Document:

Exhibit 10.1

SEPARATION AND RELEASE AGREEMENT

THIS SEPARATION AND RELEASE AGREEMENT (“Agreement”) is made between Deborah M. Ramentol (“Employee” or “you”) and Lincoln Educational Services Corporation (“Company”).

WHEREAS, Employee has elected to retire from her position as Senior Group President with the Company effective February 1, 2018; and

 

WHEREAS, in recognition of Employee’s service the Company desires to extend to Employee certain payments and benefits; and

 

WHEREAS, the parties have mutually agreed to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is hereby agreed as follows:

1.             Retirement Date.  The Employee hereby notifies the Company of her intention to retire and hereby elects to retire on February 1, 2018 (the “Retirement Date”). The Employee’s last day of employment will be February 1, 2018.

2.             Retirement Compensation & Benefits.  In consideration of your service to the Company and the waiver and release of claims set forth below, the Company shall provide you with the following:

	 	
a)

	
A lump sum payment of $284,387.25 less all lawful or required deductions as retirement compensation. The payment will be made in a lump sum, by corporate check made payable to you within 14 days after execution of this Agreement or 14 days after the Retirement Date as stated above, whichever is later, but no earlier than 8 days after Employee signs this Agreement.

	 	
b)

	
The Employee shall be eligible to earn and receive payment for an annual bonus for the 2017 plan year, the amount of which shall be based upon the performance targets or such other criteria that are determined by the Board or the Compensation Committee pursuant to the provisions of the Company’s Key Management Team Incentive Compensation Plan in effect for the applicable year.

		
c)

	
Effective March 1, 2018, you and/or your covered spouse and dependents (if any) may elect a temporary extension of medical, dental and vision plan coverage at group rates (called “COBRA continuation coverage”).  The Company will provide you and/or your covered spouse with a separate notice summarizing the COBRA continuation coverage rights and obligations, as well as an election form.  The Company will pay the equivalent of its current monthly benefit contribution up to eleven months, or through January 31, 2019, toward COBRA payments.  Should you elect COBRA with coverage through January 31, 2019, you will be required to submit COBRA payments for your portion of the contributions in accordance with your COBRA notification.  Should you elect to continue COBRA after January 31, 2019, you will be required to submit COBRA payments in accordance with your COBRA notification.

 

	
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d)

	
Immediate vesting of 50,000 of your restricted shares as of the Retirement Date under the Company’s current stock option plan; and

		
e)

	
The right to exercise your vested stock options as of the Retirement Date in accordance with the Company’s current stock option plan.

3.             Accrued, Unused Vacation.  The Company will provide you with payment for all accrued, unused vacation on your next regularly scheduled paycheck, which shall be subject to all lawful or required deductions.

4.             No Other Compensation.  You acknowledge that, other than your accrued, unused vacation to which the Company has agreed to pay, you have been paid all other compensation and benefits which were owed to you by the Company, and that the Company is not obligated to pay or provide you with any further compensation or benefits of any nature.

5.             Release of Claims. In consideration of the payments and benefits provided to you under this Agreement, you, and each of your respective heirs, executors, administrators, representatives, agents, successors and assigns forever release and discharge the Company, any of the Company’s parent, subsidiary or related companies, any Company-sponsored employee benefit plans in which you participate, and all of their respective officers, directors, trustees, shareholders, agents, employees, employees’ spouses, and all of their successors and assigns (collectively “Releasees”) from any and all claims, actions, causes of action, rights, or damages related in any way to your employment by the Company, including costs and attorneys’ fees (collectively “Claims”) whether known, unknown, or later discovered, arising from any acts or omissions that occurred prior to the date you sign this Agreement.

