SEC Contract Filing

Filing Date: 2017-02-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.29
<SEQUENCE>2
<FILENAME>d338826dex1029.htm
<DESCRIPTION>EX-10.29
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.29</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.29 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARDELYX, INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE
IN CONTROL SEVERANCE AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Change in Control Severance Agreement (the &#147;<U>Agreement</U>&#148;) is made and entered into
by and between Paul Korner, MD, MBA (the &#147;<U>Executive</U>&#148;) and Ardelyx, Inc. (the &#147;<U>Company</U>&#148;), effective as January&nbsp;4, 2016 (the &#147;<U>Effective Date</U>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>R E C I T A L S </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. It is
expected that the Company from time to time will consider the possibility of an acquisition by another company or other change in control. The Board of Directors of the Company (the &#147;<U>Board</U>&#148;) recognizes that such consideration as
well as the possibility of an involuntary termination or reduction in responsibility can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined that it is in the best
interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of such an event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue
Executive&#146;s employment and to motivate Executive to maximize the value of the Company upon a Change in Control (as defined below) for the benefit of its stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Board believes that it is imperative to provide Executive with severance benefits upon certain terminations of Executive&#146;s service
to the Company that enhance Executive&#146;s financial security and provide incentive and encouragement to Executive to remain with the Company notwithstanding the possibility of such an event. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. The Board believes that it is in the best interests of the Company and its stockholders to provide Executive with certain transition
payments as an incentive to join the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. Certain capitalized terms used in this Agreement are defined in Section&nbsp;8 below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term of Agreement</U>. This Agreement shall become effective as of the Effective Date and terminate upon the date that all obligations of
the parties hereto with respect to this Agreement have been satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Signing Bonus and Relocation Bonus</U>. The Company shall pay
the Executive a signing bonus in the amount of one hundred thirty thousand dollars ($130,000) (the &#147;<U>Signing Bonus</U>&#148;) in a single cash lump sum, less required withholding obligations, on or before Executive&#146;s fifth day of
employment with the Company. Notwithstanding the foregoing, Executive acknowledges and agrees that the Signing Bonus shall not be earned to any extent prior to the first anniversary of the commencement of Executive&#146;s employment, shall be earned
only with respect to </P>

<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
50% of the Signing Bonus on the first anniversary of Executive&#146;s commencement of employment if Executive remains continuously employed with the Company through such date and shall only be
fully earned on the second anniversary of Executive&#146;s commencement of employment if Executive remains continuously employed with the Company through such date. If the Executive&#146;s employment with the Company terminates prior to the second
anniversary of Executive&#146;s commencement of employment with the Company and such termination does not constitute a Covered Termination, then the Executive shall repay to the Company the portion of the Signing Bonus that is not earned prior to
the date of termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company and Executive acknowledge and agree that the Executive will relocate his permanent residence to the
San Francisco Bay Area within two (2)&nbsp;years of the Effective Date. Provided that the Executive has relocated to the Bay Area within such two year period, the Company will pay the Executive a relocation allowance equal to two hundred thirty
seven thousand eight hundred ninety-five dollars ($237,895.00) within thirty (30)&nbsp;days of relocation. </P> <P STYLE="margin-top:6pt