sole stockholder of Ilypsa, and the board of directors of Ilypsa, approved the transfer to Relypsa of certain tangible and intangible assets relating to
Ilypsa’s polymer therapeutics programs designated ILY102, ILY103, ILY105 and ILY105A in exchange for certain equity securities of Relypsa as set forth in the Exchange Agreement and certain rights in such programs, as further provided herein;
and 
 WHEREAS, Ilypsa assigned to Relypsa certain patents and patent applications relating to such research programs (the “Assigned
Patent Rights” as defined below) and licensed to Relypsa certain intellectual property, pursuant to that certain Intellectual Property License and Assignment Agreement (the “Original Agreement”) dated as of October 26,
2007 (the “Effective Date”), as amended by that Amendment No.1 effective as of August 21, 2008; and 
 WHEREAS,
Relypsa and Ilypsa now desire to amend and restate the Original Agreement in the manner provided in this Restated Agreement and, in connection therewith and as a condition precedent thereto, to enter into: (i) that certain Series A Convertible
Preferred Stock Issuance Agreement, (ii) an Amended and Restated Voting Agreement, and (iii) Amendment No. 4 to Ilypsa’s Investor Rights Agreement (which, together with certain other ancillary documents executed in connection
with such transaction, collectively constitute the “Related Agreements”). 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties agree as follows: 

  
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	1.	DEFINITIONS 

  

	 	1.1	“Affiliate” means with respect to any specified Person, a Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified
Person; provided, however, that for purposes of this Restated Agreement, no member of either Group shall be deemed to be an Affiliate of any member of the other Group. 

 

	 	1.2	“Amgen” means Amgen Inc., a Delaware corporation. 

  

	 	1.3	“Assigned Patent Rights” means, collectively: (a) the patent applications listed on Exhibits A(i) through A(iii) hereto; (b) all patent applications filed on an invention described in an invention
disclosure listed on Exhibit B hereto; (c) all divisions, continuations (other than continuations-in-part), substitutions and patents of addition of any of the preceding; and (d) all patents and/or registrations that issue from any of the
foregoing patent applications including any reissues, re-examination certificates, confirmations, extensions, substitutions, renewals and supplementary protection certificates. 

 

	 	1.4	“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions located in the County of Los Angeles are authorized or obligated by law or executive order to close.

  

	 	1.5	“Change of Control” means the occurrence of any of the following events: 

  

	 	(a)	Any Person becomes the beneficial owner (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of securities or ownership interests of a Party representing fifty percent
(50%) or more of the combined voting power of all outstanding securities or ownership interests of such Party which ordinarily (and apart from rights accruing under special circumstances) have the right to vote in the election of directors
(calculated as provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire such Party’s securities); 

  

	 	(b)	as a result of a tender offer, merger, sale of assets or other major transaction, Persons who are directors of a Party immediately prior to such transaction cease to constitute a majority of the Board of Directors of
such Party (or any successors to such Party) immediately after such transaction; 

  

	 	(c)	a Party is merged or consolidated with any other Person and, as a result, the holders of securities or ownership interests of such Party, as determined immediately before such transaction, own less than fifty-one
percent (51%) of the outstanding securities or ownership interests of the surviving or resulting entity immediately after such transaction; or 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	(d)	a Party conveys, transfers or leases all or substantially all of its assets to another Person. 

In no event shall “Change of Control” include any transaction in which Relypsa or its successor(s) issue securities to investors
solely for capital raising purposes. 
  

	 	1.6	“Commercially Reasonable Efforts” means the level of effort required to develop, obtain regulatory approvals, manufacture and commercialize (as applicable) Products (for so long as they are Products) in a
sustained manner consistent with the efforts a pharmaceutical or biotechnology company of similar size and resources would typically devote to a product for a similar indication(s) with similar market potential, profit potential and strategic value
(without regard to its own internal research programs), and includes the discretion to terminate the further development of any given Product, where warranted, in Relypsa’s good faith determination, for technical or safety reasons.

  

	 	1.7	“Confidential Information” means all information belonging to any Party and furnished to another Party, other than information that the recipient Party can show was (a) available to the recipient Party
from Third Party sources other than employees or former employees of any Party, on a nonconfidential basis prior to its disclosure to the recipient Party by the furnishing Party, (b) in the public domain through no fault of the recipient Party,
(c) lawfully acquired by the recipient Party from Third Party sources other than employees or former employees of any Party prior to the time that it was furnished to the recipient Party or (d) is independently discovered or developed by
employees of the recipient Party. 

  

	 	1.8	“Contractor” means any Third Party under a written contract to perform discrete research, development, manufacturing or commercialization activities and the like on behalf and for the benefit of one of the
Parties on a fee-for-service basis such as collaborators, contract research organizations, contract laboratory organizations, contract manufacturers, suppliers, distributors and the like. 

 

	 	1.9	 “Controlled” means, with respect to specific intellectual property, that the applicable Party owns or has a license under such intellectual
property and has the ability to grant to the other Party a license or sublicense thereto as contemplated under this Restated Agreement without violating the terms of any agreement or other arrangement with, or the rights of, any Third Party existing
as of the date on which such license, sublicense or other 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
access to such rights is granted hereunder, and where the Party granting such license, sublicense or other access to such rights is required to pay to any Third Party any amounts in consideration
for the grant of such license, sublicense or other access to such rights to such other Party, such license, sublicense or other access to such rights is not in effect until the Parties have agreed upon reimbursement to the granting Party of such
amounts paid (or to be paid) to such Third Party. 

  

	 	1.10	“Effective Date” means October 26, 2007, the date on which each of the conditions specified in Article V of the Exchange Agreement was satisfied (or waived). 

 

	 	1.11	“Exchange Agreement” means that certain Exchange Agreement dated as of the Effective Date between Ilypsa, Amgen and Relypsa. 

 

	 	1.12	“FDA” means the U.S. Food and Drug Administration, and any successor agency thereto. 

  

	 	1.13	“Field” means treatment and/or prophylaxis of disease, excluding the Ilypsa Reserved Field and the Relypsa Reserved Field. 

 

	 	1.14	“Future Products” means any product, including a product which is a non-absorbed drug, which is other than (i) a Product, or (ii) any product comprising or developed from the Retained Assets or any
Retained Field Product. 

  

	 	1.15	“Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, administrative or governmental
authority, including the Nasdaq Global Market. 

  

	 	1.16	“Group” means the Ilypsa Group or the Relypsa Group, as the context requires. 

  

	 	1.17	“ILY101 Program” means Ilypsa’s [***] program that was, as of the Effective Date, in [***] for the [***]. 

  

	 	1.18	“ILY102 Program” means Ilypsa’s [***] research program including all polymer compounds covered by the Assigned Patent Rights relating thereto. 

 

	 	1.19	“ILY103 Program” means Ilypsa’s [***] research program including all polymer compounds covered by the Assigned Patent Rights relating thereto. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	1.20	“ILY104 Program” means Ilypsa’s [***] research program including all compounds covered by the Patent Rights set forth in Exhibit F. 

 

	 	1.21	“ILY105 Product” means any product which comprises, or is conceived or reduced to practice or otherwise derived from, or is developed, manufactured or commercialized using, any compound arising out of the
ILY105 Program. 

  

	 	1.22	“ILY105 Program” means Ilypsa’s potassium binder research program, including the ILY105A back-up program and any other ILY105 Back-Up Product, and further including all polymer compounds covered by the
Assigned Patent Rights relating thereto. 

  

	 	1.23	“Ilypsa Background Know-How” means any Know-How that is Controlled by Ilypsa as of the Effective Date (but excluding Relypsa Background Know-How) that (a) is reasonably necessary or useful to develop,
commercialize, make, use or sell any Products or any Future Products, or (b) is reasonably necessary or useful for the practice of the Assigned Patent Rights in the Field. 

 

	 	1.24	“Ilypsa Background Patent Rights” means any Patent Rights (but excluding the Assigned Patent Rights and Symyx Agreement Patent Rights) that is Controlled by Ilypsa as of the Effective Date and that claims
Ilypsa Background Know-How. 

  

	 	1.25	“Ilypsa Background Technology” means the Ilypsa Background Know-How and Ilypsa Background Patent Rights. 

  

	 	1.26	“Ilypsa Group” means Amgen and all of the Subsidiaries of Amgen, including Ilypsa. 

  

	 	1.27	“Ilypsa Reserved Field” means (a) the binding of [***] or (b) the [***] of [***], or the [***] of the absorption or activity of products of [***] of [***], including [***]. 

 

	 	1.28	“Improvements” means any improvement of or to any invention disclosed in the Assigned Patent Rights or Symyx Agreement Patent Rights that is conceived or reduced to practice or otherwise developed at any time
from the Effective Date or thereafter by Relypsa or any of its Affiliates and Sublicensees or conceived or reduced to practice or otherwise developed in the course of the Shared Equipment and Software Sublicense Agreement by Ilypsa or any of its
Affiliates. 

  

	 	1.29	“Know-How” means all Materials and information, tangible and intangible techniques, technology, processes, practices, trade secrets, improvements, inventions (whether patentable or not), methods, knowledge,
know-how, conclusions, data and results. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	1.30	“Losses” means, with respect to any Person, all losses, liabilities, damages, claims, demands, judgments or settlements of any nature or kind, known or unknown, fixed, accrued, absolute or contingent,
liquidated or unliquidated, including all costs and expenses (legal, accounting or otherwise as such costs are incurred) relating thereto, including punitive damages and criminal fines and penalties, but excluding damages in respect of actual or
alleged lost profits, suffered by such Person, regardless of whether any such losses, liabilities, damages, claims, demands, judgments, settlements, costs, expenses, fines and penalties relate to or arise out of such Person’s own alleged or
actual negligent, grossly negligent, reckless or intentional misconduct. 

  

	 	1.31	“Materials” means the biological or chemical materials that relate exclusively to the ILY102 Program, ILY103 Program and/or ILY105 Program, including any existing quantities of compounds, reagents and assays,
but specifically excluding any biological or chemical materials relating to the Retained Assets. 

  

	 	1.32	“Net Sales” means, with respect to a certain time period, the gross invoiced sales prices charged for all Royalty Products sold by or for Relypsa, its Affiliates and Sublicensees in arms length transactions to
Third Parties during such time period, less the total of the following charges or expenses as determined in accordance with GAAP: 

  

	 	(a)	Trade, cash, prompt payment and/or quantity discounts; 

  

	 	(b)	Returns, allowances, rebates, chargebacks, other allowances, or payments to government agencies; 

  

	 	(c)	Retroactive price reductions applicable to sales of such product; 

  

	 	(d)	Reasonable fees paid to distributors, selling agents (excluding any sales representatives of a Party or any of its Affiliates), group purchasing organizations and managed care entities; 

 

	 	(e)	Credits or allowances for product replacement, whether cash or trade; and 

  

	 	(f)	Bad debt, freight or other transportation charges, insurance charges, additional special packaging, non-recoverable taxes and tariffs, and other governmental charges, provided that the total of all of these items in
this subsection (f) do not exceed 1% of gross sales. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Any disposal of Royalty Products for, or use of Royalty Products in, clinical or pre-clinical
trials, given as free samples, or distributed for indigent programs shall not be included in Net Sales. 
 Upon any sale or other disposal of
any Royalty Product that should be included within Net Sales for any consideration other than an exclusively monetary consideration on bona fide arm’s length terms, then for purposes of calculating the Net Sales under this Restated Agreement,
such Royalty Product shall be deemed to be sold exclusively for money at the average sales price during the applicable reporting period generally achieved for such Royalty Product in the country in which such sale or other disposal occurred when
such Royalty Product is sold alone and not with other products. 
 Where a Royalty Product is sold together with other pharmaceutical
products (excluding devices used for using or administering the Royalty Product excluded for Net Sales above) for a single price (regardless of their packaging) then for the purposes of calculating the Net Sales for the Royalty Products under this
Restated Agreement, the Royalty Product shall be deemed to be sold for an amount equal to the following: 
 (X divided by Y) multiplied by Z

 where X is the average sales price during the applicable reporting period generally achieved for the Royalty Product in the country in
which such sale or other disposal occurred when such Royalty Product is sold alone and not with other pharmaceutical products; Y is the sum of the average sales price during the applicable reporting period generally achieved in that country when
sold alone by each product (including the Royalty Product) included in the combination of pharmaceutical products that is sold for the single price; and Z equals the single price at which the combination of pharmaceutical products represented in Y
was actually sold. In the event one or more of the products in the product combination are not sold separately, the parties shall confer in good faith to determine a fair market price that shall be equitable for the value of the Royalty Product
within the combination product. 
  

	 	1.33	“Notices” has the meaning set forth in Section 16.5. 

  

	 	1.34	 “Patent Right” means any of the following, whether existing now or in the future anywhere in the Territory: (i) any issued patent,
including inventor’s certificates, utility model, substitutions, extensions, 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
confirmations, reissues, re-examination, renewal or any like governmental grant for protection of inventions; and (ii) any pending application for any of the foregoing, including any
continuation, divisional, substitution, additions, continuations-in-part, provisional and converted provisional applications. 

  

	 	1.35	“Person” means an individual, a partnership, a joint venture, a corporation, a trust, a limited liability company, an unincorporated organization, or a government or any department or agency thereof.

  

	 	1.36	“Pivotal Trial” means a human clinical trial that, if the defined endpoints are met, is intended to be a pivotal trial for purposes of obtaining regulatory approval or to otherwise establish safety and
efficacy in patients with the indication being studied for the purposes of obtaining regulatory approval and that satisfies the requirements of 21 C.F.R. 312.21(c) (or its successor regulation), or its equivalent in any other jurisdiction.

  

	 	1.37	“Product” means any product which comprises, or is conceived or reduced to practice or otherwise derived from, or is developed, manufactured or commercialized using, any compound arising out of the Transferred
Assets. 

  

	 	1.38	“Relypsa Background Know-How” means (a) any Know-How that is Controlled by Relypsa as of the Effective Date or any time thereafter that is reasonably necessary or useful to develop, commercialize, make,
use or sell products derived from any Retained Assets or Retained Field Products but excluding Ilypsa Background Know-How, or (b) any Improvements. 

