EX-10.20



 Exhibit 10.20 

Akebia Therapeutics, Inc. 

AMENDED AND RESTATED PARTIAL RECOURSE PROMISSORY NOTE 
  

			
	$14,571.54	  	Cincinnati, Ohio
		  	May 9, 2013

 FOR VALUE RECEIVED, Robert Shalwitz (“Borrower”) promises to pay to Akebia
Therapeutics, Inc., a Delaware corporation (“Lender”), or order, the principal sum of $14,571.54 with interest as set forth below, both principal and interest payable in lawful money of the United States of America, at such place as
Lender may designate in writing. 
 The principal and interest shall be due and payable as follows: 

Interest shall accrue at the rate of six percent (3%) per annum from the date hereof up to and through the Maturity date (as defined
herein). The entire aggregate unpaid principal balance interest shall be due and payable on the first to occur of (a) the consummation of Lender’s first underwritten public offering of its Common Stock (other than a registration statement
relating either to the sale of securities to employees of Lender pursuant to its stock option, stock purchase or similar plan or an SEC Rule 145 transaction); (b) the consummation of a “Deemed Liquidation Event” and
distribution of proceeds to or escrow for the benefit of the stockholders of Lender in accordance with Lender’s certificate of incorporation as in effect and amended from time to time; or (c) May 9, 2023 (the data of whichever such
event occurs first being the “Maturity Date” of the Note). 
 The Note may be prepaid in full or in part at any time without penalty or
premium; provided, however, that partial prepayments shall be applied first to the payment of interest accrued to the date of such prepayment and then to the payment of principal. 

All parties to this Note, including maker and any sureties, endorsers or guarantors, hereby waive protest, presentment, notice of dishonor and notice of
acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Note, notwithstanding any change or changes by way of any extension or extensions of time for the payment of
principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them. 

As an inducement for Lender to accept from Borrower this Note and as collateral security for the payment of any and all indebtedness and liabilities
whatsoever of Borrower to Lender evidenced by this Note, the parties hereto have executed a certain Amended and Restated Stock Pledge Agreement of even date herewith (the “Pledge Agreement”), substantially in the form attached
hereto as Exhibit A, pursuant to which Borrower has delivered, assigned and pledged to Lender and has granted to Lender a first priority security interest in 9,714.36 shares of Common Stock of Lender owned by Borrower (the
“Stock”). 
 Upon default of Borrower in the payment of any indebtedness under this Note, Lender’s sole recourse with respect
to fifty percent (50%) of the sum of (a) unpaid principal of this Note, (b)







 
accrued but unpaid interest on this Note, and (c) collection costs including attorneys’ fees in connection therewith (the “Non-Recourse Portion”) shall be to exercise its
rights under the Pledge Agreement. Liability of Borrower under the Non-Recourse Portion of this Note is limited to the shares held by Lender pursuant to the Pledge Agreement, and in no event shall Borrower be liable on the Non-Recourse Portion of
this Note for any deficiency resulting from any sale of shares pursuant to the Pledge Agreement, nor shall any action or proceeding be brought by Lender against Borrower to recover judgment against Borrower upon the Non-Recourse Portion of this Note
or the Pledge Agreement. Upon default of Borrower in the payment of any indebtedness under this Note, Borrower shall be fully liable for all amounts due under this Note other than the Non-Recourse Portion. 

At the sole and absolute discretion of Borrower, Borrower may elect to repay some or all of the amounts due and owing hereunder, at any time and from time to
time, whether in the event of Default or otherwise, and without the requirement of Lender’s consent or approval, by putting to Lender that number of shares of Stock equal to the amount of such repayment, based upon a price per share of the
Stock equal to the fair market value thereof as determined in the most recent third-party appraisal thereof. 
 This Note amends, restates, and supersedes
in all respects that certain Partial Recourse Promissory Note by Robert Shalwitz to Lender dated as of October 15, 2009 with respect to the time period beginning on May 9, 2013 and ending on the Maturity Date. 

This Note is to be governed and construed in accordance with the laws of the State of Delaware. 

IN TESTIMONY WHEREOF, the undersigned has executed this instrument the day and year first above written. 

 

	
	 /s/ Robert Shalwitz

	Borrower (Print Name): Robert Shalwitz


 ACKNOWLEDGED AND ACCEPTED 
  

			
	AKEBIA THERAPEUTICS, INC.
		
