Document:

EX-10.14

 Exhibit 10.14 

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of May 2, 2007, by and between Akebia Therapeutics,
Inc., a Delaware corporation (the “Company”), and Joseph H. Gardner, an individual resident in the State of Ohio (“Executive”). 

1. Employment; Duties; Full Time Employment. The Company hereby agrees to employ Executive, and Executive hereby accepts employment, as
President and CEO of the Company, with such employment to commence on May 1st 2007, (the “Commencement Date”). In such capacity, Executive shall perform such executive duties
and exercise such powers for the Company and its subsidiaries as the Board of Directors of the Company (the “Board”) may lawfully assign to or vest in Executive from time to time. Executive covenants and agrees that, at all times
during the Term (as defined below), Executive shall devote Executive’s full business time and efforts to Executive’s duties as an employee of the Company and that Executive will not, directly or indirectly, engage or participate in any
other business or professional activities during the Term, other than (a) non-conflicting personal investments managed on Executive’s personal time, (b) activities for non-profit institutions (including, but not limited to,
participating on boards of directors), and (c) activities or commitments set forth and described on Appendix A (Section 1) hereto, provided that such activities do not interfere or conflict with Executive’s obligations hereunder.

 2. Term. The Company agrees to employ Executive, and Executive agrees to serve the Company, on an “at
will” basis, which means that either the Company or Executive may terminate Executive’s employment with the Company at any time, with or without Cause, as provided in Section 5 below. The period commencing with the
Commencement Date and ending on the effective date of any termination of employment in accordance with the provisions hereof shall constitute the term of this Agreement (the “Term”). 

3. Compensation and Benefits. During the Term, the Company shall provide Executive with the following compensation and benefits: 

(a) Base Salary. The Company shall pay Executive a base salary (“Base Salary”) at the rate of $198,000.00 per annum
(less applicable deductions and withholdings), payable in periodic payments in accordance with the Company’s normal payroll practices. During the Term, Executive’s compensation shall be reviewed by the Board from time to time and at least
once every 12 months. Any increase or decrease in Base Salary (together with the then existing Base Salary) shall serve as the “Base Salary” under this Agreement. 

(b) Discretionary Bonuses. Executive will be eligible for discretionary bonuses on both a quarterly and annual basis in amounts to be
determined by the Board in its sole discretion. The exact amount of the actual bonus awarded to Executive for any given quarter or year, if any, shall be determined by the Board in its sole discretion based upon its consideration of the
Company’s performance and Executive’s performance against objectives established by the Board for the quarter or year, as the case may be, in consultation with Executive. Executive must remain an active employee through the end of the
calendar quarter or year in order to earn a bonus for that quarter or year. Executive will not earn any bonus (including a prorated bonus) for any quarter or year if Executive’s employment terminates for any reason before the end of such
respective period. 

 (c) Stock Ownership. Executive has been issued an aggregate of 800,000 shares of Common
Stock of the Company (the “Acquisition Stock”). Except for the foregoing Acquisition Stock, and except as otherwise may be determined by 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. 

(d) Other Compensation and Benefits. In addition to the compensation specified above in this Section 3, Executive shall be
entitled to the following benefits during the Term, all on the terms offered or maintained by the Company to, for or on behalf of its senior executives: vacation, holidays and sick leave, and subject to eligibility therefor, the right to participate
in any profit sharing plan, retirement plan, 401(k) plan, group medical plan, group dental plan, group life insurance plan and/or other health or insurance plan maintained by the Company for its senior executives generally and, if applicable, their
family members. Executive will be eligible for the paid holidays as are generally made available to employees of the Company. 
 4.
Business Expenses. The Company shall reimburse Executive for all reasonable and necessary business and travel expenses incurred by Executive in the performance of Executive’s duties under this Agreement. Such expenses shall be reimbursed
in accordance with the Company’s guidelines, limits and procedures relating thereto and upon presentation of proper expense vouchers or receipts therefor. 

