Document:

EX-10.16

 Exhibit 10.16 

 
 

 
 October 31, 2012 
 Via Electronic Delivery 
 Kristine McClintock Ball 

Dear Kristine, 
 We are very pleased to offer
you a position at Relypsa, Inc. (“Relypsa” or “Company”), subject to the conditions of this letter. Upon commencement of employment, your initial title will be Senior Vice President, Chief Financial Officer. This is a full-time
position reporting to Gerrit Klaerner – President and Chief Operating Officer. 
 Subject to your accepting this offer and election to the
position by the Board of Directors, your employment will begin on your first day of work with Relypsa, which is anticipated to be November 27, 2012 or a date which is agreed upon by both parties in writing. 

Your initial base annual salary will be $270,000.00, payable in accordance with Relypsa’s standard payroll schedule. Your salary will be subject to
adjustment pursuant to Relypsa’s employee compensation policies as may be in effect from time to time and periodic reviews by Relypsa. 

In addition, you will be eligible for an incentive bonus for each fiscal year that you are employed at the Company. The incentive bonus (if any) will be
awarded based on criteria for your goals for that year and approved by the Company’s Board of Directors. Your target bonus will be equal to 25% of your annual base salary. Any incentive bonus for the fiscal year in which your employment begins
will be prorated, based on the number of days you are employed by the Company during that fiscal year. The incentive bonus for that fiscal year will be paid only if you are employed by the Company at the time the bonus is earned. The determination
of the Company’s Board of Directors with respect to your incentive bonus will be final and binding. 
 As a regular employee of Relypsa,
you and your eligible dependents will be able to participate in Company-sponsored benefit plans, such as medical, dental, vision, life insurance and 401(k) as may be established from time to time by Relypsa and in accordance with Relypsa policies
and the terms of those plans. In addition, you will be entitled to paid vacation in accordance with Relypsa’s vacation policy, as may be in effect from time to time. 
 Subject to approval by the Relypsa Board of Directors, you will be granted an option to purchase 1,850,000 shares of Relypsa’s Common Stock at an exercise price equal to the fair 

  
 Relypsa,
Inc. 5301 Patrick Henry Drive Santa Clara CA 95054 
 Tel: 408-200-9500  Fax: 408-200-9700  Website:
www.relypsa.com 

 Kristine McClintock Ball 
 October 31, 2012 
  Page
 2
 
  

 
market value per share of the Common Stock on the grant date as determined in good faith by Relypsa’s Board of Directors, which will be the next regularly scheduled meeting of the Relypsa
Board of Directors after your first day of employment. The option will be granted pursuant to the terms and conditions of Relypsa’s 2007 Equity Incentive Plan (the “Plan”) and related agreements to be provided to you in the near
future which will detail the terms and conditions related to the option you will receive. The stock option agreement will reflect a vesting schedule (with vesting conditioned on your Continuous Service (as defined in the Plan) to Relypsa on each
vesting date) under which 25% of the shares shall vest upon completion of one year of employment and the remaining shares shall vest in successive equal monthly amounts upon completion of each of the next thirty six (36) months measured from
and after the first anniversary of the first day of employment. 
 You will be required, as a condition of your employment with Relypsa, to sign
and abide by Relypsa’s standard Proprietary Information and Inventions Agreement. By signing this letter agreement, you confirm to Relypsa that you have no contractual commitments or other legal obligations that would impede or prohibit you
from performing your duties for Relypsa. 
 Employment with Relypsa is for no specific period of time. Your employment with Relypsa will be
“at will,” meaning that either you or Relypsa may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is
the full and complete agreement between you and Relypsa on the matter of your employment being “at will”. Although your job duties, title, compensation and benefits, as well as Relypsa’s personnel policies and procedures, may change
from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of Relypsa (other than you). 

While you render services to Relypsa, you will not engage in any other employment, consulting or other business activity that would create a conflict of
interest with Relypsa. While you render services to Relypsa, you also will not assist any person or entity in competing with Relypsa, in preparing to compete with Relypsa or in hiring any employees or consultants of Relypsa. 

All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law. 
 This letter, together with your Proprietary Information and Inventions Agreement, forms the complete and
exclusive statement of your employment agreement with Relypsa. The terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written. We hope that you will accept our offer to join Relypsa. You may
indicate your agreement with these terms and accept this offer by signing and dating the enclosed duplicate and original of this letter agreement and returning it to me. 

