Document:

EX-10.16

 Exhibit 10.16 

Execution Copy 
 CONSULTING
AGREEMENT 
 THIS CONSULTING AGREEMENT (this “Agreement”) is made as of September 15, 2013, by and between Akebia
Therapeutics, Inc., a Delaware corporation (the “Company”), and Joseph H. Gardner (“Gardner”). 
 WHEREAS,
the Company desires to engage Gardner, and Gardner desires to serve the Company, as a consultant in accordance with the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, the Company and Gardner hereby agree as
follows: 
 1. Retention; Contract Period. The Company will retain Gardner, and Gardner will make himself available to serve the
Company, as a consultant on the terms and subject to the conditions set forth in this Agreement. The term of Gardner’s services will commence as of September 15, 2013 (the “Effective Date”) and, subject to Section 5,
will continue until terminated in accordance with this Agreement (the “Contract Period”). 
 2. Nature of Service.
During the Contract Period, Gardner will make himself generally available to consult with the Company on an as-needed basis regarding any matters on which the Company’s chief executive officer or any other representative of the Company requests
his advice, including, but not limited to, matters pertaining to the Company’s intellectual property and management, provided that such requested assistance shall not exceed or require more than 20 hours per month; provided, however, that if
occasions arise that represent a potential conflict of interest or competition with Aerpio Therapeutics, Inc. or its successors, as determined by Gardner in his sole and absolute discretion, then Gardner will recuse himself from the particular
services and such recusal shall be permissible. 
 3. Compensation. As compensation for Gardner’s services, the Company award
Gardner 19,398 shares of the Company’s common stock (the “Stock Award”) subject to the same vesting schedule afforded to the Directors of the Company and attached hereto as Exhibit A. 

4. Reimbursement for Expenses. The Company will reimburse Gardner for all reasonable, ordinary and necessary business expenses incurred
by him in the performance of his duties, provided that Gardner provides documentation evidencing such expenses as may be reasonably requested by the Company. 

5. Termination. 
 (a)
Death. This Agreement will terminate immediately upon Gardner’s death. 
 (b) For Cause. The Company may terminate this
Agreement for “Cause” if Gardner: 
 (i) materially breaches this Agreement or any other agreement between the
Company and him, and does not cure such breach within 30 days of receipt of written notice from the Company specifying the breach and referring to the Company’s right to terminate this Agreement for Cause; 

 (ii) is convicted for or pleads nolo contendere to any felony involving
moral turpitude; 
 (iii) commits an act or series of acts of gross misconduct, gross negligence, fraudulent conduct, or
misappropriation of funds or property of the Company or any of its affiliates in the course of performing his services under this Agreement or any other agreement between the Company and him; or 

(iv) does not respond in a reasonably timely manner when called upon to provide services to the Company. 

Subject to the notice period provided in clause (i) above, any termination of this Agreement for Cause will be effective immediately upon the Company
giving notice of termination to Gardner. 
 (c) Without Cause. The Company may terminate this Agreement for any reason or for no
reason, with or without “Cause,” upon 30 days’ prior written notice to Gardner. On and after the second anniversary of this Agreement, Gardner may terminate this Agreement for any reason or for no reason, with or without
“Cause,” upon 30 days’ prior written notice to the Company. 
 6. Payments Upon Termination. Upon any termination of
this Agreement for any reason, the Company will pay to Gardner all reimbursable expenses that were unpaid through the date of termination but will not be obligated to make any further payment or be obligated to provide any further benefits to
Gardner. The compensation due or paid by the Company to Gardner shall be non-forfeitable and shall not be subject to set off or reduced in any manner. 

7. Confidentiality. Gardner will have access to and will participate in the development of and will be acquainted with confidential or
proprietary information and trade secrets related to the business of the Company and its affiliates, including but not limited to (i) customer lists; related records and compilations of information; the identity, lists or descriptions of any
new customers, referral sources or organizations; financial statements; cost reports or other financial information; contract proposals or bidding information; business plans; training and operations methods and manuals; personnel records; software
programs; reports and correspondence; and management systems, policies or procedures, including related forms and manuals, (ii) information pertaining to future developments such as future marketing or acquisition plans or ideas and potential
new business locations; and (iii) all other tangible and intangible property and intellectual property which is used in the business and operations of the Company and its affiliates but not made public. The foregoing is collectively referred to
as the “Confidential Information.” The term Confidential Information shall not include any information (x) that is or becomes generally publicly available (other than as a result of violation of this Agreement by Gardner), or
(y) that Gardner receives on a non-confidential basis from a source (other than the Company, its affiliates or their representatives) that is not known by Gardner to be bound by an obligation of secrecy or confidentiality to any of the Company
or its affiliates. Gardner shall not disclose, use or make known for his or another’s benefit other than for the 