  

	 	1.39	“Relypsa Background Patent Rights” means any Patent Rights that is owned or controlled by Relypsa as of the Effective Date or any time thereafter that claims Relypsa Background Know-How but excluding Assigned
Patent Rights. 

  

	 	1.40	“Relypsa Background Technology” means the Relypsa Background Know-How and Relypsa Background Patent Rights. 

  

	 	1.41	“Relypsa Group” means, collectively, Relypsa and each of its Affiliates. 

  

	 	1.42	“Relypsa Reserved Field” means the use of [***] for the development of pharmaceutical products as [***].

  

	 	1.43	“Representatives” means, with respect to any Person, any of such Person’s directors, officers, employees, agents, consultants, advisors, accountants, attorneys and representatives. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	1.44	“Retained Assets” means, collectively, the ILY101 Program and the ILY104 Program. 

  

	 	1.45	“Retained Field Products” means the development, manufacture, use and/or commercialization of products developed, licensed or acquired by Ilypsa or its Affiliates which bind [***] or [***], or the absorption
or activity of products of [***] of [***], including [***]. 

  

	 	1.46	“Royalty Product” means any Product other than an ILY105 Product. 

  

	 	1.47	“Security Interest” means any mortgage, security interest, pledge, lien, charge, claim, option, right to acquire, voting or other restriction, right-of-way, covenant, condition, easement, encroachment,
restriction on transfer, or other encumbrance of any nature whatsoever. 

  

	 	1.48	“Shared Equipment and Software Sublicense Agreement” means the written agreement attached to the Original Agreement as Exhibit J. 

 

	 	1.49	“Sublicensee” means any Third Party that Relypsa granted a license to any of the Assigned Patent Rights or a sublicense to any of the licensed Patent Rights under the Original Agreement or grants a license to
any of the Assigned Patent Rights or a sublicense to any of the licensed Patent Rights under this Restated Agreement. 

  

	 	1.50	“Subsidiary” means, with respect to any specified Person, any corporation or other legal entity of which such Person or any of its Subsidiaries controls or owns, directly or indirectly, more than 50% of the
stock or other equity interest entitled to vote on the election of members to the board of directors or similar governing body; provided, however, that for purposes of this Restated Agreement, no member of the Relypsa Group shall be deemed to be a
Subsidiary of any member of the Ilypsa Group. 

  

	 	1.51	“Symyx” means Symyx Technologies, Inc. 

  

	 	1.52	“Symyx Agreement” means that certain License Agreement by and between Symyx Technologies, Inc. and Ilypsa (formerly known as Symyx Therapeutics, Inc.) effective as of February 21, 2003, as subsequently
amended on June 27, 2006. 

  

	 	1.53	“Symyx Agreement Patent Rights” means those certain Patent Rights and associated know-how licensed to Ilypsa in accordance with the terms of the Symyx Agreement, including those patents and patent applications
set forth in Exhibit C. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	1.54	“Territory” means worldwide. 

  

	 	1.55	“Third Party” means any person or entity other than the Relypsa Group and the Ilypsa Group. 

  

	 	1.56	“Transferred Assets” means, collectively, the ILY102 Program, ILY103 Program, and ILY105 Program. 

  

	 	1.57	“Valid Claim” means an unexpired claim of an issued Patent Right that has not been disclaimed, revoked or held to be invalid or unenforceable by a court or other authority of competent jurisdiction, from which
decision no appeal can be further taken. 

  

	2.	LICENSE TO RELYPSA 

  

	 	2.1	License Grant. The following licenses in this Section 2.1 granted from Ilypsa to Relypsa under the Original Agreement shall continue in effect as of the Amendment Date under this Restated Agreement, subject
to the terms and conditions of this Restated Agreement: 

  

	 	(a)	an exclusive (even as to Ilypsa), royalty-bearing sublicense under the Symyx Agreement Patent Rights and license under Improvements in the Territory to develop, commercialize, make, have made, use, sell, offer to sell
and import Products in the Field and in the Relypsa Reserved Field; 

  

	 	(b)	a co-exclusive (with Ilypsa), fully paid sublicense in the Territory under the Symyx Agreement Patent Rights to identify, create, develop, commercialize, make, have made, use, sell, offer to sell and import any Future
Products in the Field and in the Relypsa Reserved Field; and 

  

	 	(c)	a non-exclusive, royalty-free license, with the right to sublicense pursuant to Section 2.3, in the Territory under the Ilypsa Background Technology to use or practice the Ilypsa Background Technology to identify,
create, develop, commercialize, make, use, sell and import any Products and Future Products in the Field and in the Relypsa Reserved Field. 

  

	 	2.2	Symyx Agreement Patent Rights. Relypsa agrees to exercise the rights granted to Relypsa under Sections 2.1(a) and 2.1(b) consistent with the terms of the Symyx Agreement, including Section 2.2 of the Symyx
Agreement. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	2.3	Sublicenses. Subject to the terms and conditions of the Symyx Agreement, as amended, and this Restated Agreement, Relypsa shall have the right to grant sublicenses under the rights granted under Section 2.1
to any Third Party, including Contractors. 

  

	 	2.4	Ilypsa Restrictions. Neither Ilypsa nor any of its Affiliates [***]: (a) any [***] with respect to the [***]; (b) any [***] for use in the [***]; or (c) any [***] with respect to the [***] with
Ilypsa or any of its Affiliates with respect to such [***]. For the avoidance of doubt, Ilypsa shall have the [***] with respect to the [***] identified or created through the use of the [***], in all cases [***]. In addition, in the event Ilypsa
assigns or otherwise transfers the Symyx Agreement to any Third Party, it shall notify Relypsa in writing after such assignment or other transfer has been completed. 

 

	 	2.5	[***] On a product-by-product basis, for the earlier of (a) a period of [***], and (b) [***], neither Relypsa nor any of its Affiliates, directly or indirectly, whether alone or with a Third Party, shall
[***]. 

  

	3.	LICENSE TO ILYPSA 

  

	 	3.1	License Grant. The following license in this Section 3.1 granted from Relypsa to Ilypsa under the Original Agreement shall continue in effect as of the Amendment Date under this Restated Agreement, subject
to the terms and conditions of this Restated Agreement: a non-exclusive, royalty-free license in the Territory under the Assigned Patent Rights, Improvements and Relypsa Background Technology to identify, create, develop, commercialize, make, have
made, use, sell, offer to sell and import products derived from any Retained Assets and Retained Field Products, for any use outside the Relypsa Reserved Field. 

  

	 	3.2	Sublicense. Ilypsa shall have the right to grant sublicenses under the license granted under Section 3.1 without the prior written consent of Relypsa, including to Contractors. 

 

	 	3.3	Relypsa [***]. Relypsa (including its successors, designees or transferees), its Affiliates and Sublicensees [***] of any product comprising or derived from the [***] under any and all [***] as of the Effective
Date or is subsequently during the term of this Restated Agreement (a) [***]; or (b) [***], with respect to [***] and [***] or [***] from any [***] and [***] 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	3.4	Ilypsa Covenant Not to Sue. Ilypsa (including its successors, designees or transferees), and its Affiliates hereby covenant not to sue Relypsa, its Affiliates and/or end users of any Product used outside the
Ilypsa Reserved Field under any and all intellectual property, including Patent Rights, that was Controlled by Ilypsa as of the Effective Date. 

  

	4.	TECHNOLOGY TRANSFER 

  

	 	4.1	Assignment of Patent Rights. As of the Effective Date, Ilypsa hereby assigns to Relypsa (to the extent not already actually assigned to Relypsa in accordance with the Original Agreement prior to the Amendment
Date) all right, title and interest in and to (a) the patent applications and patents set forth in Exhibit A, and (b) the inventions described in the invention disclosures set forth in Exhibit B and all future Patent Rights claiming such
inventions. The form of assignment is attached hereto as Exhibit I. Ilypsa agrees to cooperate with Relypsa to provide all necessary executed assignments and other documents as required to perfect the assignment set forth in this Section 4.1.
Notwithstanding the above, Ilypsa shall have no obligation to assign to Relypsa any inventions independently discovered or developed by the Ilypsa Group without reference to or the use of such inventions described in the invention disclosures set
forth in Exhibit B. 

  

	 	4.2	Laboratory Notebooks. Originals of all laboratory notebooks shall be kept by Ilypsa with copies of any laboratory notebooks which contain information related to the Transferred Assets that were provided to
Relypsa pursuant to Section 4.3 of the Original Agreement. Relypsa shall promptly return copies of any lab notebooks mistakenly provided by Ilypsa identified as containing information, data or other Know-How relating only to the Retained
Assets. Notwithstanding the foregoing, Ilypsa agrees to provide Relypsa access to the originals of such laboratory notebooks which contain information related to the Transferred Assets, for purposes of obtaining, maintaining or enforcing its Patent
Rights. Relypsa shall not use for any purpose, shall not disclose to any Affiliate or Affiliate’s Representative and shall promptly delete and/or destroy any information, data or other Know-How relating only to the Retained Assets and contained
in any transferred computer applications, programs and other software and databases provided to Relypsa pursuant to Section 4.3 of the Original Agreement and provide written certification thereof by an officer of Relypsa. For the avoidance of
doubt, Relypsa shall have no right to use any information, data or other Know-How contained in any of the documentation of Ilypsa Background Know-How provided by Ilypsa to Relypsa pursuant to Section 4.3 of the Original Agreement except in a
manner consistent with the licenses set forth in Article 2. 

  
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 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	4.3	Improvements. Upon reasonable request from Ilypsa, Relypsa shall provide to Ilypsa a copy of any patent applications filed or patents issued by or on behalf of Relypsa claiming any Improvements.

  

	 	4.4	Materials. 

  

	 	(a)	Use. Relypsa acknowledges that the Materials are experimental in nature and may have unknown characteristics and properties. Relypsa agrees to use prudence and all reasonable care in the use, handling, storage,
transportation, disposition and containment of any and all Materials, and to maintain and use the Materials under suitable containment conditions in compliance with all applicable national, state and local laws, regulations, rules, ordinances, codes
of practice and current good laboratory practices. 

  

	 	(b)	Assumption of Risk. RELYPSA EXPRESSLY ACKNOWLEDGES THAT IT HEREBY ASSUMES ANY AND ALL RISKS ASSOCIATED WITH THE USE OF MATERIALS, AND THAT THE ILYPSA GROUP SHALL HAVE NO LIABILITY TO RELYPSA OR ANY THIRD PARTY
FOR ANY LIABILITY, PROBLEM, LOSS OR DAMAGE RESULTING FROM RELYPSA’S OR ITS AFFILIATES AND SUBLICENSEES USE OF THE MATERIALS. 

  

	 	4.5	Shared Equipment and Software Sublicense Agreement. The Shared Equipment and Software Sublicense Agreement is terminated by agreement of the parties, and each party will continue to own those licenses, rights and
equipment under that agreement in its possession as of the Amendment Date. Relypsa will pay to Ilypsa, [***] in consideration for retaining, and upon such payment shall, as between the parties (including Ilypsa’s Affiliates as of the Amendment
Date), have all ownership rights in and to, the equipment in Relypsa’s possession under the immediately preceding sentence. 

  

	5.	DILIGENCE 

  

	 	5.1	Diligence Standard. Relypsa, itself or through one or more Sublicensees, shall at all times use Commercially Reasonable Efforts to develop, obtain regulatory approvals for, manufacture and commercialize
(a) Royalty Products and (b) ILY105 Products, provided that the obligations under this Section 5.1 shall terminate with respect to ILY105 Products at such time as Relypsa has satisfied in full all payment obligations under
Section 6.3 of this Restated Agreement. 

  
 13 

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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	5.2	Reports. Relypsa shall provide to Ilypsa, within forty-five (45) days after the end of the preceding calendar year, a written report summarizing the status of the program for such Product in development and
the activities performed by or on behalf of Relypsa with respect thereto, including the anticipated timelines for any regulatory approvals with respect to the Products; provided, however, that the obligations under this Section 5.2 shall
terminate with respect to ILY105 Products at such time as Relypsa has satisfied in full all payment obligations under Section 6.3 of this Restated Agreement. 

 

	6.	ROYALTIES AND MILESTONE PAYMENTS 

  

	 	6.1	Royalty Payments. Relypsa shall pay to Ilypsa royalties, on a Royalty Product-by-Royalty Product basis, at a rate equal to the following percentages of aggregate Net Sales of each such Royalty Product sold in the
Territory per year as follows: 

  

					
	 less than

or equal to $[***]
	  	 	[	***]% 
	 greater than $[***]
	  	 	[	***]% 

  

	 	6.2	Royalty Term. Royalties shall be due and owing on each Royalty Product on a country-by-country basis in the Territory for the longer of (a) ten (10) years from first commercial sale of such Royalty Product
in such country or (b) expiration of the last to expire Valid Claim in the Assigned Patent Rights. 

  

	 	6.3	Milestone Payments. Relypsa shall pay to Ilypsa milestone payment(s) according to one of the following approaches (clause (i) or (ii), below). The election of approach shall be in Relypsa’s discretion.
The applicable payment(s) will be made upon the achievement of the applicable event(s) with respect to the ILY105 Program. 