	By:	 	 /s/ Joseph H. Gardner

	Name:	 	Joseph H. Gardner
	Title:	 	President & CEO








 Stock Pledge Agreement 

Akebia Therapeutics, Inc. 

AMENDED AND RESTATED STOCK PLEDGE AGREEMENT 

THIS AMENDED AND RESTATED STOCK PLEDGE AGREEMENT (the “Agreement”) is made as of this 9th day of May, 2013, by and between
Robert Shalwitz (“Pledgor”), and Akebia Therapeutics, Inc., a Delaware corporation (“Lender”). 
 WHEREAS,
Lender has extended a loan to Pledgor in the principal amount of $14,571.54 (the “Loan”), which Loan is evidenced by a promissory note in favor of Lender attached hereto as Exhibit A (the “Note”); and 

WHEREAS, to secure the payment and performance of all obligations under the Note, Pledgor wishes to pledge to Lender all of Pledgor’s
right, title and interest in the capital stock of Lender owned by Pledgor and listed on Exhibit B hereto (the “Stock”). 

NOW, THEREFORE, the parties hereto agree as follows: 

1. Warranty. Pledgor hereby represents and warrants to Lender that except for the security interest created hereby, Pledgor owns the
Stock free and clear of all liens, charges and encumbrances, that the Stock is duly issued, fully paid and nonassessable, and that Pledgor has the unencumbered right to pledge the Stock. 

2. Security Interest. Pledgor hereby unconditionally grants and assigns to Lender, its successors and assigns, a continuing security
interest in the security title to the Stock. Pledgor has delivered to and deposited with Lender herewith all of Pledgor’s right, title and interest in and to the Stock, together with certificates representing the Stock and stock powers endorsed
in blank by Pledgor, as security for payment and performance of all obligations of Pledgor to Lender under the Note or any extension, renewal, amendment or modification of the Note, however created, acquired, arising or evidenced, whether direct or
indirect, absolute or contingent, now or hereafter existing, or due or to become due. Beneficial ownership of the Stock, including, without limitation, all voting, consensual and dividend rights, shall remain in Pledgor until the occurrence of a
Default under the terms hereof (as defined in Section 4 below). 
 3. Additional Shares. In the event that, during the term of this
Agreement: 
 (a) any stock dividend, stock split, reclassification, readjustment or other change is declared or made in the capital
structure of Lender, all new, substituted and additional shares, or other securities, issued by reason of any such change and received by Pledgor or to which Pledgor shall be entitled shall be immediately delivered to Lender, together with stock
powers endorsed in blank by Pledgor, and shall thereupon constitute Stock to be held by Lender under the terms of this Agreement; and 
 (b)
subscriptions, warrants or any other rights or options are issued in connection with the Stock, all new stock or other securities acquired through such subscriptions, warrants, rights or options by Pledgor shall be immediately delivered to Lender
and shall thereupon constitute Stock to be held by Lender under the terms of this Agreement. 







 4. Default. Failure of Pledgor to pay any amount of principal or interest when due
pursuant to the terms of the Note or a default by Pledgor under this Agreement shall constitute a default under the terms of this Agreement (any of such occurrences being hereinafter referred to as a “Default”). Upon the occurrence
of a Default, Lender may take the actions described in the following sentence and thereafter, or may elect, as its sole recourse hereunder and under the Note and full remedy hereunder and thereunder, in full settlement and repayment of all amounts
due and owing under the Note (the “Obligations”), and without the requirement of Pledgor’s consent or approval, to redeem that number of shares of Stock equal to the amount of the Obligations (or, if the Obligations exceed the
total value of the Stock, then all of the Stock), based upon a price per share of the Stock equal to the fair market value thereof as determined in the most recent third-party appraisal thereof. Alternatively, Lender may sell or make other
commercially reasonable disposition of the Stock or any portion thereof after ten (10) business days’ written notice to Pledgor, and Lender may purchase the Stock or any portion thereof at any public sale. The proceeds of the public or private
sale or other disposition shall be applied (i) to the costs incurred in connection with the sale; (ii) to any unpaid interest which may have accrued on any obligations secured hereby; (iii) to any unpaid principal; and (iv) to damages incurred by
Lender by reason of any breach of the obligations secured against hereby, in such order as Lender may determine but in any event the proceeds shall be applied first to the Non-Recourse Portion of the Note (as defined in the Note) and then to the
balance of the sums due under the Note, and any remaining proceeds shall be paid over to Pledgor or others as law provides. Pledgor shall not be liable to Lender for any deficiency in the Non-Recourse Portion of the Note in the event the proceeds of
the sale or other disposition of the Stock are insufficient to pay such expenses, interest, principal, obligations and damages. 
 5.
Additional Rights of Secured Parties. In addition to other rights and privileges under this Agreement, Lender shall have the rights, powers and privileges of secured parties under the Uniform Commercial Code. 