Without limiting the scope of the foregoing provision in any way, you specifically release all claims relating to or arising out of any aspect of your employment with the Company, including but not limited to, all claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991 and the laws amended thereby; the Employee Retirement Income Security Act of 1974, as amended; the Age Discrimination in Employment Act of 1967; The Older Workers Benefit Protection Act of 1990; the Americans with Disabilities Act; the Family and Medical Leave Act of 1993; the Fair Labor Standards Act of 1963; the New Jersey Law Against Discrimination; the New Jersey Conscientious Employee Protection Act; any federal, state or local laws against discrimination or harassment or retaliation; any federal or state whistleblower law; any contract of employment, express or implied; any provision of the Constitution of the United States or of any particular State; and any other law, common or statutory, of the United States, or any particular State; any claim for the negligent and/or intentional infliction of emotional distress or specific intent to harm; any claims for attorneys fees, costs and/or expenses; any claims for unpaid or withheld wages, severance pay, benefits, bonuses, commissions and/or other compensation of any kind; and/or any other federal, state or local human rights, civil rights, wage and hour, wage payment, pension or labor laws, rules and/or regulations; all claims growing out of any legal restrictions on the Company’s right to hire and/or terminate its employees, including all claims that were asserted and/or that could have been asserted by you and all claims for breach of promise, public policy, negligence, retaliation, defamation, impairment of economic opportunity, loss of business opportunity, fraud, misrepresentation, etc.

 

	
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This release does not apply to claims that may arise after the date this Agreement is executed; to statutory claims for state unemployment insurance, worker’s compensation, disability insurance benefits (other than discrimination claims for such benefits); or to any other claims that cannot be waived herein under state or federal law.  Nothing in this Release shall preclude you from filing a charge with the Equal Employment Opportunity Commission or participating in any manner in an investigation, hearing, or proceeding conducted by the Equal Employment Opportunity Commission, but this release waives any and all rights to recover monetary compensation or injunctive relief benefitting you personally in connection with any such charge, investigation, hearing, or proceeding.  Nothing in this Agreement prohibits or restricts you from communicating directly with a federal agency about potential securities laws violations or from applying for or receiving an award from the United States Securities and Exchange Commission (the “SEC”) pursuant to SEC Rules 21F-1 through 21F-17.

6.             No Claims.  You represent that you have not filed any Claim against the Company or other Releasees, that you will not cooperate or assist with any other person or entity in filing any Claim against the Company or other Releasees, and that you will not do so at any time in the future concerning Claims released in this Agreement; provided, however, that this will not limit you from filing an action to enforce the terms of this Agreement.

7.             No Representations.  You acknowledge that, except as expressly set forth herein, no representations of any kind or character have been made to you by the Company or by any of its agents, representatives, or attorneys to induce the execution of this Agreement.

8.             Voluntary Execution of Agreement.  You acknowledge that you have carefully read and fully understand all of the provisions of this Agreement, that you understand the significance and consequences of this Agreement, that it is voluntary, that it has not been entered into as a result of any coercion, duress or undue influence, and expressly confirm that it is to be given full force and effect according to all of its terms, including those relating to unknown Claims.  You acknowledge that you had full opportunity to discuss any and all aspects of this Agreement with legal counsel, and have availed yourself of that opportunity to the extent desired.  You acknowledge that you have carefully read and fully understand all of the provisions of this Agreement and have signed this Agreement only after full reflection and analysis.

9.             Consideration Period.  The Company advises you to consult with an attorney regarding this Agreement.  You may consider this Agreement for up to 21 days, though you can elect to sign this Agreement sooner.  You acknowledge that you had full opportunity to discuss any and all aspects of this Agreement with legal counsel, that you have had twenty-one (21) days to consult with counsel to consider whether to sign, or if you chose to forego legal counsel, you did so freely and knowingly.

10.           Revocation Period.  You acknowledge that you will have seven (7) days after you sign this Agreement to revoke your acceptance of this Agreement, and that this Agreement will not become effective until this seven (7) day period has expired.  Notice of revocation of this Agreement can be made by delivering written notice to the Senior VP of Human Resources of Lincoln Educational Services Corp., 200 Executive Drive, Suite 340, West Orange, NJ 07052.

 

	
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11.           Return of Property.  You acknowledge that you have returned to the Company all Company-owned property in your possession, specifically including all keys and keycard badges, all Company-owned equipment, and all Company documents, and computer-stored or transmitted information, specifically including all trade secrets and/or confidential Company information.