 Kristine McClintock Ball 
 October 31, 2012 
  Page
 3
 
  

 This offer, if not accepted, will expire at the close of business on Wednesday, November 7, 2012.
As required by law, your employment with Relypsa is contingent upon your providing legal proof of your identity and authorization to work in the United States. 
 To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of
action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this letter agreement, your employment, or the termination of your employment, shall be resolved, to the fullest extent permitted by
law, by final, binding and confidential arbitration in Santa Clara County, California conducted by the Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under the then applicable rules of JAMS. You acknowledge
that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. Each party will be responsible for their own costs and
attorneys’ fees, other than the costs for JAMS, which shall be borne by the Company. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the
conclusion of any such arbitration. Notwithstanding the foregoing, you and the Company each have the right to resolve any issue or dispute arising under the Proprietary Information and Inventions Agreement by court action instead of arbitration.

 [Remainder of page intentionally blank] 

 I look forward to working with you. Your experience and knowledge will be a great addition to the team here
at Relypsa. 
 Very truly yours, 

RELYPSA, INC. 
  

			
	By:	 	 /s/ Gerrit Klaerner

		 	Gerrit Klaerner, President, Chief Operating Officer

 I have read and accept this employment offer. 

 

							
	 /s/ Kristine Ball
	 		 	 11/2/2012
	  	
	SIGNATURE	 		 	DATEEX-10.17

 Exhibit 10.17 

 
 

 
 November 30, 2011 
 Via Electronic Delivery 
 Lance Berman 

Dear Lance, 
 We are very pleased to offer you
a position at Relypsa, Inc. (“Relypsa” or “Company”), subject to the conditions of this letter. Upon commencement of employment, your initial title will be Senior Vice President, Commercial Strategy & Medical Affairs.
This is a full-time position reporting to Gerrit Klaerner - President and Chief Operating Officer. 
 Subject to your accepting this offer,
checking of references and election to the position by the Board of Directors, your employment will begin on your first day of work with Relypsa, which is anticipated to be December 9, 2011. We understand that you have made personal travel
plans for the upcoming holidays and thus you will take unpaid leave over the last two weeks of December. 
 Your initial base annual salary will
be $295,000.00, payable in accordance with Relypsa’s standard payroll schedule. Your salary will be subject to adjustment pursuant to Relypsa’s employee compensation policies as may be in effect from time to time and periodic reviews by
Relypsa. 
 As part of your employment it is understood that you will relocate to the San Francisco Bay Area as soon as practicable (and
anticipated to occur in early January 2012). Prior to your relocation, you will be permitted to work remotely, although the Company can require your attendance at meetings (including, for example, the meeting in Miami on December 9, 2011) or
other specific functions. 
 To assist with the costs of your relocation, Relypsa will provide you with the following allowances, which will be
paid in installments on the following schedule (the “Allowances”): 
  

	 	•	 	 For the months of January through March 2012: Allowance of $25,000 per month; and 

 

	 	•	 	 For the months of April through December 2012: Allowance of $3,000 per month. 

The Allowances will be subject to applicable payroll deductions and tax withholdings, and will be paid on a semi-monthly basis along with your regular
paycheck. Notwithstanding the foregoing, the timing of the Allowance payments are intended to reflect the timing of expenses associated with relocation to the San Francisco Bay Area in early 2012. If, for any reason, such relocation does not occur
by March 31, 2012, we will agree on an alternate payment schedule to reflect the timing of your related expenses. Notwithstanding the foregoing, to be eligible to receive the above Allowance installment payments, you must remain a Relypsa
employee as of the applicable installment payment date. 
 Relypsa, Inc. 5301 Patrick Henry Drive Santa Clara CA 95054

 Tel: 408-200-9500   Fax: 408-200-9700   Website: www.relypsa.com 

 Lance Berman 
 November 30, 2011 
  Page
 2
 
  