6. Return of Stock to Pledgor. Upon payment in full of all principal and interest on the Note, Lender shall return to Pledgor all of
the then remaining Stock and all rights received by Lender as agent for Pledgor as a result of its possessory interest in the Stock. 
 7.
Voting Rights. Pledgor shall retain all rights to vote the Stock until such time as Lender either cancels or sells the Stock after a Default under the Note. 

  
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 8. Notices. All notices and other communications required or permitted hereunder shall be
in writing and, if mailed by prepaid certified mail, shall be deemed to have been received on the earlier of the date shown on the receipt or three (3) business days after the postmarked date thereof. In addition, notices hereunder may be delivered
by hand, by facsimile or by email, in which event such notice shall be deemed effective when delivered. Notice of change of address for notice shall also be governed by this Section. Notices shall be addressed as follows: 

 

			
	If to Pledgor:	  	 Robert Shalwitz
 2549 Bryden Road

Bexley, Ohio 43209

		
	If to Lender:	  	 Akebia Therapeutics, Inc.
 Attention: Joseph
Gardner
 President and Chief Executive Officer
 9987 Carver
Road, Suite 420
 Cincinnati, Ohio 45242
 Email:
JGardner@Akebia.com
  
 With a copy to:

Thompson Hine LLP
 Attention: David J. Willbrand

312 Walnut Street, Suite 1400
 Cincinnati, Ohio 45202

Facsimile: (513) 241-4771
 Email:
David.Willbrand@ThompsonHine.com


 9. Binding Agreement. This Agreement amends, restates and supersedes in all respects the Stock Pledge
Agreement between Pledgor and Lender dated as of October 15, 2009. The provisions of this Agreement shall be construed and interpreted, and all rights and obligations of the parties hereto determined, in accordance with the laws of the State of
Delaware. This Agreement, together with all documents referred to herein, constitutes the entire agreement between Pledgor and Lender with respect to the matters addressed herein and may not be modified except by a writing executed by Lender and
Pledgor. This Agreement may be executed in multiple counterparts and by facsimile or PDF, each of which shall be deemed an original but all of which, taken together, shall constitute one and the same instrument. 

10. Severability. If any paragraph or part thereof shall for any reason be held or adjudged to be invalid, illegal or unenforceable by
any court of competent jurisdiction, such paragraph or part thereof so adjudicated invalid, illegal or unenforceable shall be deemed separate, distinct and independent, and the remainder of this Agreement shall remain in full force and effect and
shall not be affected by such holding or adjudication. 
 11. Assignability. This Agreement, and the rights and obligations of Lender
hereunder, may be assigned by Lender to any person or entity to which the Note is transferred by Lender, and such transferee shall be deemed the “Lender” for purposes of this Agreement; provided that the transferee provides written
notice of such assignment to Pledgor and agrees to be bound by the terms of this Agreement. 
 Signature Page Follows 

  
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 IN WITNESS WHEREOF, the undersigned have hereunto set their hands, by and through their duly
authorized officers, as of the day and year first above written. 
  

					
	Pledgor:	 	 /s/ Robert Shalwitz

		 	Print Name: Robert Shalwitz
		
	Lender:	 	Akebia Therapeutics, Inc.
			
		 	By:	 	 /s/ Joseph H. Gardner

		 	Name:	 	Joseph H. Gardner
		 	Title:	 	CEO


  
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 Exhibit A 

NOTE 

  
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 Exhibit B 

STOCK CERTIFICATE NUMBERS 
  

									
	 Number
	 	Owner	 	Class of Shares	 	Number of Shares
Represented	 
	—  	 	Robert Shalwitz	 	Common	 	 	9,714.36	  


  
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