12.           Severability.  If any provision or any portion or any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions of this Agreement shall continue in full force and effect.

13.           Non-Disparagement.  Employee agrees not to disparage, or make any disparaging remarks to, or send to any person any disparaging communications concerning the Company or its business, or any of the other Releasees.

14.           No Cooperation. You agree not to act in any manner that might damage the business of the Company or its affiliates. You further agree that you will not knowingly encourage counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against the Company or any other Releasee, unless under a subpoena or other court order to do so accept as otherwise permitted in this Agreement. You agree both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against the Company or any other Releasee, you shall state no more than that you cannot provide counsel or assistance.

15.           Support for Legal Matters.  You also agree, within reasonable convenience to you, to cooperate with the Company in any legal action for which your participation is needed.  The Company agrees to try to schedule all such meetings so that they do not unduly interfere with your pursuits after the Retirement Date.  The Company agrees to reimburse you for reasonable out-of-pocket expenses incurred in connection with your services described in this Section 15.

16.           Confidentiality.  Employee shall not directly or indirectly disseminate the terms of this Agreement to any person or entity not a party to this Agreement, except (a) by written agreement of the parties, (b) pursuant to a valid court order or subpoena, (c) as required by law, or (d) as otherwise provided in this section.  Employee may disclose the terms of this Agreement to her attorneys, financial advisors and/or immediate family, provided she first advises them that the terms must not be further disclosed.

17.           Notices.  Any notices required or made pursuant to this Agreement shall be in writing and shall be deemed to have been given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, as follows:

 

	
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if to you:

 

Deborah M. Ramentol

(address on file with Human Resources)

if to the Company:

 

Lincoln Educational Services Corporation

200 Executive Drive, Suite 340

West Orange, New Jersey 07052

Attention: General Counsel

or to such other address as either party may furnish to the other in writing in accordance with this Section 17.  Notices of change of address shall be effective only upon receipt.

18.           Binding Effect; Successors.  This Agreement is binding upon and shall inure to the benefit of anyone who succeeds to the rights, interests or responsibilities of the parties hereto.  Employee makes the releases contained in this Agreement for the benefit of the Company and all who succeed to its rights, interests or responsibilities.

19.           Entire Agreement.          This Agreement sets forth the entire understanding between the parties in connection with its subject matter and supersedes all prior written or oral agreements or understandings concerning the subject matter of this Agreement. You acknowledge that in signing this Agreement, you have not relied upon any representation or statement not set forth in this Agreement made by the Company or any of its representatives.

20.           Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of New Jersey, without reference to its conflict of laws principles.  Any action regarding the enforcement or interpretation of this Agreement shall be commenced only in the state of New Jersey.

21.           Counterparts.  This Agreement may be executed in one or more counterparts, which, together, shall constitute one and the same agreement.

 

	
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Acknowledgment

By signing this Agreement, I acknowledge that: (a) I have read and fully understand this Agreement; (b) I have been allowed to consider this Agreement for up to 21 days; (c) I had the opportunity to consult with legal counsel regarding this Agreement and my rights upon execution; (d) I have signed this Agreement knowingly and voluntarily and without any duress or undue influence on the part or behalf of the Company, and (e) this Agreement shall not become effective or enforceable for a period of seven (7) days following its execution.

	
/s/ Deborah M. Ramentol

	 	
01/24/18

	
Employee’s Signature

	 	
Date

	 	 	 
	
Lincoln Educational Services Corporation

	 	 
	 	 	 
	
/s/ Steve Ace

	 	
01/24/18

	
Senior Vice President of Human Resources

	 	
Date

 

 

	
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Page 6 of 6EX-4.4

 Exhibit 4.4 
  

			
	Name:	  	  [•]
	Number of Shares of Stock subject to Option:	  	  [•]
	Exercise Price Per Share:	  	$[•]
	Date of Grant:	  	  [•]

 AKEBIA THERAPEUTICS, INC. 

OFFICER INDUCEMENT AWARD 

NON-STATUTORY STOCK OPTION
AGREEMENT 
 This agreement (the “Agreement”) evidences an inducement award granted by Akebia
Therapeutics, Inc. (the “Company”) to the undersigned (the “Optionee”) consisting of an option to purchase shares of Stock. 