5. Termination. 
 (a)
Termination on Death or Disability. The Term will terminate automatically and immediately upon Executive’s death or, upon 30 days prior written notice from the Company, in the event of Executive’s Disability. For purposes of this
Section 5, “Disability” means that Executive, at the time notice is given, has been unable to substantially perform Executive’s duties under this Agreement for not less than sixty (60) work days within a six
(6) consecutive month period as a result of Executive’s incapacity due to physical or mental illness. Upon any termination for death or Disability, Executive will not be entitled to any further compensation from the Company, including
severance pay, pay in lieu of notice or any other such compensation (other than accrued salary and bonus, and accrued and unused vacation, through Executive’s last day of employment). 

(b) Termination Without Cause. During the Term, the Company shall be entitled to terminate Executive’s employment without Cause
(as defined below), in which case Executive shall be entitled to receive the following severance benefits (in addition to accrued salary and bonus, and accrued and unused vacation, through Executive’s last day of employment): (i) Executive
shall be entitled to severance pay in the form of continuation of Executive’s Base Salary in effect on the effective date of termination for a period of three months after the date of such termination, to be paid periodically in accordance with
the Company’s normal payroll practices and subject to standard payroll deductions and withholdings; and (ii) if Executive timely elects continued coverage under COBRA, then (A) the Company shall make such

  
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COBRA coverage (or equivalent medical benefits after the termination of COBRA) available for at least 24 months following termination and (B) the Company shall pay the COBRA premiums
necessary to continue Executive’s medical insurance coverage in effect on the termination date for a period of three months following Executive’s termination (provided that such COBRA continuation and reimbursement shall terminate upon
commencement of new employment by an employer that offers health care coverage to its employees). Notwithstanding the foregoing, all severance benefits contemplated by hereunder are conditional on Executive (i) complying with the provisions of
Section 6 below, and (ii) delivering prior to receipt of such severance benefits, an effective, general release of claims in favor of the Company or its successor, its subsidiaries and their respective directors, officers and
stockholders in a form acceptable to the Company or its successor. In the event that the Company determines that any severance benefit provided hereunder fails to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Internal
Revenue Code (“Code”) as a result of Section 409A(a)(2)(B)(i) of the Code, then if an accelerated payment of such benefits would cause such benefit not to be subject to the provisions of Section 409A(a)(l) of the Code, the
payment of such benefits shall be accelerated to the minimum extent necessary so that the benefit is not subject to the provisions of Section 409A(a)(l) of the Code. (The payment schedule as revised after the application of the preceding
sentence shall be referred to as the “Revised Payment Schedule.”) However, in the event the accelerated payment of such benefits would not avoid the application of Section 409A(a)(l) of the Code, the payment of such benefits
shall not be made pursuant to the original payment schedule or the Revised Payment Schedule and instead the payment of such benefits shall be delayed to the minimum extent necessary so that such benefits are not subject to the provisions of
Section 409A(a)(l) of the Code. The Board may attach conditions to or adjust the amounts paid pursuant to this Section 5(b)(iv) to preserve, as closely as possible, the economic consequences that would have applied in the absence of
this Section 5(b)(iv); provided, however, that no such condition or adjustment shall result in the payments being subject to Section 409A(a)(l) of the Code. 

(c) Termination for Cause; Resignation. The Company may terminate Executive’s employment at any time for Cause, and Executive may
resign at any time. Termination for Cause shall be effective on the date the Company gives notice to Executive of such termination in accordance with this Agreement. Resignation by Executive shall be effective on the date Executive gives notice to
the Company of such resignation in accordance with this Agreement In the event of the Company’s termination of the Term for Cause or Executive’s resignation from Executive’s employment Executive will not be entitled to any further
compensation from the Company, including severance pay, pay in lieu of notice or any other such compensation (other than accrued salary and bonus, and accrued and unused vacation, through Executive’s last day of employment). 