(i) A cash payment of (a) Six Million Two Hundred Fifty Thousand Dollars ($6,250,000) within thirty (30) days of the first occurrence
of the first dosing of a patient in a Pivotal Trial for the ILY105 Program; and (b) Eighteen Million Seven Hundred Fifty Thousand Dollars ($18,750,000) within thirty (30) days of FDA’s acceptance for filing of a new drug application
for the first indication; or alternatively  
 (ii) a cash payment of Twelve Million Five Hundred Thousand Dollars ($12,500,000)
within thirty (30) days of the first occurrence of the first dosing of a patient in a Pivotal Trial for the ILY105 Program. 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	6.4	Accelerated Milestone Payment. In the event (a) a Change of Control of Relypsa occurs between (1) the first occurrence of the first dosing of a patient in a Pivotal Trial for an ILY105 Product and (2) the
completion of such Pivotal Trial (i.e., the first date on which unblinded data from the trial is available to Relypsa (or its successor) following the lock of the database for such Pivotal Trial), and (b) as of the date of such Change of
Control, Relypsa has not paid to Ilypsa at least Twelve Million Five Hundred Thousand Dollars ($12,500,000) pursuant to Section 6.3 of this Restated Agreement (regardless of which payment approach is elected by Relypsa thereunder), then Relypsa (or
its successor) will have the right to pay to Ilypsa an amount equal to Twelve Million Five Hundred Thousand Dollars ($12,500,000) minus the total milestone payment amount(s), if any, paid to Ilypsa pursuant to Section 6.3 of this Restated Agreement
as of such date, in full satisfaction of Relypsa’s milestone payment obligations under Section 6.3 of this Restated Agreement. The foregoing right will be exercisable only within thirty (30) days of the occurrence of such Change of Control
and only if Relypsa’s failure to have paid Twelve Million Five Hundred Thousand Dollars ($12,500,000) to Ilypsa as of the occurrence of such Change of Control is not due to a default with respect to its milestone payment obligations under
Section 6.3 of this Restated Agreement. 

 In the event (x) a Change of Control of Relypsa occurs between (1) the
completion of the first Pivotal Trial (i.e., the first date on which unblinded data from the trial is available to Relypsa (or its successor) following lock of the database for such Pivotal Trial) with respect to the ILY105 Program and (2) the
date of the first filing of a new drug application (NDA) with the FDA with respect to an ILY105 Product, and (y) as of the date of such Change of Control, Relypsa has not paid to Ilypsa at least Eighteen Million Seven Hundred Fifty Thousand
Dollars ($18,750,000) pursuant to Section 6.3 of this Restated Agreement, then Relypsa (or its successor) will have the right to pay to Ilypsa an amount equal to Eighteen Million Seven Hundred Fifty Thousand Dollars ($18,750,000) minus the total
milestone payment amount(s), if any, paid to Ilypsa pursuant to Section 6.3 of this Restated Agreement prior to such date, in full satisfaction of Relypsa’s milestone payment obligations under Section 6.3 of this Restated Agreement. The
foregoing right will be exercisable only within thirty (30) days of the occurrence of the Change of Control and only if Relypsa’s failure to have paid Twelve Million Five Hundred Thousand Dollars ($12,500,000) to Ilypsa as of the
occurrence of such Change of Control is not due to a default with respect to its milestone payment obligations under Section 6.3 of this Restated Agreement. For clarity, any payment under this Section 6.4 does not replace or otherwise impact
any payment(s) under Article 14 of this Restated Agreement. 
  

	7.	PAYMENTS; RECORDS; AUDITS 

  

	 	7.1	Royalty Payments; Reports. Beginning with the calendar quarter in which the first commercial sale of the first Royalty Product in the Territory has taken place, royalty payments and reports of the sale of the
applicable product(s) for each calendar quarter will be calculated and delivered to Ilypsa under this Restated Agreement within forty-five (45) days of the end of such calendar quarter. Each royalty payment shall be accompanied by a report of
Net Sales setting forth (a) Net Sales on a Royalty Product-by-Royalty Product and country-by-country basis during the applicable calendar quarter; and (b) a calculation of the royalty payment due hereunder for such calendar quarter for
each Royalty Product. 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	7.2	Financial Reporting. In the event that Ilypsa elects in the future to shift its accounting and public financial reporting practices from calendar quarters and years to fiscal calendar quarters and years, Ilypsa
will provide at least 30 days prior written notice of such election to Relypsa and thereafter the payment and reporting obligations under this Restated Agreement shall be deemed to comport with the fiscal reporting periods instead of the calendar
periods. 

  

	 	7.3	Foreign Currency Exchange. With respect to Net Sales invoiced in U.S. dollars, the Net Sales hereunder shall be expressed in U.S. dollars. With respect to Net Sales invoiced in a currency other than U.S. dollars,
the Net Sales invoiced shall be converted into the US dollar equivalent using a rate of exchange which corresponds to the rate used by Relypsa, for the respective reporting period, related to recording such Net Sales in its books and records that
are maintained in accordance with U.S. GAAP. All payments shall be made in U.S. dollars. 

  

	 	7.4	Audit Rights. Relypsa shall keep complete and accurate records of the underlying revenue and expense data relating to the calculations of Net Sales and payments required under this Restated Agreement. Ilypsa (or
its Affiliates) shall have the right, at its own expense, to have an independent, certified public accountant, selected by Ilypsa (or its Affiliates), review the records of Relypsa upon reasonable notice (which shall be no less than thirty
(30) days prior written notice) and during regular business hours. The audit rights of Ilypsa (or its Affiliates) with respect to any calendar year shall expire three (3) years after the end of such year; provided, however, that the books
and records for any particular calendar year shall only be subject to one audit. Should the inspection lead to the discovery of a discrepancy to Ilypsa’s detriment, Relypsa shall pay the amount of the discrepancy plus interest accrued at the
prime rate, which shall be the interest rate as published from time to time in the “Money Rates” section of the Wall Street Journal. Interest will be compounded at the end of each calendar quarter, at which time the prime rate used to
further compound interest will be the prime rate published on the first Business Day of the new calendar quarter. Interest shall accrue from the payment due date to the actual payment date. Ilypsa shall pay the full cost of the inspection unless the
discrepancy is to Ilypsa’s detriment and is greater than five percent (5%), in which case Relypsa shall pay the cost charged by such accountant for such inspection. 

 

	 	7.5	 Withholding Taxes. In the event that laws, rules or regulations require Relypsa to withhold taxes with respect to any payment to be made by
Relypsa pursuant to this Restated Agreement, Relypsa will notify Ilypsa of such withholding requirement prior to making the payment to Ilypsa and 

  
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provide such assistance to Ilypsa, including the provision of such documentation as may be required by a tax authority, as may be reasonably necessary in the efforts of Ilypsa (or its Affiliates)
to claim an exemption from or reduction of such taxes. Relypsa will, in accordance with such laws, rules or regulations, withhold taxes from the amount due, remit such taxes to the appropriate tax authority, and furnish Ilypsa with proof of payment
of such taxes within fifteen (15) Business Days following the payment. If taxes are paid to a tax authority, Relypsa shall provide reasonable assistance to Ilypsa (or its Affiliates) to obtain a refund of taxes withheld, or obtain a credit with
respect to taxes paid. 

  

	8.	PATENT PROSECUTION AND ENFORCEMENT 

  

	 	8.1	 Assigned Patent Rights. Relypsa shall have the first right, but not the obligation, to file, prosecute, defend, maintain and enforce the
Assigned Patent Rights before all patent authorities in the Territory and shall be responsible for all costs and expenses, and shall be entitled to retain all recoveries, related thereto. If Relypsa determines in its sole discretion to not file,
prosecute, defend, maintain or enforce any patent application or patent within the Assigned Patent Rights that covers or claims any invention within the (a) ILY105 Program in any country and as of such time Relypsa has not satisfied all
milestone payment obligations under Section 6.3 of this Restated Agreement, or (b) ILY102 Program or ILY103 Program in any country, then in each such case Relypsa shall provide Ilypsa with at least thirty (30) days prior written
notice to any required submission or payment, as applicable, to the patent authority of such country and shall provide Ilypsa with the right and opportunity to assume responsibility and control over the filing, prosecution, defense, maintenance and
enforcement of any such patent application or patent. If Ilypsa assumes responsibility and control over such patent application or patent within such program (each such patent or application an “Assumed Patent”), it shall so notify
Relypsa in writing within such thirty (30) days, and thereafter be responsible for all costs and expenses, and shall be entitled to retain all recoveries, related thereto. For the sake of clarity, for purposes of this Section 8.1,
assumption of responsibility and control over the filing, prosecution, defense, maintenance and enforcement of a patent application or patent means assumption of handling and decision-making with respect to filing, prosecution, defense, maintenance
and enforcement of such patent application or patent, but not an assignment of ownership of that patent application or patent from Relypsa to Ilypsa; however, Relypsa will reasonably cooperate with Ilypsa and take such actions as are necessary to
permit Ilypsa to effectuate and exercise such responsibility and control. In addition, following Relypsa’s satisfaction of all milestone payment obligations under Section 6.3 of this Restated Agreement, upon

  
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the written request of Relypsa, Ilypsa shall revert back to Relypsa all responsibility and control over the filing, prosecution, defense, maintenance and enforcement of any Assumed Patent within
the ILY105 Program, and Ilypsa shall have no further rights with respect to such Assumed Patent, subject to Relypsa’s reimbursement of Ilypsa’s out of pocket costs incurred in the filing, prosecution, defense, and maintenance of any such
Assumed Patent. Notwithstanding the foregoing, if Relypsa is pursuing a reasonable patent strategy to obtain and maintain broad, meaningful patent protection for the ILY105 Program, ILY102 Program or ILY103 Program hereunder, as the case may be, and
Relypsa determines to not file, prosecute, defend, maintain or enforce a patent application or patent within the Assigned Patent Rights for such program because it reasonably believes that the filing, prosecuting, defending, maintaining or enforcing
of such patent application or patent would adversely affect such patent strategy, then Relypsa shall provide Ilypsa written notice of such determination and belief at least thirty (30) days prior to any required submission or payment, as
applicable, to the patent authority of the applicable country as specified above but Ilypsa will not have the right to assume responsibility and control over such patent application or patent in such country. Upon request of Ilypsa, Relypsa will
reasonably discuss any such determination and belief with Ilypsa. 

  

	 	8.2	Ilypsa Background Patent Rights. Ilypsa shall have the sole right, but not the obligation, to file, prosecute, defend, maintain and enforce the Ilypsa Background Patent Rights before all patent authorities in the
Territory and shall be responsible for all costs and expenses, and shall be entitled to retain all recoveries, related thereto. 

  

	 	8.3	Symyx Agreement Patent Rights. In the event Relypsa becomes aware of any Third Party infringement of any of the Symyx Agreement Patent Rights outside the Ilypsa Reserved Field, upon its request, Ilypsa and
Relypsa shall meet and discuss whether and under what terms and conditions Relypsa may obtain the right to enforce such Symyx Agreement Patent Rights against such Third Party. 

 

	 	8.4	[***]. Relypsa has provided written notice to Ilypsa dated [***] regarding the [***] patents and/or patent applications with respect to the [***], and Ilypsa acknowledges that Relypsa is [***] patents and patent
applications and that Relypsa is [***]. 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	9.	CONFIDENTIALITY 

  

	 	9.1	Obligations. Each of Ilypsa and Relypsa shall hold, and shall use its commercially reasonable efforts to cause its employees, Affiliates and Representatives to hold, in strict confidence all Confidential
Information furnished to it by such other party pursuant to this Restated Agreement and shall not release or disclose such information to any other Person, except its Representatives, who shall be bound by the provisions of this Section 9.1.
Notwithstanding the foregoing, each of Ilypsa and Relypsa and their respective Representatives and Affiliates shall be deemed to have satisfied its obligations under this Section 9.1 with respect to any Confidential Information if it exercises
the same care with regard to such information as it takes to preserve confidentiality for its own similar information. 

  

	 	9.2	Authorized Disclosures. Ilypsa and Relypsa and their respective employees, Affiliates and Representatives may disclose such information to the extent (and only to the extent) that such disclosure is reasonably
necessary in the following instances: (a) filing or prosecuting (including defending before patent agencies) Patent Rights as contemplated under this Restated Agreement; (b) disclosure to Regulatory Authorities in connection with
Regulatory Filings contemplated under this Restated Agreement; (c) prosecuting or defending litigation or otherwise establishing or enforcing rights or obligations pursuant to this Restated Agreement; (d) complying with applicable
governmental laws and regulations (including the rules and regulations of the Securities and Exchange Commission or any national securities exchange) or any order of a court or governmental agency of competent jurisdiction, if in the reasonable
opinion of the Receiving Party’s counsel, such disclosure is necessary for such compliance; and (e) to advisors to and investors in such Party and to bona fide potential investors, lending institutions, acquirors and merger candidates,
provided such Receiving Party has executed with such Third Party a binding confidentiality agreement on terms which are no less favorable than those provided in this Article 9. 

 

	 	9.3	Process. The Party required or intending to disclose the other Party’s Confidential Information under Section 9.2 (a) through (d) shall first have given prompt written notice to such other
Party to enable it to discuss with the first Party the need to disclose such information and to seek any available exemptions from or limitations on such disclosure requirement and shall reasonably cooperate in such efforts by the other Party. If
and whenever any Confidential Information is disclosed under Section 9.2, 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 Restated Agreement). 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	10.	REPRESENTATIONS AND WARRANTIES 

  

	 	10.1	Representations and Warranties of Relypsa. Relypsa represents and warrants to Ilypsa that, as of the Amendment Date: 

  

	 	(a)	Organization, Standing and Power. Relypsa is a corporation duly organized, validly existing and in good standing under the laws of Delaware and has all requisite corporate power and authority to own, lease and
operate its assets, and to carry on its business as currently conducted. Relypsa is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the ownership or operation of the Transferred Assets or the
conduct of its business requires such qualification. 

  

	 	(b)	Corporate Authorization. Relypsa has full corporate power and authority to execute and deliver this Restated Agreement and to perform its obligations hereunder. The execution, delivery and performance by Relypsa
of this Restated Agreement has been duly and validly authorized and no additional corporate or shareholder authorization or consent is required in connection with the execution, delivery and performance by Relypsa of this Restated Agreement.

  

	 	(c)	Consents and Approvals. No consent, approval, waiver, authorization, notice or filing is required to be obtained by Relypsa from, or to be given by Relypsa to, or made by Relypsa with, any Governmental Authority
or other Person in connection with the execution, delivery and performance by Relypsa of this Restated Agreement other than those the failure of which to obtain, give or make would not, individually or in the aggregate, materially impair or delay
the ability of Relypsa to perform its obligations under this Restated Agreement. 