1. Grant of Stock Option. The Company grants to the Optionee on the date set forth above (the “Date of Grant”) an
option (the “Stock Option”) to purchase the number of shares of Stock of the Company set forth above (the “Shares”) with an exercise price per Share as set forth above. This Stock Option is granted to the Optionee
in connection with the Optionee entering into employment with the Company as an inducement material to the Optionee’s entering into employment with the Company within the meaning of NASDAQ Listing Rule 5635(c)(4). 

The Stock Option evidenced by this Agreement is a non-statutory option (that is, an option that does
not qualify as an incentive stock option under Section 422 of the Code) and is granted to the Optionee in connection with the Optionee’s employment by or service to the Company and its qualifying subsidiaries. For purposes of the
immediately preceding sentence, “qualifying subsidiary” means a subsidiary of the Company as to which the Company has a “controlling interest” as described in Treas. Regs.
§1.409A-1(b)(5)(iii)(E)(1).  
 2. Relationship to and Incorporation of the 2014
Incentive Plan. The Stock Option shall be subject to and governed by, and shall be construed and administered in accordance with, the terms and conditions of the Akebia Therapeutics, Inc. 2014 Incentive Plan, as amended from time to time (the
“Plan”), which terms and conditions are incorporated herein by reference. A copy of the Plan has been made available to the Optionee. Notwithstanding the foregoing, the Stock Option is not awarded under the Plan and the grant of the
Stock Option and issuance of any Shares pursuant to the exercise of the Stock Option shall not reduce the number of shares of Stock available for issuance under awards issued pursuant to the Plan. By accepting the Stock Option, the Optionee agrees
to be bound by the terms and conditions set forth in this Agreement. 
 3. Meaning of Certain Terms. Except as otherwise defined
herein, all capitalized terms used herein have the same meaning as in the Plan. The following terms have the following meanings: 

	 	(a)	“Beneficiary” means, in the event of the Optionee’s death, the beneficiary named in the written designation (in form acceptable to the Administrator) most recently filed with the Administrator by
the Optionee prior to the Optionee’s death and not subsequently revoked, or, if there is no such designated beneficiary, the executor or administrator of the Optionee’s estate. An effective beneficiary designation will be treated as having
been revoked only upon receipt by the Administrator, prior to the Optionee’s death, of an instrument of revocation in form acceptable to the Administrator. 

  

	 	(b)	“Change in Control” means the occurrence of any of the following events other than in connection with the consummation of an initial public offering of the Company’s securities: (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) who is not a shareholder of the Company as of the date of this Agreement or an affiliate thereof is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s
then outstanding voting securities; (ii) a change in the composition of the Board occurring within a two-year period, as a result of which less than a majority of the directors are Incumbent Directors;
(iii) the date of the consummation of a merger, scheme of arrangement or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger, scheme of arrangement or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (iv) the date of the consummation of the sale or
disposition by the Company of all or substantially all the Company’s assets. Notwithstanding the foregoing, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the domicile of the Company’s
incorporation; or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In all respects, the
definition of Change in Control shall be interpreted to comply with Section 409A of the Code, and any successor statute, regulation and guidance thereto. 

  

	 	(c)	“Incumbent Directors” means directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes
of at least a majority of the remaining Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the
election of directors to the Company). 

  
 -2- 

	 	(d)	“Option Holder” means the Optionee or, if as of the relevant time the Stock Option has passed to a Beneficiary, the Beneficiary. 

4. Vesting; Method of Exercise; Treatment of the Stock Option Upon Cessation of Employment and a Change in Control. 

 

	 	(a)	Vesting. As used herein with respect to the Stock Option or any portion thereof, the term “vest” means to become exercisable and the term “vested” as applied to any outstanding Stock Option
means that the Stock Option is then exercisable, subject in each case to the terms of the Plan. Unless earlier terminated, forfeited, relinquished or expired, and subject to the immediately following sentence and the terms of any Executive Severance
Agreement or other written agreement between the Optionee and the Company, the Stock Option will vest in accordance with the terms of Schedule A attached hereto. Notwithstanding the foregoing, the Stock Option, to the extent outstanding
immediately prior to a Change in Control but not then vested in full, shall automatically and immediately become fully vested and exercisable upon such Change in Control. 