  
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benefit of the Company and its affiliates any Confidential Information or use such Confidential Information in any way. Upon the termination of this Agreement or Gardner’s engagement with
the Company for any reason, Gardner shall immediately return to the Company all Confidential Information in whatever form maintained (including, without limitation, computer discs and other electronic media). Notwithstanding the foregoing, Gardner
is permitted to provide this Agreement to Aerpio Therapeutics, Inc. or its successors. 
 8. Return of Records. At the end of the
Contract Period , Gardner will deliver to the Company any and all information, data, lists, property, records, reports, memoranda, and notes that are in his possession or under his control or that were prepared or acquired in the course of
performing his services under this Agreement, together with all equipment and other property that belongs to the Company (collectively, “Company Property”). Gardner agrees not to take with him any such Company Property. 

9. Intellectual Property. Gardner agrees to disclose and hereby assigns to the Company, or its respective nominee, all rights to every
discovery, invention, improvement, innovation, design, and other definite and useful idea or compilation of information of value (the “Intellectual Property”) that Gardner may make or originate, individually or with others, at any
time during the Contract Period, resulting from Gardner’s performance of services for the Company. Gardner will fully cooperate with the Company, at any time during, or within six months after, the Contract Period and at the Company’s
cost, in securing, in the name of the Company or its designees, rights with respect to the Intellectual Property. 
 10. Independent
Contractor. Gardner acknowledges and agrees that his status at all times shall be that of independent contractor, and that he may not, at any time, act as an employee, agent, or representative for or on behalf of the Company, for any purpose or
transaction, and may not bind or otherwise obligate the Company in any manner whatsoever. In recognition of Gardner’s status as an independent contractor, he hereby waives any rights as an employee or deemed employee of the Company. In
addition, while performing the services contemplated by this Agreement, Gardner shall be responsible for complying with all applicable federal, state, and local laws, ordinances, and regulations related to such services performed hereunder. 

11. Taxes. Gardner shall pay directly all taxes associated with the compensation he receives under this Agreement. Gardner acknowledges
the separate responsibility for the payment of all such taxes, and agrees to indemnify the Company and hold the Company harmless from and against any and all liability, claims, costs, and expenses that any of them may suffer or incur arising out of
any failure by Gardner to pay promptly any such tax as required by any applicable law. 
 12. Relationship With Others. The parties
agree that the profitability and goodwill of the Company depends on continued amicable relations with its customers and suppliers, and Gardner agrees that he will not cause, request, or advise any customers or suppliers of the Company to curtail or
cancel their business with the Company. 

  
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 13. Remedies. In addition to other remedies provided by law or equity, upon a breach by
Gardner of any of the covenants contained in this Agreement, the Company will be entitled to have a court of competent jurisdiction enter a temporary restraining order, a temporary or permanent injunction, and/or other injunctive relief, all without
any showing of irreparable harm or damage, prohibiting any further breach of such covenants. 
 14. Assignment; Binding Effect. This
Agreement may not be assigned, except upon the written consent of the other party hereto; provided that the Company may assign this Agreement to any of its affiliates without the consent of Gardner. This Agreement will be binding upon and inure to
the benefit of Gardner and the Company and their permitted assigns. 
 15. Entire Agreement; Amendments; Waivers. This Agreement
contains the entire agreement between the parties with respect to the subject matter hereof and will supersede any prior agreement between the Company and Gardner relating to the subject matter hereof that may be in effect on the Effective Date.
This Agreement may not be amended orally but only by a written agreement signed by Gardner and the Company. The terms or covenants of this Agreement may be waived only by a written instrument specifically referring to this Agreement, executed by the
party waiving comp1iance. The failure of Gardner or the Company at any time to require performance of any of obligations under this Agreement will in no manner affect the other party’s right to enforce any provisions of this Agreement at a
subsequent time, and the waiver by either party of any right arising out of any breach wil1 not be construed as a waiver of any right arising out of any subsequent breach. 