(d) Cause. For purposes of this Agreement, “Cause” shall mean (i) Executive’s failure to substantially
perform Executive’s duties under this Agreement for reasons other than death or Disability, which failure, if curable, is not cured to the reasonable satisfaction of the Board during the fifteen (15) day period following written notice of
such failure from the Company; (ii) Executive’s material failure or refusal to comply with reasonable written policies, standards and regulations established by the Company from time to time which failure, if curable, is not cured to the
reasonable satisfaction of the Board during the fifteen (15) day period following written notice of such failure from the Company; (iii) the commission by Executive of 

  
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(x) an act of dishonesty or constituting common law fraud, embezzlement or a felony or (y) any tortious act, unlawful act or malfeasance that causes or reasonably would cause (for example,
if it became publicly known) material harm to the Company’s standing, condition or reputation; or (iv) any breach by Executive of the provisions of this Agreement, which breach, if curable, is not cured to the reasonable satisfaction of
the Board during the fifteen (15) day period following written notice of such breach from the Company. The Board (excluding Executive if Executive is at such time a member of the Board) shall make all determinations relating to termination,
including without limitation any determination regarding Cause, pursuant to this Section 5(d). 
 6. Company Matters;
Restrictive Covenants. 
 (a) Confidential Information. Executive 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 descrip-tions 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 Executive), or (y) that Executive receives on a non-confidential basis from a source (other than the Company, its affiliates or their representatives) that is not known by Executive to be bound by an
obligation of secrecy or confidentiality to any of the Company or its affiliates. Executive shall not disclose, use or make known for Executive’s or another’s benefit other than for the benefit of the Company and its affiliates any
Confidential Information or use such Confidential Information in any way. Upon the termination of Executive’s employment with the Company for any reason, Executive shall immediately return to the Company all Confidential Information in whatever
form maintained (including, without limitation, computer discs and other electronic media). 
 (b) Non-Competition. During
Executive’s employment with the Company and for the one-year period immediately following the termination of Executive’s employment with the Company, Executive will not directly or indirectly (whether as an officer, director, stockholder,
partner, proprietor, associate, representative, consultant or in any capacity whatsoever) engage in, become financially interested in, be employed by or have any business connection with any person, corporation, firm, partnership or any other entity
whatsoever which competes with the Company in any area where the Company operates, or has operated at any time during Executive’s employment with the Company, or any area the Company has planned to expand into at any time during
Executive’s employment with the Company. 
 (c) Nonsolicitation of Customers. During Executive’s employment with the
Company and for the one-year period immediately following the termination of Executive’s 

  
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employment with the Company, Executive shall not solicit, directly or indirectly, any customers of the Company or of its affiliates who or which were customers of the Company at any time during
Executive’s employment with the Company, nor shall Executive solicit any potential customers of the Company or of its affiliates with whom Executive had contact on behalf of the Company or its affiliates during Executive’s employment with
the Company. 
 (d) Nonsolicitation of Employees. During Executive’s employment with the Company and for the one-year period
immediately following the termination of Executive’s employment with the Company, Executive shall not solicit or hire, directly or indirectly, on Executive’s behalf or on behalf of any other person or entity, any person employed by the
Company or its affiliates except with the specific written consent of the Company. 
 (e) Certain Representations. Executive
represents that Executive’s experience, capabilities and circumstances are such that the provisions of this Agreement will not prevent Executive from earning a livelihood. Executive further agrees that the limitations set forth in this
Agreement (including, without limitation, the time and territorial limitations) are reasonable and properly required for the adequate protection of the current and future businesses of the Company and its affiliates. Executive further acknowledges
that a remedy at law for any breach or threatened breach of the provisions of this Agreement would be inadequate and will cause immediate and irreparable harm to the Company or its affiliates in a manner that cannot be measured nor adequately
compensated in damages. Executive further acknowledges that in the event of any such breach and in addition to any and all other remedies that it may have at law or in equity, the Company or its affiliates shall be entitled to temporary, preliminary
and permanent injunctive relief to restrain such breach by Executive, and to recover all costs and expenses, including reasonable attorneys’ fees, of any proceedings brought to obtain such injunctive relief. Nothing contained herein shall
restrict or limit in any manner the Company’s right to seek and obtain any form of relief, legal or equitable, against Executive in an action brought to enforce its rights hereunder. 