  

	 	(d)	Non-Contravention. The execution, delivery and performance by Relypsa of this Restated Agreement, and the consummation of the transactions contemplated hereby, do not and will not (i) violate any provision
of the Certificate of Incorporation, Bylaws or other organizational documents of Relypsa, or (ii) conflict with, or result in the breach of, or constitute a default under, or result in the termination, cancellation, modification or acceleration
(whether after the filing of notice or the lapse of time or both) of any right or obligation of Relypsa under, or a loss of any benefit to which Relypsa is entitled under, any contract, agreement or arrangement to which it is a party or result in
the creation of any Security Interest upon any of its assets, other than, in the case of clause (ii), conflicts, breaches, terminations, defaults, cancellations, accelerations, losses, violations or Security Interests that would not, individually or
in the aggregate, impair or delay Relypsa’s ability to perform its obligations hereunder. 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	(e)	Binding Effect. This Restated Agreement, when executed and delivered by Ilypsa, will constitute a valid and legally binding obligation of Relypsa enforceable against it in accordance with its terms.

  

	 	10.2	Representations and Warranties of Ilypsa. Ilypsa represents and warrants to Relypsa that, as of the Amendment Date: 

  

	 	(a)	Organization, Standing and Power. Ilypsa is a corporation duly organized, validly existing and in good standing under the laws of Delaware and has all requisite corporate power and authority to own, lease and
operate its assets, and to carry on its business as currently conducted. Ilypsa is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the ownership or operation of its assets or the conduct of
its business requires such qualification. 

  

	 	(b)	Corporate Authorization. Ilypsa has full corporate power and authority to execute and deliver this Restated Agreement and to perform its obligations hereunder. The execution, delivery and performance by Ilypsa of
this Restated Agreement has been duly and validly authorized and no additional corporate or shareholder authorization or consent is required in connection with the execution, delivery and performance by Ilypsa of this Restated Agreement.

  

	 	(c)	Consents and Approvals. No consent, approval, waiver, authorization, notice or filing is required to be obtained by Ilypsa from, or to be given by Ilypsa to, or made by Ilypsa with, any Governmental Authority or
other Person in connection with the execution, delivery and performance by Ilypsa of this Restated Agreement other than those the failure of which to obtain, give or make would not, individually or in the aggregate, materially impair or delay the
ability of Ilypsa to perform its obligations under this Restated Agreement. 

  

	 	(d)	 Non-Contravention. The execution, delivery and performance by Ilypsa of this Restated Agreement, and the consummation of the transactions
contemplated hereby and thereby, do not and will not (i) violate any provision of the Certificate of Incorporation, Bylaws or other organizational documents of Ilypsa, or (ii) conflict with, or

  
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result in the breach of, or constitute a default under, or result in the termination, cancellation, modification or acceleration (whether after the filing of notice or the lapse of time or both)
of any right or obligation of Ilypsa under, or a loss of any benefit to which Ilypsa is entitled under, any contract, agreement or arrangement to which it is a party or result in the creation of any Security Interest upon any of its assets, other
than, in the case of clause (ii), conflicts, breaches, terminations, defaults, cancellations, accelerations, losses, violations or Security Interests that would not, individually or in the aggregate, impair or delay Ilypsa’s ability to perform
its obligations hereunder. 

  

	 	(e)	Binding Effect. This Restated Agreement, when executed and delivered by Relypsa, will constitute a valid and legally binding obligation of Ilypsa enforceable against it in accordance with its terms.

  

	11.	NO REPRESENTATIONS AND WARRANTIES; EXCEPTIONS 

  

	 	11.1	Except for the representations and warranties provided in Section 10.2, Relypsa understands and agrees that no member of the Ilypsa Group is, in this Restated Agreement, representing or warranting to the Relypsa
Group in any way as to the Transferred Assets or the Assigned Patent Rights, or as to whether the Transferred Assets and Assigned Patent Rights are sufficient, individually or collectively, to enable Relypsa to conduct any business, or as to any
consents or approvals required in connection with the consummation of the transactions contemplated by this Restated Agreement, or as to any licenses or permits from any Governmental Authority that may be necessary or desirable for the conduct of
any business by Relypsa, it being agreed and understood as between the Groups, the members of the Relypsa Group shall take all of the Transferred Assets “as is, where is” and that, except as provided in this Section 12.1, the members
of the Relypsa Group shall bear the economic and legal risk that conveyances of the Transferred Assets and Assigned Patent Rights shall prove to be insufficient or that the title of any member of the Relypsa Group to any Transferred Assets or
Assigned Patent Rights shall be other than good and marketable and free from encumbrances. 

  

	12.	[***] 

  

	 	12.1	Ilypsa hereby covenants that Ilypsa [***] or [***] of the [***] as set forth in Exhibit D to the Original Agreement in connection with services being provided by such Third Party on behalf of Relypsa relating to the
development or manufacture of any Product other than Retained Field Products. 

  
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Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	13.	INDEMNIFICATION 

  

	 	13.1	Indemnification by Relypsa. Relypsa agrees to indemnify, defend and hold harmless each member of the Ilypsa Group and each of their Representatives and Affiliates from and against all Losses resulting from any
Third Party claim (other than product liability claims which are covered by the Exchange Agreement) arising out of or otherwise relating to (i) Relypsa’s performance of its obligations under this Restated Agreement, (ii) the research,
development, manufacture, use, offer for sale, sale or other disposition of any Product or any Future Product by or on behalf of Relypsa, its Affiliates or Sublicensees, or (iii) breach of this Agreement, or the representations and warranties
of Relypsa hereunder, by Relypsa. 

  

	 	13.2	Indemnification by Ilypsa. Ilypsa agrees to indemnify, defend and hold harmless each member of the Relypsa Group and each of their Representatives and Affiliates from and against all Losses resulting from any
Third Party claim (other than product liability claims which are covered by the Exchange Agreement) arising out of or otherwise relating to (i) Ilypsa’s performance of its obligations under this Restated Agreement, (ii) the research,
development, manufacture, use, offer for sale, sale or other disposition, in each case only with respect to any such activities taking place after the Effective Date, of any product derived from any Retained Assets, any Retained Field Products or
any Future Product by or on behalf of Ilypsa, its Affiliates or sublicensees, or (iii) breach of this Restated Agreement, or the representations and warranties of Ilypsa hereunder, by Ilypsa. 

 

	 	13.3	Procedure. 

  

	 	(a)	 If any Person who may seek indemnification under this Restated Agreement (the “Indemnitee”) receives notice of the assertion of any
Third Party claim with respect to any matter or Losses against which, under this Article 13, a Person who is obligated under this Restated Agreement to provide indemnification (the “Indemnifying Party”) has agreed to indemnify
such Indemnitee or such Indemnifying Party has agreed to assume, such Indemnitee shall give such Indemnifying Party written notice thereof within 15 days after becoming aware of such Third Party claim; provided, however, that the
failure of any Indemnitee to give notice as provided in this Section 13.3 shall not relieve any Indemnifying 

  
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Party of its obligations under this Article 13, except to the extent that such Indemnifying Party is actually prejudiced by such failure to give notice. Such notice shall describe such Third
Party claim in reasonable detail and, if practicable, shall indicate the estimated amount of the Losses that has been or may be sustained by such Indemnitee. 

  

	 	(b)	An Indemnifying Party, at such Indemnifying Party’s own expense and through counsel chosen by such Indemnifying Party (which counsel shall be reasonably satisfactory to the Indemnitee), may elect to defend any
Third Party claim. If an Indemnifying Party elects to defend a Third Party claim, then, within 10 Business Days after receiving notice of such Third Party claim or sooner if the nature of such Third Party claim so requires, such Indemnifying Party
shall notify the Indemnitee of its intent to do so. Such Indemnitee shall thereupon use commercially reasonable efforts to make available to such Indemnifying Party, at such Indemnifying Party’s expense, such assistance in support of the
prosecution or defense of such litigation as the Indemnifying Party may reasonably request, including without limitation, the right to assert in the name of the Indemnitee such rights, claims, counterclaims or defenses that such Indemnitee would be
or would have been permitted to assert in such litigation or in the prosecution of a claim or counterclaim against a Third Party or in defense against such Third Party claim had the Closing (as defined in the Exchange Agreement) not occurred. Such
Indemnifying Party shall pay such Indemnitee’s reasonable out-of-pocket expenses incurred in connection with such cooperation, promptly as and when incurred. If an Indemnifying Party elects not to defend against a Third Party claim, or fails to
notify an Indemnitee of its election as provided in this Section 13.3 within the period of 10 Business Days described above, such Indemnitee may through counsel chosen by such Indemnitee, defend, compromise and settle such Third Party claim,
and all expenses related to the defense, compromise and settlement of such Third Party claim shall be borne and paid exclusively by the Indemnifying Party; provided, however, that no such Indemnitee may compromise or settle any such
Third Party claim without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

  

	 	(c)	 Notwithstanding the foregoing, the Indemnifying Party shall not, without the prior written consent of the Indemnitee, settle or compromise any Third
Party claim or consent to the entry of any judgment which does not include as an unconditional term thereof 

  
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the delivery by the claimant or plaintiff to the Indemnitee of a written release of the Indemnitee from all liability in respect of such Third Party claim. 

 

	 	(d)	If an Indemnifying Party chooses to defend or to seek to compromise any Third Party claim, the related Indemnitee shall make available to such Indemnifying Party any personnel or any books, records or other documents
within its control or which it otherwise has the ability to make available that are necessary or appropriate for such defense. 

  

	 	13.4	Insurance. Relypsa shall at its own expense procure and maintain during the term of this Restated Agreement, insurance policy/policies, including product liability insurance, adequate to cover its obligations
hereunder and which are consistent with normal business practices of prudent companies similarly situated. Any insurance shall not be construed to create a limit of Relypsa’s liability with respect to its indemnification obligations under this
Article 13. Relypsa’s insurance hereunder shall be primary with respect to the obligations for which Relypsa is liable hereunder. 

  

	14.	CHANGE OF CONTROL 

  

	 	14.1	Until such time as the occurrence of a Qualified Public Offering (as defined in Relypsa’s Amended and Restated Certificate of Incorporation), as far in advance as practicable, but in no event less than three
(3) Business Days, prior to Relypsa entering into a legally binding agreement to effect a Change of Control of Relypsa to occur at a future date, Relypsa shall notify Ilypsa thereof, without any obligation to specify the name(s) of the
acquiring Third Party(ies) nor any of the terms of such contemplated Change of Control transaction. Promptly following the consummation of such Change of Control, Relypsa (or its successor) shall advise Ilypsa whether or not [***]. For the purposes
of this Article 14, [***] means a [***] comprising any [***] comprising or developed from the [***] at the time of the occurrence of a Change of Control, so long as Ilypsa or its Affiliates is either [***]. 

 

	 	14.2	Payment to Ilypsa. 

  

	 	(a)	Upon the occurrence of a Change of Control of Relypsa, Relypsa shall pay to Ilypsa an amount equal to the applicable Payment Value (as defined below) corresponding to the applicable Aggregate Purchase Price (as defined
below) in such Change of Control transaction as set forth in the following table: 

  
 25 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

					
	 Aggregate Purchase Price
	  	Payment Value	 
	 [***]
	  	 
  
	10% of Aggregate
 Purchase Price
	  
   

	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	[***]	  
	 [***]
	  	 	$30,000,000	  

  

	 	(b)	Where the Aggregate Purchase Price is paid in whole or in part with stock of the acquirer (“Acquirer Stock”), the value per share of Acquirer Stock issued to Relypsa or its stockholders in any
such Change of Control transaction (the “Acquirer Stock Value”) shall be used to (i) determine (together with the other forms of consideration payable in the Change of Control transaction, if any) the Aggregate Purchase Price
and so to determine which Payment Value is owed to Ilypsa under the chart set forth in Section 14.2(a) and (ii) determine the number of shares to be issued to Ilypsa pursuant to Section 14.2(a) as payment for such Payment Value so
determined for purposes of satisfying the applicable Payment Value then owed as set forth in the chart in Section 14.2(a) (the “Dual Purpose”). Where the relevant purchase agreement and/or other transaction documents relating
to such Change of Control transaction (the “Transaction Documents”) state the Acquirer Stock Value, either in dollar amount or by reference to a formula by which a dollar amount can be derived upon the closing of the Change of
Control transaction (or, in the case of a contingent payment paid in Acquirer Stock, at the time such contingent payment is due) (such stated dollar value or formula-based value, the “Stated Acquirer Stock Value”), then the value of
each share of Acquirer Stock for the Dual Purpose shall, in each case, be equal to the Stated Acquirer Stock Value, subject to Section 14.2(e). 

  

	 	(c)	 If, however, the Transaction Documents do not contain the Stated Acquirer Stock Value, then the following shall apply: (i) if the Acquirer
Stock is publicly traded, then the value of each share of Acquirer Stock for the Dual Purpose shall be equal to the average of the daily volume-weighted average prices for a share of such Acquirer Stock during the period beginning at 9:30 a.m., New
York City time, and ending at 4:00 p.m., New York City time, as reported by Bloomberg, over the ten (10) trading-day period commencing five (5) trading days prior to the public announcement of the signing of the Transaction Documents and

  
 26 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
ending on the fourth (4th) trading day following such announcement (the “Market-Based Formula”), and (ii) if the
Acquirer Stock is not publicly traded, then the value of each share of Acquirer Stock for the Dual Purpose shall be determined by the Board of Directors of Relypsa in good faith. 

 

	 	(d)	Notwithstanding the foregoing, in any Change of Control transaction that includes Acquirer Stock as consideration, the Acquirer Stock Value shall be approved by the Board of Directors of Relypsa (or a special committee
thereof) in good faith as reflecting fair value in the Change of Control transaction for the Dual Purpose. 