16. Notices. Any notice, request, or instruction to be given under this Agreement will be deemed to have been given (a) when it is
delivered, (b) the day after it is sent by overnight courier, or (c) when it is sent by facsimile or email, with confirmation of receipt, addressed as follows (or to such other addresses as may be designated by written notice to the other
party): 
 If to the Company: 

Akebia Therapeutics 

Attn: Chief Executive Officer 

Suite 420 Carver Road 

Cincinnati, OH 45242 

Phone No.: 513-985-1921 

Fax No.: 513-985-0999 

With a copy to: 

Thompson Hine 

312 Walnut Street, 14th Floor 

Cincinnati, Ohio 45202 

Fax: 513-241-4771 

Attn: David J. Willbrand 

If to Gardner: 

Joseph H. Gardner 

4060 Boomer Road 

Cincinnati, OH 45247 

  
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 With a copy to: 

Dinsmore & Shohl LLP 

Attn: Lee M. Stautberg, Esq. 

255 East Fifth Street 

Suite1900 

Cincinnati, Ohio 45202 

17. Severability. Any provision of this Agreement that is prohibited or unenforceable will be ineffective to the extent, but only to
the extent, of such prohibition or unenforceability without invalidating the remaining portions of this Agreement and such remaining portions will continue to be in full force and effect. 

18. Governing Law. The provisions of this Agreement will be governed by and construed in accordance with the laws of the State of Ohio,
notwithstanding any conflict of law provision to the contrary. 
 19. Counterparts. This Agreement may be executed in two
counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument. 

(signature page follows) 

  
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 Exhibit 10.16 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above to become effective as of the Effective Date.

  

									
	AKEBIA THERAPEUTICS, INC.	 		 	
					
	By:	 	/s/ Muneer A. Satter	 		 		 	/s/ Joseph H. Gardner
	Name: Muneer A. Satter	 		 		 	JOSEPH H. GARDNER
	Title: ChairmanEX-10.17

 Exhibit 10.17 

Execution Copy 
 SEPARATION
AGREEMENT 
 This Separation Agreement (“Agreement”) is made as of September 15, 2013 (but in no case before the
Termination Date), by and between Akebia Therapeutics, Inc., a Delaware corporation (the “Company”), and Joseph H. Gardner (“Employee”) under the following circumstances: 

A. The Company and Employee have agreed to sever their employment relationship as of September 15, 2013 (the “Termination
Date”). 
 B. The Company has proposed, and Employee has agreed to, certain individualized separation benefits in connection with his
termination from employment. 
 NOW, THEREFORE, the parties agree, in consideration of the provisions and payments described below,
contract, covenant and agree as follows: 
 1. On or by the Termination Date, Employee shall be awarded 21,153 shares of the Common Stock of
the Company (“New Shares”), such that those shares of Company Common Stock owned by Employee together with all options to purchase Company Common Stock (including, but not limited to, the New Shares and the stock granted pursuant to the
Consulting Agreement by and between the Company and Employee of even date herewith) shall collectively represent, in the aggregate, approximately 2.5% of the Company’s Common Stock outstanding as of the Termination Date on a fully-diluted and
as-converted basis (all of the foregoing, “Employee’s Common Equity”). All of Employee’s Common Equity shall be fully-accelerated and fully-vested as of the Termination Date, exercisable in accordance with the provisions of the
respective award agreements relating to each such award and otherwise subject to the terms and conditions of each such applicable award agreement, including, but not limited to, those provisions relating to expiration. Except for the foregoing
Employee’s Common Equity, and except as otherwise may be determined by the Board of Directors of the Company (the “Board”) from time to time after the date of this Agreement in its discretion, Executive shall not have any right to be
issued shares of the Company’s capital stock or options, warrants or other rights to acquire any capital stock of the Company. 
 In
connection with the Company’s May 2013 Series C Preferred Stock financing, the Board of Directors of the Company (the “Board”) approved a “Carve-Out” plan for Company employees, as generally described in the document
attached hereto as Exhibit A. It is anticipated that such plan shall accommodate and allow for the Board to make (i) discretionary awards thereunder to eligible participants, as well as (ii) awards thereunder that are based upon the
relative incentive equity holdings of eligible participants. Employee shall be entitled to participate in the latter awards, and shall participate therein on the same proportional basis and in accordance with the same proportional principles as the
other eligible participants. 
 2. The Company agrees to pay Employee for all Paid Time Off (“PTO”) accrued but unused as of the
Termination Date. Payment for accrued but unused PTO will be made in a lump sum on the first payroll date that is as least eight (8) days after the Employee signs and does not revoke this Agreement. Employee will not accrue additional PTO after
the Termination Date. 