 

	 	(b)	Exercise of the Stock Option. No portion of the Stock Option may be exercised until such portion vests. Each election to exercise any vested portion of the Stock Option will be subject to the terms and conditions
of the Plan and shall be in writing and signed by the Option Holder (or in such other form as is acceptable to the Administrator). Each such written exercise election must be received by the Company at its principal office or by such other party as
the Administrator may prescribe and be accompanied by payment in full as provided in the Plan. The exercise price may be paid (i) by cash or check acceptable to the Administrator, (ii) at the election of the Optionee, by the
Administrator’s holding back of Shares from this Stock Option having a fair market value equal to the exercise price in payment of the exercise price of this Stock Option, (iii) to the extent permitted by the Administrator, through a
broker assisted cashless exercise program acceptable to the Administrator, (iv) by such other means, if any, as may be acceptable to the Administrator or (v) by any combination of the foregoing permissible forms of payment. In the event
that the Stock Option is exercised by a person other than the Optionee, the Company will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise the Stock Option and
compliance with applicable securities laws. The latest date on which the Stock Option or any portion thereof may be exercised will be the 10th anniversary of the Date of Grant (the “Final Exercise Date”). If the Stock Option is not
exercised by the Final Exercise Date the Stock Option or any remaining portion thereof will thereupon immediately terminate. 

  
 -3- 

	 	(c)	Treatment of the Stock Option Upon Cessation of Employment. If the Optionee’s Employment ceases, the Stock Option, to the extent not already vested will be immediately forfeited, and any vested portion of
the Stock Option that is then outstanding will be treated as follows: 

 (i) Subject to clauses (ii) and (iii) below and
Section 5 of this Agreement, the Stock Option to the extent vested immediately prior to the cessation of the Optionee’s Employment will remain exercisable until the earlier of (A) the date that is three (3) months following the
date of such cessation of Employment, or (B) the Final Exercise Date, and except to the extent previously exercised as permitted by this Section 4(c)(i) will thereupon immediately terminate. 

(ii) Subject to clause (iii) below and Section 5 of this Agreement, the Stock Option, to the extent vested prior to the cessation of
the Optionee’s Employment due to death, will remain exercisable by the Beneficiary until the earlier of (A) the first anniversary of the Optionee’s death or (B) the Final Exercise Date, and except to the extent previously
exercised as permitted by this Section 4(c)(ii) will thereupon immediately terminate. 
 (iii) If the Optionee’s Employment is
terminated by the Company and its subsidiaries in connection with an act or failure to act constituting Cause (as the Administrator, in its sole discretion, may determine), or such termination occurs in circumstances that in the determination of the
Administrator would have entitled the Company and its subsidiaries to terminate the Optionee’s Employment for Cause, this Stock Option (whether or not vested) will immediately terminate and be forfeited upon such termination. 

Notwithstanding the foregoing, to the extent the Optionee is a party to an Executive Severance Agreement or other written agreement with the
Company that provides for the Stock Option to remain outstanding and continue to vest during a specified period of time following the Optionee’s cessation of Employment (such period, the “Severance Period”), the Stock Option
shall remain outstanding and shall continue to vest in accordance with the terms of this Agreement during the Severance Period as if the Optionee had remained employed during such period, subject to any conditions on continued vesting as may be
contained in such Executive Severance Agreement or other written agreement. Any portion of this Stock Option that vests during such Severance Period will remain exercisable until the earlier of (A) the date that is three (3) months
following the date that is the last day of such Severance Period, or (B) the Final Exercise Date, and except to the extent previously exercised as permitted by this Section 4(c) will thereupon immediately terminate. For the avoidance of
doubt, any portion of the Stock Option that fails to vest during the Severance Period will immediately be forfeited on the last day of such period. 