  

	 	(e)	Notwithstanding anything to the contrary in this Section 14.2, if the Acquirer Stock is privately traded, or publicly traded and the value of the Acquirer Stock is not calculated in the Transaction Documents with
the Market-Based Formula or any other reasonable market-based formula that determines the Acquirer Stock Value by reference to an average of the actual market trading prices of the Acquirer Stock over a multiple-day trading window of not less than
two (2) trading days and not more than thirty (30) trading days ending on or about the signing date for the Transaction Documents or prior to the closing of the Change of Control transaction, Relypsa shall be required to elect to do either
of the following: 

 (i) prior to entering into the Transaction Documents, Relypsa shall notify Ilypsa of the proposed
Acquirer Stock Value in writing (the “Proposed Value Notice”), and Ilypsa shall have a period of ten (10) business days after its receipt thereof to object to the proposed Acquirer Stock Value reflected in the Proposed Value
Notice by delivering a written notice of objection to Relypsa (the “Objection Notice”) and specifying therein two (2) independent third-party investment banking firms (each, a “Designated Firm”). Upon receipt
of the Objection Notice, Relypsa will select one (1) of the proposed Designated Firms by written notice to Amgen and shall engage the selected Designated Firm to determine the Acquirer Stock Value for the Dual Purpose; or 

(ii) Relypsa shall notify Ilypsa upon the later of (A) ten (10) days after the announcement of the execution of the Transaction
Documents for such Change of Control transaction and (B) the date upon which Ilypsa receives any stockholder consent, information statement or other document describing the Change of Control transaction, which such notice shall contain the
Stated 

  
 27 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 
Acquirer Stock Value, or if none, the proposed Acquirer Stock Value and shall include with such notice a true and complete copy of the acquisition agreement comprising such Change of Control
transaction (the “Value Notice”). Ilypsa may object to the proposed Acquirer Stock Value reflected in the Value Notice by delivering an Objection Notice and specifying therein two (2) Designated Firms. Within five (5) days of the
receipt of the Objection Notice, Relypsa will select one (1) of the proposed Designated Firms by written notice to Amgen and shall engage the selected Designated Firm to determine the Acquirer Stock Value. 

In connection with proceeding under clause (i) or (ii) above, Relypsa shall enter into a customary engagement agreement with the
Designated Firm, shall cooperate fully with the Designated Firm in its review and shall use reasonable good faith efforts to cause the acquirer to cooperate fully with the Designated Firm in its review. The Designated Firm shall make its
determination of the Acquirer Stock Value promptly for the above stated purposes (and in any event within ten (10) business days after its engagement). The determination of the Designated Firm of the Acquirer Stock Value shall be binding on all
parties hereto absent manifest error and shall be provided to Ilypsa and Relypsa concurrently. Relypsa and Ilypsa shall each bear one-half of the cost of the engagement of the Designated Firm. 

 

	 	(f)	 Upon the occurrence of a Change of Control of Relypsa, Ilypsa shall receive the Payment Value based on the aggregate consideration actually paid to
Relypsa and the stockholders of Relypsa at the closing of such Change of Control, with the cash portion being paid at the closing and any stock portion being delivered to Ilypsa (or its designee) within ten (10) days of such closing. If the
Aggregate Purchase Price includes deferred or contingent payments, Ilypsa shall receive additional payments each time deferred or contingent consideration is actually paid to Relypsa or the stockholders of Relypsa in respect of such Change of
Control transaction (if any), in the applicable additional amount such that, following each such additional payment (and after taking into account all previous payments of the Payment Value to Ilypsa), Ilypsa will have received the aggregate Payment
Value corresponding to the total Aggregate Purchase Price actually paid through the date of the distribution of such deferred or contingent payment to Relypsa and the stockholders of Relypsa in respect of the Change of Control transaction. For
example, if the Aggregate Purchase Price is $450 Million, of which $175 Million is paid in cash at closing, and an earnout payment of an additional $125 

  
 28 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
Million is paid in cash on event X, and an additional earnout payment of an additional $150 Million is paid in cash on event Y; then Ilypsa would be paid $15 Million in cash at closing, and upon
achievement of event X, would be paid $10 Million in cash, and upon achievement of event Y, would be paid $5 Million in cash, for total payment to Ilypsa of $30 Million in cash. 

 

	 	(g)	As used herein the term “Aggregate Purchase Price” means all consideration payable to Relypsa or its stockholders in a Change of Control transaction (including any deferred or contingent payments),
prior to deductions therefrom (if any), but less payments paid to third party advisors in connection with the negotiation, execution and consummation of the Change of Control transaction (including consultants, legal advisors and financial advisors)
to the extent that such payments do not exceed 3% of all such consideration. In addition, to the extent the Transaction Documents provide for a portion of the Aggregate Purchase Price to be withheld in escrow, the amount net of such escrow actually
paid upon the occurrence of such Change of Control shall be used to determine the Aggregate Purchase Price for purposes of determining the Payment Value to be paid within ten (10) days of such occurrence; provided, however, that upon release,
if any, of such escrowed amount, Ilypsa shall be paid the applicable additional amount such that, following such additional payment (and after taking into account all previous payments of the Payment Value to Ilypsa), Ilypsa will have received the
aggregate Payment Value corresponding to the total Aggregate Purchase Price actually paid through the date of the distribution of such released amount to Relypsa and the stockholders of Relypsa in respect of the Change of Control transaction.

  

	 	14.3	Acquisition of [***]. If, during the time period referred to [***], Relypsa (or, for the avoidance of doubt, its successor) [***] through Change of Control, merger, acquisition or otherwise, to develop and/or
commercialize one or more [***], it will [***]. In no event shall [***]. 

  

	15.	TERM AND TERMINATION 

  

	 	15.1	Term. This Restated Agreement shall commence on the Amendment Date, and unless earlier terminated as provided in this Article 15, shall remain in full force and effect on a country-by-country basis until the
expiration of the later to occur of (a) the last to expire of the Patent Rights licensed hereunder in the applicable country; or (b) the last sale of any Royalty Product in the applicable country. 

  
 29 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	15.2	Termination for Cause. A Party shall have the right to terminate this Restated Agreement, on a program-by-program basis, upon the material breach by the other Party of such other Party’s material obligations
with respect to the ILY102 Program, ILY103 Program or ILY105 Program (with respect to the ILY105 Program only until such time as Relypsa has satisfied all milestone payment obligations under Section 6.3 of this Restated Agreement) (the
“Reverted Program”), as the case may be, if such breach is not cured within sixty (60) days (or such longer period as is reasonably requested by such breaching Party if such breach is incapable of being cured within the 60-day
period) after receipt of written notice from such Party thereof specifying the nature of the alleged breach. Notwithstanding the foregoing, in the event of a dispute as to whether the breaching Party committed or did not cure such material breach,
for so long as such dispute is pending, the non-breaching Party’s right to so terminate this Restated Agreement shall be tolled. 

  

	 	15.3	Effect of Termination for Breach. 

  

	 	(a)	In the event of such termination by Ilypsa due to material breach by Relypsa, the following shall apply: (i) all licenses granted by Ilypsa pursuant to Section 2.1 with respect to such Reverted Program shall
terminate; (ii) Relypsa shall assign to Ilypsa all Assigned Patent Rights relating to such Reverted Program, and where such Assigned Patent Rights cover or claim inventions related to programs in addition to the Reverted Program, Ilypsa shall
grant to Relypsa an exclusive license under such Assigned Patent Rights consistent with the terms and conditions of this Restated Agreement only to the extent necessary to continue development and commercialization of products under other
Transferred Assets or any Future Products; (iii) Relypsa shall assign to Ilypsa all regulatory filings and approvals held by it with respect to such Reverted Program, if any; (iv) Relypsa shall transfer to Ilypsa any product inventory
on-hand relating to such Reverted Program at a price equal to Relypsa’s cost of goods and (v) Relypsa shall grant to Ilypsa an exclusive license under Relypsa’s then-owned or controlled intellectual property to make, have made, use,
sell, offer for sale, or import products arising out of such Reverted Program, worldwide. 

  

	 	(b)	In the event of material breach by Ilypsa, all licenses granted to Relypsa set forth in this Restated Agreement with respect to such Reverted Program shall survive. In addition, Relypsa shall also have the right, in
addition to any other remedies, to offset against all royalties or other payments owed to Ilypsa hereunder any damages incurred by Relypsa as a result of such breach, as determined by a court of competent jurisdiction from which decision no appeal
can be further taken. 

  
 30 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	15.4	Termination for Insolvency. If voluntary or involuntary proceedings by or against a Party are instituted in bankruptcy under any insolvency law, or a receiver or custodian is appointed for such Party, or
proceedings are instituted by or against such Party for corporate reorganization or the dissolution of such Party, which proceedings, if involuntary, shall not have been dismissed without prejudice within sixty (60) days after the date of
filing, or if such Party makes an assignment for the benefit of creditors, or substantially all of the assets of such Party are seized or attached and not released within sixty (60) days thereafter, the other Party may immediately terminate
this Restated Agreement effective upon notice of such termination. 

  

	 	15.5	Effects of Termination. 

  

	 	(a)	Accrued Rights and Obligations. Termination of this Restated Agreement for any reason shall not release any Party from any liability that, at the time of such termination, has already accrued to the other Party
or that is attributable to a period prior to such termination, nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in equity that accrued or are based upon any event occurring prior to such termination.

  

	 	(b)	Survival. Sections 2.5, 3.3 and 3.4 (to the extent relating to activities prior to the effective date of termination), 8.2, and Articles 1, 6 (in the event of a material, uncured breach by Ilypsa and royalty
payments not extinguished by any damages claim of Relypsa), 7, 9, 13, 15 and 16 of this Restated Agreement shall survive expiration or early termination of this Restated Agreement for any reason. Sections 4.1 and 8.1 of this Restated Agreement shall
survive expiration or early termination of this Restated Agreement other than a termination due to material breach by Relypsa. 

  

	 	15.6	 Rights in Bankruptcy. All rights and licenses granted under or pursuant to this Restated Agreement by Relypsa or Ilypsa are, and shall
otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that the Parties, as
licensees of such rights under this Restated Agreement, shall retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding
by or against either Party 

  
 31 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	
under the U.S. Bankruptcy Code, the Party hereto that is not a party to such proceeding shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual
property and all embodiments of such intellectual property, and same, if not already in its possession, shall be promptly delivered to them (i) upon any such commencement of a bankruptcy proceeding upon its written request therefor, unless the
Party subject to such proceeding elects to continue to perform all of its obligations under this Restated Agreement, or (ii) if not delivered under (i) above, following the rejection of this Restated Agreement by or on behalf of the Party
subject to such proceeding upon written request therefor by the non-subject Party. 

  

	16.	MISCELLANEOUS 

  

	 	16.1	Complete Agreement. This Restated Agreement and the Related Agreements and the Exhibits hereto and thereto and the agreements and other documents referred to herein and therein shall constitute the entire
agreement between the parties hereto with respect to the subject matter hereof. This Restated Agreement shall apply as of the Amendment Date and the Original Agreement (as and when amended) shall have applied to matters under the Original Agreement
between the Effective Date and the Amendment Date. 

  

	 	16.2	Expenses. Except as otherwise specifically provided in this Restated Agreement, Relypsa and Ilypsa shall bear their respective expenses, costs and fees (including attorneys’, auditors’ and financing
fees, if any) in connection with the transactions contemplated hereby, including the preparation, execution and delivery of this Restated Agreement and compliance herewith, whether or not the transactions contemplated hereby are effected.

  

	 	16.3	Negotiation. Prior to resorting to litigation, the parties will first attempt to resolve any controversy or claim arising out of or relating to this Restated Agreement, or the breach hereof by direct discussions
and negotiation, including if either party so elects, negotiation among senior executives of Ilypsa and Relypsa. Any party asked to participate in such negotiations will use reasonable efforts to make a designated senior executive available promptly
to participate in negotiations, with authority to resolve the matter. The designated senior executives shall negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory
to both parties. If they do not reach a resolution, the parties shall be entitled to resort to such remedies as they may have in equity or at law. 

  
 32 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	16.4	Governing Law. This Restated Agreement shall be governed by and construed in accordance with the laws of the State of California (other than the laws regarding choice of laws and conflicts of laws) as to all
matters, including matters of validity, construction, effect, performance and remedies. 

  

	 	16.5	Notices. All notices, requests, claims, demands and other communications hereunder (collectively, “Notices”) shall be in writing and shall be given (and shall be deemed to have been duly given
upon receipt) by delivery in person, by facsimile, electronic mail or other standard form of telecommunications (provided confirmation is delivered to the recipient the next Business Day in the case of facsimile, electronic mail or other
standard form of telecommunications) or by delivery via a recognized overnight air courier, addressed as follows: 

 If to
Ilypsa: 
 One Amgen Center Drive 

Thousand Oaks, CA 91320 

Attention:  [***] 

                    [***] 

Facsimile:   [***] 

with a copy to: 
 Attention: David
J. Scott 
                   Senior Vice President
and Secretary 
 Facsimile: [***] 

If to Relypsa: 
 Relypsa, Inc.

 5301 Patrick Henry Drive 

Santa Clara, CA 95054 
 Attention:
General Counsel 
 Facsimile: [***] 

with a copy to (which shall not constitute notice): 

Cooley Godward Kronish, LLP 
 Five
Palo Alto Square 
 3000 El Camino Real 

Palo Alto, CA 94306-2155 

Attention: [***], Esq. 

Facsimile: [***] 

  
 33 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	    	or to such other address as any party hereto may have furnished to the other parties by a notice in writing in accordance with this section. 

 

	 	16.6	Amendment and Modification. This Restated Agreement may be amended, modified or supplemented only by a written agreement signed by both of the parties hereto. 

 

	 	16.7	Successors and Assigns; No Third Party Beneficiaries. This Restated Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their successors and
permitted assigns, but neither this Restated Agreement nor any of the rights, interests and obligations hereunder shall be assigned by any party hereto without the prior written consent of the other party (which consent shall not be unreasonably
withheld or delayed). Except as specifically provided under this Restated Agreement, no intellectual property owned or controlled by any Third Party successor to or assignee of a Party immediately prior to the event resulting in such assignment or
succession in interest shall be included in any of the intellectual property licensed to, or information to be provided by, the Party undergoing such succession or assignment. 