(f) Intellectual Property. Except as otherwise set forth and described on Appendix A (Section 6(f)) hereto, all ideas,
concepts, inventions, improvements, programs, information technology, derivative works, processes, configurations, date, procedures, designs, techniques and other works of authorship and development made, conceived or reduced to practice by
Executive, either solely or in collaboration with others, during Executive’s employment with the Company, including but not limited to all copyright, trademark, patent, trade secret and intellectual property rights associated therewith, shall
become and remain the exclusive property of the Company. Executive hereby assigns to the Company any and all of Executive’s right, title and interest in and to any of the foregoing, and Executive waives any claim that Executive may have
thereto. Executive will promptly disclose in writing to the Company all such ideas, concepts, inventions, improvements, programs, information technology, derivative works, processes, configurations, data, procedures, designs, techniques and other
works of authorship and development, and will cooperate fully with the Company in confirming and protecting the Company’s ownership rights therein. The work product resulting from the Executive’s employment with the Company is work made
for hire. 
 (g) Ventures. If, during the Term, Executive is engaged in or associated with the planning or implementing of projects,
programs or ventures involving the Company and third 

  
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parties, all rights in such projects, programs and ventures shall belong to the Company (or the third party, to the extent provided in any agreement between the Company and the third party).
Except as formally approved by the Company, Executive shall not be entitled to any interest in such project, program or venture or to any commission, finder’s fee or other compensation in connection therewith other than the salary or other
compensation to be paid to Executive as provided in this Agreement. 
 (h) Resignation on Termination. On termination of
Executive’s employment Executive shall immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the Company or any of its affiliates, unless otherwise requested by the Board.

 7. Miscellaneous. 

(a) Withholding Taxes. The Company may withhold from all salary, bonus or other benefits payable under this Agreement all federal,
state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling. 
 (b) Entire Agreement;
Binding Effect. This Agreement sets forth the entire understanding between the parties as to the subject matter of this Agreement and supersede all prior agreements, commitments, representations, writings and discussions between them (whether
written or oral) on the subject matters herein; and neither of the parties shall be bound by any obligations, conditions, warranties or representations with respect to the subject matter of the foregoing except as expressly provided herein or
therein or as duly set forth on or subsequent to the date hereof in a written instrument signed by the proper and fully authorized representative of the party to be bound hereby. This Agreement is binding on Executive and on the Company and
Executive and their respective successors and assigns (whether by assignment, by operation of law or otherwise); provided that neither this Agreement nor any rights or obligations hereunder may be assigned by Executive or the Company without the
prior written consent of the other party (except that the Company shall be entitled to assign this Agreement in connection with the sale of all or substantially all of the Company’s assets, or a merger or consolidation in which the Company is
not the surviving entity). 
 (c) Absence of Conflict. Executive represents and warrants that Executive’s employment by the
Company as described herein will not conflict with and will not be constrained by any prior employment or consulting agreement or relationship. 

(d) Voluntary Nature of Agreement; Legal Rights. Executive is executing this Agreement voluntarily and without any duress or undue
influence by the Company or anyone else. Executive acknowledges that Executive has had the opportunity to consult with an attorney regarding the provisions of this Agreement and has either obtained such advice of counsel or knowingly waived the
opportunity to seek such advice. Executive has carefully read this Agreement and has asked any questions needed for Executive to understand the terms, consequences and binding effect of this Agreement and fully understand it, including that
Executive is waiving Executive’s right to a jury trial. 

  
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 (e) Waivers. No party shall be deemed to have waived any right, power or privilege under
this Agreement or any provisions hereof unless such waiver shall have been duly executed in writing and acknowledged by the party to be charged with such waiver. The failure of any party at any time to insist on performance of any of the provisions
of this Agreement shall in no way be construed to be a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part hereof. No waiver of any breach of this Agreement shall be held to be a waiver of any other
subsequent breach. 
 (f) 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): 
  

	
	 The Company:
 Akebia Therapeutics, Inc.

250 East 5th Street
 Cincinnati, Ohio 45202

Attn: Chairman of the Board
 Fax:

	
	 With a copy to:
 David Willbrand

Thompson Hine LLP
 312 Walnut Street, Suite 1400

Cincinnati, Ohio 45202
 Attn: David J. Willbrand, Esq.