 3. The Company (i) shall make such COBRA coverage (or equivalent medical benefits after the
termination of COBRA) available for at least 18 months after the Termination Date and (ii) shall pay the actual premiums to continue such medical insurance coverage during the Severance Period (provided that such COBRA continuation shall
terminate upon commencement of new employment by an employer that offers health care coverage to its employees). 
 4. The Company agrees
not to contest Employee’s application for unemployment benefits. 
 5. Employee agrees that the separation benefits provided by this
Agreement are in excess of any separation benefits for which he might have been eligible, or entitled to, under Company policy or practice, and that he waives the right to receive any additional payment under any such Company policy or practice.
Employee further agrees that the separation benefits described in Sections 1-4 of this Agreement are valid and sufficient consideration for the releases and waivers provided by Employee under this Agreement. 

6. For and in consideration of the separation benefits provided by this Agreement, Employee on behalf of himself or anyone claiming by,
through, or under him (including without limitation his heirs, executors, administrators, attorneys, successors, assigns, and agents), fully settles, releases, and forever discharges the Company, and its present and former Affiliates (which term,
for the purposes of this Agreement shall include, without limitation, Aerpio Therapeutics, Inc.), related persons, associations, corporations, entities, parents, subsidiaries, predecessors, partners, principals, officers, directors, shareholders,
agents, attorneys, insurers, successors and assigns (collectively “Released Parties”), of and from any and all past, present or future liability, claims, rights, demands, obligations, controversies, damages, costs, expenses (including
reasonable attorneys’ fees), actions, causes of actions, or compensation of any nature whatsoever, known or unknown, arising, directly or indirectly, up to and including the day Employee signs this Agreement, out of or related to his employment
or his termination from employment with the Company, including, but not limited to, any claims which have been or could have been brought for discrimination under federal, state, or local law, as well as any claims or causes of action under any law
dealing with employment torts, intentional torts, employee benefits, wrongful discharge, retaliation, breach of contract, implied contract, promissory estoppel, wage and hour violations, violation of public policy, workers’ compensation or
personal injury, as well as claims for wages, overtime pay, vacation pay, commissions, bonuses, profit sharing, expenses, benefits, termination pay, separation pay, reasonable notice or pay in lieu of such notice, and including all claims and
benefits that are or may be available to Employee under his Employment Agreement by and between Employee and the Company dated May 2, 2007 (Employee’s “Employment Agreement”). 

7. Employee further expressly and specifically waives any and all rights or claims under the Age Discrimination in Employment Act of 1967 and
the Older Workers Benefit Protection Act (collectively the “Act”), and acknowledges and agrees that this waiver of any right or claim under the Act (the “Waiver”) is knowing and voluntary, and specifically

  
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agrees as follows: (a) that this Agreement and this Waiver is written in a manner which Employee understands; (b) that this Waiver specifically relates to rights or claims under the
Act; (c) that Employee does not waive any rights or claims under the Act that may arise after the date of execution of this Agreement; (d) that Employee waives rights or claims under the Act in exchange for consideration in addition to
anything of value to which Employee is already entitled; and (e) that Employee is advised in writing to consult with an attorney prior to executing this Agreement. 

8. Employee acknowledges and understands that to obtain the benefits herein, Employee must accept this Agreement by signing within twenty-one
days of receipt. Employee further acknowledges and understands that Employee may revoke acceptance of this Agreement within seven (7) days of such acceptance. 

9. Employee covenants not to sue the Released Parties with respect to any claim released pursuant to this Agreement. Moreover, Employee agrees
that in the event Employee violates this covenant, Employee will pay all expenses and costs incurred by Released Parties in defending against such lawsuit, administrative charge, or complaint. Nothing in this paragraph or in this Agreement is
intended or shall be deemed to prohibit Employee from participating, or cooperating with the Equal Employment Opportunity Commission (the “EEOC”), in any action brought by the EEOC. Employee agrees and acknowledges, however, that he is not
entitled to and will not seek or permit anyone to seek on his behalf any personal, equitable or monetary relief in any such action. 
 10.
Employee also agrees to return all Company property on or before the Termination Date. 
 11. Employee agrees that the provisions of and
obligations contained in Section 6 of the Employment Agreement survive this Agreement and are incorporated into this Agreement and shall remain in full force and effect, but all remaining provisions of the Employment Agreement are hereby
irrevocably extinguished and cancelled. Notwithstanding the foregoing, Employee’s performance of his duties to Aerpio Therapeutics, Inc. or its successors shall be permissible under the Employment Agreement and any other agreement with the
Company. 
 12. The parties agree not to make any statements that disparage the other party, its respective Affiliates, employees, officers,
directors, products or services. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such proceedings)
shall not be subject to this Section 12. Employee and the Company agree that any violation of this Section 12 will constitute a material breach of this Agreement. 