 

	 	16.8	Counterparts. This Restated 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.

  

	 	16.9	Interpretation. The headings contained in this Restated Agreement are solely for the purpose of reference, are not part of the agreement of the parties hereto and shall not in any way affect the meaning or
interpretation of this Restated Agreement. 

  

	 	16.10	Legal Enforceability. Any provision of this Restated Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Each party acknowledges that
money damages would be an inadequate remedy for any breach of the provisions of this Restated Agreement and agrees that the obligations of the parties hereunder shall be specifically enforceable. 

 

	 	16.11	References; Construction. References to any “Exhibit” or “Section,” without more, are to Exhibits and Sections to or of this Restated Agreement. Unless otherwise expressly stated, clauses
beginning with the term “including” set forth examples only and in no way limit the generality of the matters thus exemplified. 

  
 34 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	 	16.12	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 reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder. 

  
 35 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 IN WITNESS WHEREOF, the parties hereto have caused this Restated Agreement to be duly executed as of the date
first above written. 
  

			
	ILYPSA
		
	By:	 	/s/ Robert A. Bradway
		 	 Name:  Robert A. Bradway

Title:    Executive Vice President and

     Chief Financial Officer

  

			
	RELYPSA
		
	By:	 	/s/ Gerrit Klaerner
		 	 Gerrit Klaerner, Ph.D.
 Senior Vice
President, Chief Operating
 Officer

  
  

  
 36 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A(i) 

ILY 102 PROGRAM 
  

	
	 [***]

	     [***]

  

  
 A-1 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A(ii) 

ILY 103 PROGRAM 
  

	
	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

  

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A(ii) (continued) 

 

	
	 [***]

	     [***]

  

  
 A-3 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A(iii) 

ILY 105 PROGRAM 
  

	
	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

  

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT A(iii) (continued) 

 

	
	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

	 [***]

	     [***]

  
 A-5 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT B 

Invention Disclosures 
  

			
	 Ilypsa Ref.
No.
	  	 Title

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  

  
 B-1 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT C 

Symyx Agreement Patent Rights 
  

			
	 Granted Patent or Published No.
	  	 Title

		  	
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

  
 F-1 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT F 

ILY 104 Program Patent Applications and Patents 
  

													
	 Ilypsa Ref. No.
	  	 Country
	  	 Application No.
	  	 Patent

No.
	  	 Title
	  	 Status
	  	 Primary
Program

	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]
	 [***]
	  	[***]	  	[***]	  		  	[***]	  	[***]	  	[***]

  
 F-1 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT F (continued) 

 

													
	 Ilypsa Ref. No.
	  	 Country
	 	 Application No.
	 	 Patent

No.
	 	 Title
	  	 Status
	 	 Primary
Program

	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]

  
 F-2 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT F (continued) 

 

													
	 Ilypsa Ref. No.
	  	 Country
	 	 Application No.
	 	 Patent

No.
	 	 Title
	  	 Status
	 	 Primary
Program

	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]

  
 F-3 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT F (continued) 

 

													
	 Ilypsa Ref. No.
	  	 Country
	 	 Application No.
	 	 Patent

No.
	 	 Title
	  	 Status
	 	 Primary
Program

	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]
	 [***]
	  	[***]	 	[***]	 	[***]	 	[***]	  	[***]	 	[***]

  
 F-4 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT I 

Assignment 
 WHEREAS
ILYPSA, INC., (hereinafter, “ASSIGNOR”), a corporation organized and existing under the laws of the State of Delaware, and having a place of business at One Amgen Center Drive, Thousand Oaks, CA 91320-1799, is the assignee of interest in
inventions set forth in U.S. and foreign patents and U.S. and foreign patent applications (collectively, “Patent Documents”), listed in Appendix A hereto; 

WHEREAS             , (hereinafter, “ASSIGNEE”), a corporation
organized and existing under the laws of the State of             , and having a place of business at             ,
is desirous of acquiring all interest in and to said inventions and to the Patent Documents listed in Appendix A; 
 NOW, THEREFORE, be it
known to all whom it may concern: 
 THAT for good and valuable consideration the receipt of which is hereby acknowledged, ASSIGNOR has and
does hereby sell, assign, transfer and set over unto ASSIGNEE, its successors and assigns, the full and exclusive right, title and interest, including all rights acquired in foreign countries, in and to said Patent Documents (listed in Appendix A,
attached hereto and incorporated herein by reference), including any divisions, renewals, continuations in whole or in part, substitutions, conversions, reissues, prolongations or extensions thereof, and in and to any and all letters patents to be
granted and issued therefor, not only for, to and in the United States of America, its territories and possessions, but for, to and in all other countries; and it has been and is hereby authorized and requested that the appropriate government
agencies issue said letters patents to ASSIGNEE, its successors and assigns, in accordance with this assignment. 
 ASSIGNOR HEREBY
covenants and agrees that it has the full right to convey the interest herein assigned, and ASSIGNOR has not executed, and will not execute, any agreement in conflict herewith. 

IN WITNESS AND IN TESTIMONY WHEREOF, I as a duly authorized representative of ASSIGNOR, hereunto set my hand on the date shown below. 

THIS             day of
            , 20    . 
  

			
	ILYPSA, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 J-1 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 EXHIBIT F (continued) 

STATE OF CALIFORNIA             ) 

COUNTY OF VENTURA             ) 

On             , before me personally appeared
            , known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by
his signature on the instrument the entity upon behalf of which the person acted, executed the instrument. 
 WITNESS my hand and official
seal. 
  

			
		 	 
		 	Notary Public

  
 F-2 

 [***] Certain information in this document has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.EX-10.6(a)

 Exhibit 10.6(a) 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has
been requested with respect to the omitted portions. 
 MEMORANDUM OF UNDERSTANDING

 This Memorandum of Understanding (“MOU”), dated November 27, 2012, (the “Effective Date”) is entered into by and between
Relypsa, Inc. having a principal place of business at 5301 Patrick Henry Drive, Santa Clara, CA 95054 (“Relypsa”) and LANXESS Corporation, having a principal place of business at 111 RIDC Park West Drive, Pittsburgh, PA 15275
(“LANXESS”); each party referred to as a “Party” and collectively the “Parties”. 
 WHEREAS,
Relypsa and LANXESS are parties to a variety of agreements that reflect their cooperation in the developmental supply of patiromer, Relypsa’s novel drug for the treatment for hyperkalemia (also known as RLY5016); 

WHEREAS, LANXESS has assisted Relypsa’s development of patiromer including production of material for use in
Relypsa’s pivotal clinical trials; 
 WHEREAS, Relypsa has advanced patiromer clinical development and is now
planning validation as well as, following approval by the US Food and Drug Administration (“FDA”), launch and commercial supply of patiromer; 

WHEREAS, Relypsa plans to include LANXESS as the only named supplier of API in connection with a planned new drug
application (“NDA”) submission to the FDA; 
 WHEREAS, LANXESS and Relypsa desire to enter into a commercial
manufacturing and supply agreement for the validation, launch and sale of patiromer; 
 WHEREAS, LANXESS must, prior
to the manufacture of Products (as defined hereinafter), make certain plant modifications in order to increase its plant capacity, which investment costs shall be borne by Relypsa as provided herein. 

NOW THEREFORE, this MOU sets forth non-binding terms upon which the Parties agree to enter
into a Commercial Manufacturing and Supply Agreement (“Agreement”), provided however that certain terms, which are explicitly stated, are agreed to be binding on the Parties. Except for those terms expressly designated as binding, it is
not the intention of the Parties hereto that this MOU be deemed to constitute: (a) a legally binding obligation of either Party or (b) an obligation or commitment of either Party to enter into the Agreement. Any legal obligation binding
upon either Party with respect to the proposed transaction is subject to, and will exist only upon, the due execution and delivery of the definitive Agreement. Notwithstanding the foregoing, Sections 5a., 5.c. (with respect to the Initial Term), 7,
9, 10, 12 and 13 shall be binding on the Parties hereto. The Parties agree as follows: 
 1. Background. Relypsa has communicated [***] to
LANXESS and these [***] will influence the terms of any definitive Agreement, specifically: 
 a. Subject of agreement 

 LANXESS will manufacture and supply to Relypsa and Relypsa will purchase from LANXESS under appropriate purchase
orders (“PO”) and pursuant to this MOU and/or the Agreement, the drug substance [***] (“API”) and any Intermediate specified in the reaction scheme attached hereto in Appendix 1. Intermediate shall mean any material
between a purchased raw material and API. One specific Intermediate is [***]. API and any Intermediates will be collectively referred to herein as “Products”. 

b. Quality of Product 
 API and Intermediate
supplied under the MOU and/or the Agreement shall comply with the representations and warranties in Section 5 a. Batch to batch consistency of Products (including [***]) will influence Relypsa’s commitments to future orders of
specified quantities. 
 c. Security of Supply 

LANXESS will make all commercially reasonable efforts to meet Relypsa’s required quantities and timing for supply of Products. Relypsa will provide
LANXESS with adequate notice of requirements, and the financial commitments associated with activities relating to the timely supply of Products will be agreed upon in the Agreement and/or this MOU. Relypsa requires several suppliers at every level,
including raw materials and Products. 
 d. Cost of Goods 

Relypsa and LANXESS agree that close cooperation within a defined process improvement and implementation framework can effectively reduce cost of goods,
[***]. 
 2. Support of NDA and Obligation to Manufacture 

Relypsa intends to include LANXESS as the sole API manufacturer in its submission of a NDA for approval to market patiromer; and, as such, LANXESS agrees to
work with Relypsa and use all reasonable commercial efforts to support Relypsa with its NDA submission and approval activities, including [***] (“Approval Activities”). Both parties will agree as to what Approval Activities are
required, the timelines associated with each of the Approval Activities, and allocate responsibility for completion of each of the Approval Activities. The Approval Activities currently determined by the Parties are set forth in Appendix 4 hereto,
but such Approval Activities are continuously being updated by mutual written agreement of the Parties. 
 Both parties agree to establish an open
communication of expectations and Relypsa will provide periodic feedback at Steering Committee meetings regarding its assessment of LANXESS’s performance based on the mutually agreed Approval Activities to ensure the goals of both parties are
achieved in accordance with the agreed Approval Activities. Among other things, Relypsa anticipates providing LANXESS with an update in [***]. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 The Agreement will set forth terms and conditions governing the manufacture of Products and the supply of
Products by LANXESS for commercial sale (“Manufacture”) including, without limitation, commercially reasonable activities necessary for LANXESS to successfully qualify and validate the Manufacturing and its facility in accordance with all
applicable laws, rules and regulations. Under the Agreement, LANXESS will agree to Manufacture Products and Relypsa will agree to purchase Products. 
 3.
Manufacture and Supply Team 
 Relypsa and LANXESS will establish a Manufacturing and Supply Team having an agreed upon equal number of members from each
Party (or such other representation by the Parties as the Parties mutually agree). The Team will perform the functions of: (1) overseeing and monitoring the supply of MFA, the supply of other critical raw materials and the Manufacture of
Products to meet forecasted supply and delivery requirements; (2) establishing written key performance indicators for LANXESS’s activities with respect to the Manufacture of Products (e.g., yields, timely delivery of API, etc.);
(3) overseeing the handling of complaints, adverse events, recalls, and return processes, in each case related to Products, in accordance with the applicable procedures specified in the Quality Agreement; (4) exchanging information on and
overseeing NDA Approval Activities; and (5) any other manufacturing and supply related functions as the Parties shall mutually agree. 
 4. Relypsa
Approved Supplier of methyl 2-fluoroacrylate (“MFA”) 
 LANXESS will either manufacture the starting material monomer MFA itself or may source it
from third parties. LANXESS agrees to [***] which suppliers have also been approved by an appropriate assessment by LANXESS, such assessment including alignment of product specifications between all parties involved. The requirement of
agreement on the specifications shall also apply to the sourcing of other raw materials as well. LANXESS will order directly from such [***] suppliers for shipment directly to LANXESS. For cGMP purposes, LANXESS shall establish approved MFA
suppliers, provided however, that any such suppliers shall also be [***]. During the term of the Agreement, LANXESS covenants that it will [***] under the MOU and/or the Agreement for [***] to Manufacture the Products under the
terms of the Agreement or, pending execution of the Agreement, this MOU. 
 5. Purchase and Supply 

a. Initial Term 
 The Parties will operate on a
PO basis with respect to initial launch quantities of Products (“Initial Term”), provided that any such POs shall incorporate the binding terms of this MOU and/or the Agreement. For the avoidance of doubt the Initial Term will cover the
supply of Products for up to six months past the expected approval date (“Approval Date”) for patiromer currently estimated to be in [***], which is the expected date upon which Relypsa anticipates approval to market patiromer in
the United States (“Regulatory Approval”). Any PO issued by Relypsa under the terms of this MOU shall be accepted by LANXESS in so far as it contains the binding terms of this MOU within [***]. No PO issued by Relypsa nor any
acceptance by LANXESS thereof will be deemed to vary or supersede the terms of this MOU or the Agreement, as applicable, and in the event of a conflict between the terms of any PO issued by Relypsa and this MOU or the Agreement, as applicable, the
provisions of this MOU or the Agreement, as applicable, shall control. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Relypsa agrees under the binding terms of this Section 5 a. to issue a PO for [***] metric tons (MT)
of API (all weights are on a [***] basis) within [***] after execution of this MOU (the “First API PO”). Any greater quantities of API will be agreed upon separately. The price in such PO will be US$[***] per kilogram
(also on a [***] basis and [***]). The price also includes release of API based on the Specifications (as defined hereinafter). Relypsa hereby grants LANXESS and its affiliate SALTIGO GmbH a royalty-free, non-exclusive and
non-transferable license to use its intellectual property rights required for LANXESS to manufacture the API. LANXESS agrees to manufacture, supply and release to Relypsa (or Relypsa’s designee) and Relypsa agrees to take delivery of those
quantities of API set forth in the PO in accordance of the binding terms of the MOU and /or the terms of the Agreement, as applicable. 
 All quantities of
Products shall conform to the Product specifications and analytical methods as set forth in Appendix 3 and which may be amended (the “Specifications”). The Specifications under this MOU and/or the Agreement may be amended by the Parties:
[***] (the “Changes in Specification”). LANXESS may at any time propose amendments to the Specifications. 
 LANXESS agrees to immediately
investigate the impacts of Changes in Specification on the Manufacturing process and the potential timeline of their implementation and costs. 
 The
Parties will closely cooperate and use all commercially reasonable efforts to amend the Specifications and implement the changes if technically feasible and as soon as reasonably practicable provided that Relypsa agrees to such implementation and
LANXESS is reimbursed for all costs involved in the implementation and Manufacture of Products in accordance with the required technical changes. 
 The
Specifications, as amended, will be attached to this MOU or the Agreement and incorporated therein. Following [***], currently expected to occur [***], Relypsa will update LANXESS on any changes to the Specifications [***]. 