  
 -4- 

	 	(d)	Extension of Exercise Period. Notwithstanding anything in Section 4(b) or 4(c) to the contrary, if, as of the Final Exercise Date or the last date during the period specified in Section 4(c)(i), as
applicable, the Optionee is prohibited by applicable law or written Company policy applicable to similarly situated employees from engaging in any open-market sales of Stock, the Final Exercise Date or such period specified in Section 4(c)(i),
as applicable, will be automatically extended to that date that is thirty (30) days following the date the Optionee is no longer prohibited from engaging in such open-market sales. 

5. Forfeiture; Recovery of Compensation. 
  

	 	(a)	The Administrator may cancel, rescind, withhold or otherwise limit or restrict the Stock Option at any time if the Optionee is not in compliance with all applicable provisions of this Agreement and the Plan, or if the
Optionee breaches any agreement with the Company or its subsidiaries with respect to non-competition, non-solicitation, invention assignment or confidentiality,
including, but not limited to, any employment agreement or offer letter with the Company or the Company’s standard Employee Agreement (Confidentiality, Non-Solicitation,
Non-Competition and Developments Agreement). 

  

	 	(b)	By accepting the Stock Option, the Optionee expressly acknowledges and agrees that his or her rights, and those of any permitted transferee of the Stock Option, under the Stock Option, including to any Stock acquired
under the Stock Option or proceeds from the disposition thereof, are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of
Section 2 of this Agreement. 

 6. Transfer of Stock Option. The Stock Option may not be transferred except as
expressly permitted under Section 6(a)(3) of the Plan. 
 7. Withholding. The exercise of the Stock Option will give rise to
“wages” subject to withholding. The Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Company in
cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld. No Shares will be transferred pursuant to the exercise of this Stock Option unless and until the person exercising this
Stock Option has remitted to the Company an amount sufficient to satisfy any federal, state, or local withholding tax requirements, or has made other arrangements satisfactory to the Company with respect to such taxes. The Optionee authorizes the
Company and its subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee, but nothing in this sentence shall be construed as relieving the Optionee of any liability for satisfying his or her obligation under the preceding
provisions of this Section. 

  
 -5- 

 8. Effect on Employment. Neither the grant of the Stock Option, nor the issuance of Shares
upon exercise of the Stock Option, will give the Optionee any right to be retained in the employ or service of the Company or any of its Affiliates, affect the right of the Company or any of its Affiliates to discharge or discipline such Optionee at
any time, or affect any right of such Optionee to terminate his or her Employment at any time. 
 9. Provisions of Executive Severance
Agreement. To the extent the Optionee has entered into an Executive Severance Agreement with the Company, for so long as such Executive Severance Agreement remains in effect, the terms of such Executive Severance Agreement as they relate to the
Stock Option shall control in the event of any conflict with the terms of this Agreement. 
 10. Acknowledgements. The Optionee
acknowledges and agrees that (i) this Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument, (ii) this agreement may be executed and
exchanged using facsimile, portable document format (PDF) or electronic signature, which, in each case, shall constitute an original signature for all purposes hereunder and (iii) such signature by the Company will be binding against the
Company and will create a legally binding agreement when this Agreement is countersigned by the Optionee.  
 [Signature page
follows.] 

  
 -6- 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized
officer. 
  

			
	AKEBIA THERAPEUTICS, INC.

 
			
		
	By: 	 	 

 
			
	Name: [•]
	Title: [•]

 Dated: 
 Acknowledged and
Agreed: 
  

			
		
	By	 	 
		 	[Optionee’s Name]

 [Signature Page to Non-Statutory Time-Based Option Agreement - Officers] 

 Schedule A 

Time Vesting Schedule 
 The Stock Option,
unless earlier terminated or forfeited, will vest, subject to Optionee’s continuous Employment though the applicable vesting date, (i) as to 25% of the total number of Shares subject to the Stock Option on the first anniversary of the Date
of Grant; and (ii) as to the remaining 75% of Shares subject to the Stock Option, ratably on the first day of each calendar quarter between the one-year anniversary of the date of grant and the fourth
anniversary of the Date of Grant.

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