13. In connection with the termination of the employment relationship, Employee hereby resigns from the Board of Directors of the Company,
effective as of the Termination Date. Moreover, from and after the Termination Date, Employee will proactively, collaboratively and in good faith cooperate in facilitating the transition to the Company of all relevant corporate, business and
operational matters, including but not limited to all banking and other financial accounts as well as all corporate and commercial relationships. 

  
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 14. Employee agrees that this Agreement and each of its terms and conditions are and shall remain
confidential. Employee also agrees that except for discussions with his financial counsel, spouse, and/or legal counsel, he will not disclose the existence of the Agreement or any of its terms and conditions, unless required to do so by law.
Employee agrees that any violation of this policy by him will result in the forfeiture of any and all claims or entitlements under the Agreement. 

15. This Agreement does not constitute an admission by the Company that it has violated any contract, law, or regulation, or in any way
infringed Employee’s rights or privileges. 
 16. The provisions of this Agreement are divisible. If any provisions shall be deemed
invalid or unenforceable, it shall not affect the applicability or validity of any other provision of this Agreement, but rather such provision shall be amended to the extent necessary to render it valid and enforceable. 

17. The terms of this Agreement represent the entire agreement between the parties and the only consideration for signing this Agreement. No
other promises or agreements of any kind have been made to or with the parties to cause them to execute this Agreement. The parties state that they have carefully read this Agreement, that its contents have been fully explained to them; that they
have been given adequate time to consider the Agreement; that they have had full opportunity to review its contents with their own legal counsel; and that they know and understand its contents and its legal effect, including, but not limited to, its
binding effect, and that they sign this Agreement as their own free act and deed. 
 18. This Agreement, together with the award agreement
relating to the Stock Options, contains the complete understanding between the parties with regard to the subject matter hereof. The terms of this Agreement may not be changed, amended or waived except by another written agreement signed by both
parties. 
 19. This Agreement shall be construed, interpreted and applied in accordance with the law of the State of Ohio. 

20. Notices. All notices, approvals, consents, requests or demands required or permitted to be given under this Agreement shall be in
writing and shall be deemed sufficiently given (i) upon delivery, if delivered by hand (ii) one business day after transmission, if sent by facsimile (confirmation received) or (iii) one business day after the business day of deposit
with a reputable overnight courier for next business day delivery, freight prepaid (signature of receipt obtained). Notice in each case shall be addressed to the party entitled to receive such notice at the following address (or other such addresses
as the parties may subsequently designate): 
 If to the Company: 

Akebia Therapeutics, Inc. 

Attn: President 
 9987 Carver
Road, Suite 420 
 Cincinnati, Ohio 45242 

Fax: 

  
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 If to the Executive: 

Joseph Gardner 
 4060 Boomer
Road 
 Cincinnati, Ohio 45247 

Fax: 
 With a
copy to: 
 Dinsmore & Shohl LLP 

255 E. Fifth Street 

Cincinnati, Ohio 45202 
 Fax:
513-977-8141 
 Attn: Lee M. Stautberg, Esq. 

With copies of all notices also to go to Company counsel as follows: 

Thompson Hine 
 312 Walnut
Street, 14th Floor 
 Cincinnati, Ohio 45202 

Fax: 513-241-4771 
 Attn: David
J. Willbrand 
 - Signature Page Follows - 

  
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 Exhibit 10.17 

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

	
	Akebia Therapeutics, Inc.
	
	/s/ Muneer A. Satter
	By: Muneer A. Satter
	Its: Chairman

  

	
	Employee:
	
	/s/ Joseph H. Gardner
	Joseph H. Gardner

 ACKNOWLEDGMENT 

Employee, in connection with his execution of this Agreement, acknowledges the following: 

1. that he is waiving rights or claims arising under the Age Discrimination in Employment Act; 

2. that he has been advised by the Company to consult with an attorney prior to executing this Separation Agreement; 

3. that he has had a period of up to 21 days in which to consider this Agreement; 

4. that for a period of 7 days following execution of this Agreement, he may revoke the Agreement, and that the Agreement shall not become
effective or enforceable until the 7-day revocation period has expired. 
  

							
	Date: Sept. 6, 2013 	 		 		 	Joseph H. Gardner
				
		 		 		 	/s/ Joseph H. Gardner
		 		 		 	

  

							
		 		 	Akebia Therapeutics, Inc.
				
		 		 		 	/s/ Muneer A. Satter
	Date: Sept. 17, 2013 	 		 		 	By: Muneer A. Satter
		 		 		 	Its: Chairman

  
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