Upon LANXESS’ receipt of a written notice from Relypsa regarding Changes in Specification, LANXESS shall not commence or continue to Manufacture and
Relypsa shall have no obligation to accept or pay for Products Manufactured after receipt of such notice unless such Products conform to amended Specifications incorporating such requests or requirements. Any Products Manufactured by LANXESS prior
to receipt of written notice shall be accepted and paid for by Relypsa. 
 LANXESS represents and warrants that (a) the API will be manufactured in
compliance with the master batch record, the Specifications, cGMP and the Quality Agreement in effect between the Parties; (b) when delivered to RELYPSA, the API will be in conformity with the Specifications; (c) as provided for in the
Quality Agreement between the Parties, no API supplied hereunder shall be adulterated or misbranded by LANXESS; (d) all API supplied hereunder shall be transferred free and clear of any liens or encumbrances of any kind arising through LANXESS
or its affiliates or their respective agents or subcontractors; and (e) all Product will be manufactured by the LANXESS affiliate SALTIGO GmbH in its plant at the [***]. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 RELYPSA represents and warrants that it has the authority to enter into this MOU and/or the Agreement without the
consent of any third party, and to the best of its knowledge, the Products and its manufacture does not infringe any valid intellectual property rights of any third party. Similarly, LANXESS represents and warrants that it has the authority to enter
into this MOU and/or the Agreement without the consent of any third party, and to the best of its knowledge, with respect to its own intellectual property, the manufacture of Products does not infringe any valid intellectual property rights of any
third party. 
 Of the [***] MT of API set forth in the PO, [***]MT of API will be manufactured, released and delivered to the site of the
drug product manufacturer about [***] prior to [***]. The remaining [***] MT of API will be manufactured, released and delivered no later than [***] after the last delivery of the first [***] MT of API. 

In addition, Relypsa agrees to issue a PO to LANXESS within thirty (30) days after execution of this MOU for a minimum [***] metric tons
([***] MT) of MFA at a price of US$[***] per kilogram for [***] metric tons (with the weights being on a [***] basis) based on [***] purchased at US$[***] per kilogram, with all such pricing including the
cost of transportation (the “First MFA PO”). In the event of any unexpected material changes to the [***] prices, the Parties shall make reasonable efforts to agree amicably to a resolution in the light of the change in
circumstances. [***], herein, means [***]. 
 For the remaining [***] tons of MFA [***] the First API PO both parties agree to
i) collaborate to purchase MFA from a third party at an agreed upon price and agreed timeline; and/or ii) subject to the [***] by LANXESS of [***] for the manufacture of MFA which has been approved for use in the Manufacture of API by
both parties, Relypsa also agrees to issue a PO to LANXESS for the manufacture of a minimum [***] metric tons of MFA, provided that LANXESS [***]; and/or iii) provide additional MFA from [***] subject to agreed timing at the
prevailing price [***] USD/kg. 
 The Parties agree that the price for the API and the MFA in the Initial Period shall be in accordance with the
pricing concept set forth in Section 5 c. below. The POs will recite the payment schedule set forth in Appendix 2. 
 Except for willful misconduct or
breach of confidentiality or intellectual property obligations, the Parties agree that in the event of any breach of its representations and warranties or any negligent or willful act or omission by them in connection with their performance of their
binding obligations hereunder the collective, aggregate liability of either Party including its affiliates and its and their respective directors, officers and employees under this MOU shall not exceed the aggregate maximum amount of [***]
USD. Notwithstanding the foregoing, with respect to any claim by one party against the other, the Parties expressly agree that the liability of such party to the other party shall be limited under this MOU or otherwise at law or equity to direct
damages only and in no event shall a party be liable in respect of any such claims for punitive, exemplary, incidental, special, indirect or consequential damages, including loss of revenue or profit even if advised of the possibility of such
damages. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 The Parties further agree and understand that this MOU and the PO will not set forth all the terms governing the
Manufacture, release and delivery of the API (e.g., quality agreement, return of API, indemnities, etc.) for the Initial Term. Thus, the Parties agree to promptly pursue the negotiation and execution of the definitive Agreement and intend to execute
such Agreement on or before [***], 2013. The Parties agree that such definitive Agreement shall replace this MOU, and that all activities performed under this MOU shall be deemed to have been performed under and shall be subject to the
Agreement. Pending execution of the Agreement, Sections 2, 6, 7, 10, 13, 14, 15 and 25 of the MSA (as defined below) shall apply to this MOU and are incorporated herein. If any terms of this MOU conflict with the terms of the MSA, the terms of this
MOU shall prevail. 
 If (i) the Agreement is entered into by the Parties and LANXESS is in compliance with the Agreement in all material respects
(ii) LANXESS performs all Approval Activities in all material respects, (iii) [***], and (iv) LANXESS [***], then Relypsa will place an additional PO for [***] MT of API (the “Second API PO”) within
[***] of [***], provided the requirements of Appendix 6 Milestone 2 are met. The price of such API shall be a reasonable amount negotiated in good faith in the range of $[***] to $[***] per kilogram of API (on a
[***] basis and not including [***]), the quality and purity of the MFA used in such API shall meet the terms of the First API PO, and the price for MFA [***], of this MOU [***]. 

This Section 5 a. shall be binding on the Parties. 

b. Subsequent Term 
 The Agreement will provide
for a [***] rolling forecast model, initially including the quantities ordered during the Initial Term as well as any other Product orders forecasted within the agreed upon period of the model (“Rolling Forecast”). The Subsequent
Term period is a 5 year period commencing in [***] with the right to renew for an additional term(s), with commitments in the Rolling Forecast being dependent upon agreed pricing and volume. 

During the Subsequent Term, LANXESS will use commercially reasonable sourcing efforts to control/minimize the cost of key raw materials in the preparation for
each production campaign quotation associated with this MOU or the Agreement. The Agreement will incorporate the requirements for MFA set forth in Section 4 of this MOU. 

c. Pricing 
 Costs of duties and transportation
to Relypsa or its designee [***] Therefore released API will be shipped at LANXESS’ earliest convenience and, if API is not fully released, at LANXESS’ risk, to a third party to be named by Relypsa. LANXESS will use all commercially
reasonable efforts to minimize duties and transportation costs where possible. Final agreed prices will include all activities [***] of Product. The Parties will reach mutual agreement on the magnitude of these cost elements prior to
completion of the proposed Agreement. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 The Parties agree that, except as otherwise expressly provided herein with respect to the Initial Term PO,
[***] will be established in this MOU or the Agreement. Rather, the Parties will agree to [***], including, but not limited to pricing adjustments for currency fluctuations. Specifically, any prices in a PO issued under the Agreement
will assume an agreed USD/€ exchange rate (the “Established Exchange Rate”), which will initially be $[***] USD/ €. Fluctuations in the actual exchange rate will only result in price adjustments if outside of an agreed
tolerance (the “Exchange Rate Tolerance”) in which both parties accept a certain degree of risk. Tolerance will be without correction within a ± $[***] USD/ € fluctuation, which is the agreed initial Exchange Rate
Tolerance. Outside the Exchange Rate Tolerance, both parties agree to share risks and benefits equally. Data relating to the currency and payments will be reviewed on a quarterly basis and reconciliations will be made on an annual basis. See
Appendix 5. 
 The Established Exchange Rate will be adjusted on the first day of each calendar year if the actual exchange rate, as determined using a
mutually agreed upon data source (to be defined), has stayed outside the range covered by the Exchange Rate Tolerance continuously for the last three months of such calendar year. At any such time, a new Established Exchange Rate will be set equal
to the average actual exchange rate for such three-month period. 
 During the Initial Term, the Parties agree to a [***] concept to cover the
payment for raw materials, MFA, [***] and API. Under this concept, and under the terms of the First API PO and First MFA PO and the final Agreement or MOU, Relypsa will agree to a payment schedule that makes payment due based on clearly
defined milestones, where such milestones are related to progress on activities performed by LANXESS, such as procurement of raw materials, production of MFA and/or [***], etc. The milestones are set forth in attached Appendix 2, and this MOU
will be attached as an exhibit to the Initial API PO and Initial MFA PO. Subject to Section 5.a., the pricing principles of this Section 5 c. shall be binding on the Parties for any quantities of API and MFA supplied to Relypsa during the
Initial Term. 
 6. Improvements 
 LANXESS is committed to
continuous improvement initiatives and will, subject to process safety, product quality, manufacturing capability and agreed economic benefit, implement and use all improvements in the Manufacture of Products that are developed by Relypsa or a third
party working with or for Relypsa (“Relypsa Improvements”). 
 LANXESS has considerable experience in the improvement of chemical processes and
will use commercially reasonable efforts to improve the Manufacture of Products (“LANXESS Improvements”). 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 LANXESS will assist Relypsa in obtaining any necessary regulatory approvals to implement and use Relypsa and/or
LANXESS Improvements. [***] the successful implementation of any Relypsa or LANXESS Improvements, LANXESS will [***] for all quantities of Product [***] so that Relypsa receives [***] of the [***] of the Relypsa or
LANXESS Improvement for a [***]. [***], any such [***] will inure to Relypsa. The Parties will agree to additional provisions including the payment for any additional costs of improvements and their implementation in the
Agreement. 
 7. Investments to Achieve Initial Term Quantities 

a. Facility Investments 
 LANXESS has reviewed
necessary plant modifications to successfully scale up the process for the API and [***] from [***] of ca [***] MT to [***] of about [***] MT per annum (all weights are on a [***] basis) (“Facility
Investments”). These [***] support Relypsa’s patiromer launch and market development. These Facility Investments in plant modifications are currently estimated by LANXESS to cost approximately US$[***]. LANXESS will provide
to Relypsa a detailed breakdown of the individual elements associated with the overall investment. LANXESS shall be and remain the full owner of all equipment purchased and built into its plant in the course of the Facility Investments. It is agreed
between the Parties that LANXESS may manufacture other products in the plant if it is not occupied by manufacturing Products for Relypsa. 

b. Payment of Facility Investments 
 In order to
meet Relypsa’s target supply dates for process validation, NDA filing and building stocks of both Intermediates and API for successful commercial launch, it is required for LANXESS to [***] of the Facility Investments during [***]
and LANXESS shall use commercially reasonable efforts to complete the [***] of the Facility Investments in [***]. To address the costs associated with these Facility Investments, Relypsa agrees to pay LANXESS milestone payments of up
to a maximum of US$[***]. Payments for Facility Investments shall be made by Relypsa in accordance with the schedule attached hereto as Appendix 2. Payments will be made in [***] to LANXESS. The first [***] will be made by
Relypsa in [***] in an amount of [***] USD if LANXESS completes the activities set forth in Appendix 6 Milestone 1 Part b ) by that date. The second [***] will be made by Relypsa in [***] in an amount [***] USD if
LANXESS completes the activities set forth in Appendix 6 Milestone 2 Part a) by that date. Payments to be made by Relypsa will be due within ten (10) days after the date of receipt by Relypsa of the respective invoice. 

If Relypsa pays for such Facility Investments and LANXESS terminates the MOU and/or the Agreement, other than for a material breach by Relypsa, then LANXESS
agrees to repay all amounts paid by Relypsa for Facility Investments to Relypsa according to the following schedule, regardless of whether such improvements have been used to Manufacture Products. Notwithstanding the foregoing, in case of a
termination by LANXESS in the Subsequent Term pursuant to Section 9 c) (ii), such repayment obligation shall not apply. The Parties agree that the foregoing is the sole reimbursement obligation of LANXESS regarding the Facility Investments to
Relypsa. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

					
	 Termination Date
	  	Repayment	 
	 Before end of Initial Term or LANXESS failure to pass Pre-Approval Inspection by the FDA that proximately causes a delay of NDA
approval for more than [***] 
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 This Section 7 shall be binding on the Parties hereto. 

8. Validation 
 Validation quantities will be dealt with on a PO
basis during the Initial Term, and will be included in the definitive Agreement. Pricing for this activity will be agreed by a separate pricing proposal but these activities will be included in the Agreement and, if at all possible, such activity
will be scheduled together with the launch campaign to generate maximum cost efficiencies. 
 9. Termination 

 

	a)	Termination By Relypsa Without Cause 

 Relypsa may terminate this MOU or the Agreement with thirty
(30) days advance written notice without cause for the following reasons: 
  

	 	(i)	Relypsa finally abandons the developing or manufacturing of the Product; or 

  

	 	(ii)	Relypsa does not obtain [***] within [***] of the [***] ; or 

  

	 	(iii)	the Parties can not agree on [***] as provided for in Section 5a. 

 If Relypsa terminates the MOU
or Agreement in accordance with the previous sentence for reasons other than material breach by LANXESS, then (i) Relypsa will compensate LANXESS for any existing PO commitment at the time of notice of such termination if such termination
occurs within 6 months of scheduled completion of the work under the PO; or (ii) if Relypsa terminates the Agreement more than 6 months prior to scheduled completion of the work under the PO, then Relypsa will compensate LANXESS for any Product
delivered under the PO, LANXESS’ out of pocket expenses in connection with such PO and any facility idle time up to the point of scheduled completion of production under such PO. In addition, outstanding investment payments pursuant to
Section 7 and Exhibit 2 will be made by Relypsa, unless LANXESS is in material breach of this MOU and/or the Agreement. LANXESS will in either case use reasonable commercial efforts to find and secure alternative use of the manufacturing
facility after such notice of such termination and will refund to Relypsa any amounts recovered by LANXESS through an alternative use of the manufacturing facility during the time originally committed under the PO. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 The Parties may agree on additional termination provisions in the Agreement. 