 In addition to the Allowances, you are eligible for a one-time relocation bonus (the “Relocation
Bonus”) under the following conditions: (1) if you sell your New York residence at any time before June 30, 2013, Relypsa will pay you a Relocation Bonus of $75,000 (provided that you remain a Relypsa employee as of the date that your
residence is sold); or (2) if you have not sold your New York residence by June 30, 2013, Relypsa will pay you a Relocation Bonus of $25,000 (provided that you remain a Relypsa employee as of June 30, 2013). The Relocation Bonus will
be subject to applicable payroll deductions and tax withholdings and, if owed, the Relocation Bonus will be paid on the earlier of closing or June 30, 2013. 
 In addition, you will be eligible for consideration of an incentive bonus for each fiscal year that you are employed at the Company. The incentive bonus (if any) will be awarded based on criteria for your
goals for that year and approved by the Company’s Board of Directors. Your target bonus will be equal to 25% of your annual base salary. Any incentive bonus for the fiscal year in which your employment begins will be prorated, based on the
number of days you are employed by the Company during that fiscal year. The incentive bonus for that fiscal year will be paid only if you are employed by the Company at the time the bonus is determined to be earned by the Company’s Board of
Directors. The determination of the Company’s Board of Directors with respect to your incentive bonus will be final and binding. 
 As a
regular employee of Relypsa, you and your eligible dependents will be able to participate in Company-sponsored benefit plans, such as medical, dental, vision, life insurance and 401(k) as may be established from time to time by Relypsa and in
accordance with Relypsa policies and the terms of those plans. In addition, you will be entitled to paid vacation in accordance with Relypsa’s vacation policy, as may be in effect from time to time. You will begin with a vacation accrual rate
of four (4) weeks per year. 
 Subject to approval by the Relypsa Board of Directors, you will be granted an option to purchase 1,468,020
shares of Relypsa’s Common Stock at an exercise price equal to the fair market value per share of the Common Stock on the grant date as determined in good faith by Relypsa’s Board of Directors, which will be the next regularly scheduled
meeting of the Relypsa Board of Directors after your first day of employment. The option will be granted pursuant to the terms and conditions of Relypsa’s 2007 Equity Incentive Plan (the “Plan”) and related agreements to be provided
to you in the near future which will detail the terms and conditions related to the option you will receive. The stock option agreement will reflect a vesting schedule (with vesting conditioned on your Continuous Service (as defined in the Plan) to
Relypsa on each vesting date) under which 25% of the shares shall vest upon completion of one year of employment and the remaining shares shall vest in successive equal monthly amounts upon completion of each of the next thirty six (36) months
measured from and after the first anniversary of the first day of employment. 

 Lance Berman 
 November 30, 2011 
  Page
 3
 
  

 You will be required, as a condition of your employment with Relypsa, to sign and abide by
Relypsa’s standard Proprietary Information and Inventions Agreement. By signing this letter agreement, you confirm to Relypsa that you have no contractual commitments or other legal obligations that would impede or prohibit you from performing
your duties for Relypsa. 
 Employment with Relypsa is for no specific period of time. Your employment with Relypsa will be “at will,”
meaning that either you or Relypsa may terminate your employment at any time and for any reason, with or without cause and with or without advance notice. Any contrary representations that may have been made to you are superseded by this letter
agreement. This is the full and complete agreement between you and Relypsa on the matter of your employment being “at will”. Although your job duties, title, compensation and benefits, as well as Relypsa’s personnel policies and
procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of Relypsa (other than you). 

While you render services to Relypsa, you will not engage in any other employment, consulting or other business activity that would create a conflict of
interest with Relypsa. While you render services to Relypsa, you also will not assist any person or entity in competing with Relypsa, in preparing to compete with Relypsa or in hiring any employees or consultants of Relypsa. 

All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other
deductions required by law or authorized by you. 
 This letter, together with your Proprietary Information and Inventions Agreement, forms the
complete and exclusive statement of your employment agreement with Relypsa. The terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written, and may not be changed (except with respect to those
changes expressly reserved to the Company’s or Board’s discretion in this letter) without a written agreement signed by you and a duly authorized officer of the Company. We hope that you will accept our offer to join Relypsa. You may
indicate your agreement with these terms and accept this offer by signing and dating this letter agreement and returning it to me (e.g., by fax, original or pdf). 
 This offer, if not accepted, will expire at the close of business on Monday, December 5, 2011. As required by law, your employment with Relypsa is contingent upon your providing legal proof of your
identity and authorization to work in the United States. 
 To ensure the rapid and economical resolution of disputes that may arise in
connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this letter
agreement, your employment, or the termination of your employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in Santa Clara County, California conducted by the Judicial Arbitration and
Mediation Services, Inc. (“JAMS”) or its successor, under the then applicable rules of JAMS. You acknowledge that by agreeing to this arbitration procedure, both you and the 

 Lance Berman 
 November 30, 2011 
  Page
 4
 
  

 
Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. Each party will be responsible for their own costs and attorneys’ fees,
other than the costs for JAMS, which shall be borne by the Company. Nothing in this Agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such
arbitration. 
 [Remainder of page intentionally blank] 

 Lance Berman 
 November 30, 2011 
  Page
 5
 
  

 Lance, I look forward to working with you. Your experience and knowledge will be a great addition to
the team here at Relypsa. 
 Very truly yours, 
 RELYPSA, INC. 
  

			
	By:	 	 /s/ Gerrit Klaerner

		 	Gerrit Klaerner, President, Chief Operating Officer

 I have read and accept this employment offer. 

 

							
	 /s/ Lance Berman
	 		 	  
	  	
	SIGNATURE	 		 	DATE

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