 

	b)	Termination Without Cause in Cases of Delays 

 In the event of any delays in a Party’s performance of its
material obligations hereunder by more than [***] months and provided the reasons therefore are not solely caused by the other Party, then such other Party shall be entitled to terminate the MOU and any underlying PO with immediate effect.
For any delay of a shorter time period Appendix 6 shall apply. 
  

	c)	Termination by LANXESS Without Cause in the Subsequent Term 

 (i) LANXESS may terminate the Agreement in the
Subsequent Term by [***] months advanced written notice to Relypsa; and as such, LANXESS will continue to supply Products during the notice period at the agreed upon levels in the Agreement and based on the Rolling Forecast. 

(ii) Also, LANXESS may terminate the Agreement in the Subsequent Term on three (3) months advanced written notice to Relypsa, if Relypsa does not order
in the Subsequent Term for a continuous period of six (6) months sufficient Products to cover the [***] of the [***] used to produced [***] or API at LANXESS’s affiliate Saltigo GmbH manufacturing facility, provided
however Relypsa may compensate LANXESS for such [***] in lieu of such termination. 
 The specific details of LANXESS’s commitment to supply,
including the notice period required for termination, will be subject to further joint discussions regarding the binding and non-binding periods of the Rolling Forecast. 
  

	d)	Termination by Relypsa in Case of Failure to Execute the Agreement 

 In the event the Parties do not execute a
definitive Commercial Supply Agreement by [***], 2013, and provided that the failure is not attributable to (1) any unexplained unreasonable delay of at least one month by Relypsa in the negotiation, or (2) Relypsa not negotiating
in good faith, Relypsa may, at its sole election, until [***], terminate the MOU and [***]. For the avoidance of doubt, the First API PO, the First MFA PO and any payment obligations of Relypsa for the Facility Investment pursuant to
Section 7 shall be unaffected by such termination. 
  

	e)	Termination for Cause by Either Party 

 Either Party shall be entitled (but not obligated) to terminate this
MOU with immediate effect by written notice to the other Party if the other Party commits a material breach of this MOU which is not remedied within ninety (90) days after the date of service of a written notice giving full particulars of such
material breach and requesting it to be remedied. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	f)	Consequences of Termination 

 In addition, in the event of termination of this MOU or the Agreement without
cause or for material breach, the following will apply: 
 (i) LANXESS will transfer, and cause any affiliates to transfer to Relypsa or
affiliate of Relypsa, or a third party designated by Relypsa any Relypsa Information as defined in the Master Service Agreement between the parties dated January 1, 2011 (the “MSA”) provided however, Relypsa Information shall not
include LANXESS Background Intellectual Property as defined in the MSA and provided that Relypsa shall [***], without the written consent of LANXESS. If this MOU is terminated by Relypsa under Section 9 a), 9 b) or d) or by LANXESS under
Section 9 b) or c) (ii), Relypsa will reimburse LANXESS for LANXESS’s reasonable time spent and reasonable out-of-pocket costs incurred by LANXESS in connection with such transfer hereunder. LANXESS will submit invoices to Relypsa showing
an itemized breakdown of such out-of-pocket costs and the time spent by LANXESS personnel performing such activities during any month, and Relypsa will pay each such invoice no later than sixty (60) days after its receipt of such invoice. If
this MOU or the Agreement is terminated by LANXESS under Section 9 c) (i) or by Relypsa for material breach by LANXESS under Section 9 e), LANXESS will be solely responsible for the cost of its time spent and out-of-pocket costs
incurred in connection with the transfer. 
 (ii) If Relypsa terminates under this Section 9 or LANXESS terminates under
Section 9(b) or (c) (ii) or (e), Relypsa will purchase or reimburse LANXESS for all raw materials purchased by LANXESS specifically for the manufacture of Products, that are not useful for the manufacture of other products currently
manufactured by LANXESS, and are held by LANXESS to fulfill Relypsa PO’s (“Key Materials”), provided that such Key Materials have a remaining shelf life of at least [***]. If LANXESS terminates under this Section 9(c)
(i) Relypsa will have an option to purchase Key Materials. In either event, upon shipment of the Key Materials under this Section, LANXESS will invoice Relypsa [***] to obtain such Key Materials. Relypsa will pay such invoice within thirty
(30) days of its receipt thereof. If LANXESS terminates this MOU or the Agreement without cause or Relypsa terminates this MOU or the Agreement for material breach by LANXESS, [***]. 

(iii) LANXESS will promptly transfer to Relypsa’s designated location all API and Intermediates in its possession for the agreed price,
and, at Relypsa’ request, all work-in-process (e.g., partially manufactured API), if any, for a reasonable price. If LANXESS terminates this MOU or the Agreement without cause or Relypsa terminates this MOU or the Agreement for material breach
by LANXESS, [***] such API, Intermediates and work-in-process to Relypsa’s designated location. Otherwise, [***]. In the event that a Party terminates this MOU or the Agreement, then any work in process material will be converted
to the corresponding Product. 
 iv) If this MOU or the Agreement is terminated by LANXESS for material breach by Relypsa, Relypsa will
compensate LANXESS for any existing PO commitment at the time of notice. If this MOU or the Agreement is terminated by Relypsa for material breach by LANXESS, Relypsa will be released from all obligations under any existing PO commitment at the time
of notice. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

	g)	Accrued Rights 

 Termination of this MOU will not affect any accrued rights of either Party. The terms of this
MOU which by their nature or terms which require performance after the expiration or earlier termination will survive such termination or expiration of this MOU. 

This Section 9 shall be binding upon the Parties. 
 10.
Exclusivity 
 So long as LANXESS is manufacturing Product under the MOU and/or the Agreement for Relypsa and for a [***], LANXESS will not make the
same Products as supplied hereunder for any other party without the written consent of Relypsa. 
 Section 10 shall be binding on the Parties. 

11. Licenses 
 Customary license provisions will be agreed upon
in the Agreement. Specifically, no implied licenses will exist. 
 12. Quality Agreement. 

Within sixty (60) days of the execution of this MOU by the Parties, the Parties will enter into a mutually acceptable Quality Agreement to replace the
current Quality Agreement (including [***]). The Parties agree that the existing Quality Agreement between the Parties shall apply to the manufacture of API under this MOU until such time as it is replaced. 

This Section 12 shall be binding upon the Parties. 
 13.
Assignment/Affiliates 
 Neither Party shall have the right to assign any or all of its rights or obligations under this MOU without the other Party’s
prior written consent, which consent shall not unreasonably be withheld. Notwithstanding the foregoing, prior written consent shall not be required (i) in case of an assignment of rights or obligations to an affiliate of the assignor and
provided that the assignor procures that any such affiliate assigns such rights back to the assignor immediately before ceasing to be an affiliate of the assignor and, in the case of LANXESS, LANXESS agrees to be responsible and primarily liable for
the performance of its affiliate under this MOU or the Agreement, as applicable, or (ii) in connection with a merger, consolidation, or a sale of all or substantially all of party’s assets or relevant business to which the MOU or the
Agreement are attributable, to a third Party, except if such merger, consolidation or sale is with a competitor of the other Party. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 LANXESS shall have the right to utilize its affiliate SALTIGO GmbH in the performance of services under the MOU
and/or the Agreement, provided however, LANXESS cannot use any facility other than the SALTIGO GmbH plant at the [***] site to manufacture Product. LANXESS shall remain responsible and primarily liable for the performance of its affiliate
SALTIGO GmbH. 
 Section 13 is binding on the Parties. 
  

	14.	LANXESS and Relypsa each warrants and represents that it has the right to enter into this MOU. 

  

	15.	This MOU may be executed in counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same document. 

IN WITNESS WHEREOF, the parties have executed this Memorandum of Understanding effective as
of the Effective Date. 
  

									
	Relypsa, Inc.	 		 	LANXESS Corporation
					
	By:	 	/s/ Ronald Krasnow	 		 	By:	 	/s/ Flemming B. Bjoernslev
			
	Name: Ronald Krasnow	 		 	Name: Flemming B. Bjoernslev
			
	Title: Sr. Vice President, General Counsel	 		 	Title: President and CEO

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Appendix 1: Reaction Scheme 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Appendix 2: Milestone Payment Procedure 

Both parties have agreed on a principle of milestone payments to cover all activities to be performed from date of signing of the MOU in Q4 2012 through to the
end of the Initial Term expected to be complete in [***].The attached schedules detail the various elements and financial tools to be employed to facilitate all these activities. 

Table 1 . Schedule of payments in [***] 
 [***]

 Table 2 . Schedule of payments for [***] 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 APPENDIX 3 
  

 
 [***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 APPENDIX 4 [current list of approval activities] 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Appendix 5: Currency Fluctuation Procedure. 

 

	 	1.	Saltigo will issue all invoices to Relypsa in USD based on an agreed upon exchange rate, initially $[***]USD / € (the “Established Exchange Rate”). 

 

	 	2.	Relypsa will pay all invoices at the USD amount recorded in the invoice from LANXESS. 

  

	 	3.	Variances between the Established Exchange Rate and the actual exchange rate at time of payment by Relypsa (“Exchange Rate Variances”) will be recorded using a mutually agreed upon data source (to be defined).

  

	 	4.	Any Exchange Rate Variances outside the Exchange Rate Tolerance (as defined in Section 6), will be agreed upon by both parties and documented on a quarterly basis. The portion of any payment made by Relypsa
resulting from an actual exchange rate at time of payment being outside the Exchange Rate Tolerance will be shared by the parties on a 50:50 basis. 

For clarity, payments by Relypsa for which the actual exchange rate at time of payment is within the Exchange Rate Tolerance (initially,
$[***] to $[***] USD / €) will not result in any reconciliation payments accrued by either party. 
 For example, with an
exchange rate of $[***] USD / € on a $[***] USD invoice, the currency fluctuation is +$[***] USD means that $[***] USD of this fluctuation is borne by each party. 

 

	 	5.	Financial reconciliations will be made on an annual basis no later than November 30th such that any reconciliation payment invoiced for payment under normal
terms by either party will be paid on or before December 31st of that calendar year. 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Appendix 6 – Milestones and payment timing 

LANXESS Delay: 
 In the event that Relypsa has not
caused LANXESS to delay the Manufacture of Product, then the following Milestones will apply: 
 Milestone 1: On or before [***], LANXESS shall
(a) certify to Relypsa in writing that [***] and (b) certify to Relypsa in writing [***] of the [***] has been received. 

If LANXESS fails to make either of such certifications by [***], then LANXESS shall have one month to cure such failure. 

If LANXESS is unable to cure such failure within the one month time period, then: 

(1) Relypsa will not be obligated to make payments for[***] of [***] in [***] as listed in Appendix 2, cell U76, and
instead, payments for [***] will become part of the regular payments made for the manufacture and [***] of API under the terms of the Agreement or MOU, e.g., as listed in Appendix 2, cells X77 to AA77; and 

(2) Relypsa shall make payments to LANXESS for the activities in (a) above as set forth in Appendix 2, cell P62 and P42when such
activities are completed. 
 Milestone 2: On or before [***], LANXESS shall (a) certify to Relypsa in writing that [***] and
(b) invoice Relypsa for [***] of the [***] as listed in Appendix 2, cell S69. 
 If LANXESS fails to make either such
certifications or such invoicing by [***], then LANXESS shall have twenty (20) days to cure either of such failure. 
 If
LANXESS is unable to cure any such failure within the twenty (20) days period, then: 
 (1) Relypsa will not be obligated to make
payments for release of [***] in [***] as listed in Appendix 2, cell U76, and instead, payments for [***] will become part of the regular payments made for the manufacture and [***] of API under the terms of the Agreement
or MOU, e.g., as listed in Appendix 2, cells X77 to AA77 
 (2) LANXESS shall not be able to [***]; and 

(3) Relypsa shall make payments for [***] in Appendix 2, cell T43 and T44 and for [***] of the [***] in Appendix 2, cell
S69 when such activities are completed. 
 Milestone 3: On or before [***], LANXESS shall (a) invoice Relypsa for [***] as in
Appendix 2, cell U72 and (b) invoice Relypsa for the [***] as in Appendix 2, cell U76. 
 If LANXESS fails to make either such
invoicing or such [***] by [***], then LANXESS shall have one month to cure either such failure. 
 If LANXESS is unable to
cure either such failure within the one month time period, then: 
 (1) Relypsa will not be obligated to make payments for [***] of
[***] in [***] as listed in Appendix 2, cell U76, and instead, payments for [***] will become part of the regular payments made for the manufacture and [***] of API under the terms of the Agreement or MOU, e.g., as listed
in Appendix 2, cells X77 toAA77; and 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 (2) LANXESS shall invoice Relypsa for the [***] in Appendix 2, cell U72 in [***]
and invoice Relypsa for the payment in Appendix 2, cell U73 [***] of API. 
 Relypsa delay: 

In the event that LANXESS has completed [***], then Relypsa will have an option to delay the Manufacture of [***] and/or API by notifying LANXESS
in writing of exercising such option. If Relypsa exercises such option for such delay, then Relypsa agrees to pay LANXESS the amount €[***] for each month of delay for each of [***] and API (i.e., a total €[***] for
each month delay of the Manufacture of [***] and API). If Relypsa makes delay payments to LANXESS hereunder in an amount of at least total €[***] for a delay of both [***] and API or total of €[***] for a delay
of API, Relypsa shall be entitled to credit [***] percent ([***]%) of the total delay payments made against the prices charged by LANXESS to Relypsa for Manufacture of API during the Subsequent Term at a rate of [***] percent
([***]%) of the price for each such manufacturing run until the [***] percent ([***]%) credit is exhausted in full. 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 APPENDIX 7: Complete list of [***] 

[***] 

  
 [***] Certain information in this
document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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