Fax: (513) 241-4771

	
	 Executive:
 Joseph H. Gardner

4060 Boomer Rd
 Cincinnati, Ohio 45247

 (g) Governing Law. This Agreement shall be governed by, and construed and enforced in accordance
with, the laws of Ohio as they apply to contracts entered into and wholly to be performed therein by residents thereof. 
 (h)
Severability. Every provision of this Agreement is intended to be severable from every other provision of this Agreement. If any provision of this Agreement is held to be invalid, illegal or unenforceable, in whole or in part, such
invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement; and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein except to the extent
that such provision may be construed and modified so as to render it valid, lawful, and enforceable in a manner consistent with the intent of the parties to the extent compatible with the applicable law as it shall then appear. 

  
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 (i) Effect of Headings. The Section and subsection headings contained herein are for
convenience only and shall not affect the construction hereof. 
 (j) Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed to be an original, and all such counterparts shall constitute but one instrument. 

Signature Page Follows 

  
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 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.
		
	By:	 	 /s/ John Rice

	John Rice, Ph.D.
	Chairman of the Board
	
	Executive:
	
	 /s/ Joseph H. Gardner

	Joseph H. Gardner, Ph.D.
	President and CEO

  
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 Appendix A 

[JG] 
 Section 1. 

Executive will continue to volunteer as a Director on the Board of the Juvenile Diabetes Research Foundation International (“JDRF”). Executive will
continue to advise the JDRF Board on research and development programs directed at curing Type 1 diabetes and its complications. If occasions arise that represent a potential conflict of interest with or competition with the Company, Executive will
recuse himself from the JDRF responsibilities to insure that the Company’s business interests are appropriately carried forward and protected. 
 In
the event that a for-profit company requests the participation of Executive on its board of directors or board of advisors, Executive may so participate if he first receives the prior written consent of the Chairman of the Board, and in any event,
if occasions arise that represent a potential conflict of interest with or competition with the Company, Executive will recuse himself therefrom to insure that the Company’s business interests are appropriately carried forward and protected.

 In addition, there may be occasions where Executive is requested to consult on small projects on behalf of various venture capital firms. Executive shall
disclose all such activities to the Board, and Executive agrees that (i) these activities must not and shall not interfere with the operation and progress of Company projects, and (ii) in any event, time devoted by Executive to such
projects will not exceed 5% of Executive’s time in any calendar year period. 
 Section 6(f). 

As part of his duties for the Company, Executive will evaluate various academic projects which are funded and owned by universities. In discussions with
these academic collaborators, Executive may occasionally contribute ideas to these academic projects, with the understanding that these ideas will be incorporated into the university intellectual property. In such instances, Executive will make
every reasonable effort to negotiate a “first right to negotiate a license” to the related university intellectual property on behalf of the Company, but Executive cannot guarantee that he will be successful in negotiating such a
right in every instance. 

  
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 Exhibit 10.15 

Amendment No. 1 to 

EXECUTIVE EMPLOYMENT AGREEMENT 

This Amendment No. 1 (this “Amendment”) to EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made as
of April 6, 2011, by and between Akebia Therapeutics, Inc., a Delaware corporation (the “Company”), and Joseph Gardner, an individual resident in the State of Ohio (“Executive”). 

Whereas, the Company and Executive entered into the Agreement on May 2, 2007, and now wish to amend it in certain respects, now
therefore, it is agreed as follows: 
 1. Section 1 is hereby amended to renumber its existing text to be a new subsection “(a)” (so it
is depicted as reading in its beginning: “(a) General. The company hereby agrees to employ . . . .”), and also to add the following subsection (b): 

(b) Location. Executive acknowledges and agrees that the Company is currently located in Cincinnati, although the
Company will shortly be evaluating whether the Company should relocate to (or co-locate in) Boston or San Francisco. Subject to the balance of this subsection, Executive is expected to spend a minimum of four (4) working days a week (exclusive
of travel time) in Cincinnati, or Boston or San Francisco (if the Company does relocate or co-locate to Boston or San Francisco or other relevant city), as appropriate, to perform his services for the Company. However, for any week that Executive is
already traveling on Company business to a destination other than where the Company is then located, the requirement in the previous sentence shall not apply. If the Company adopts a plan for such relocation or co-location as provided in this
Section 1(b), and Executive is selected as a candidate for relocation or co-location, then (i) Executive shall relocate or co-locate in accordance with the plan, and (ii) subject to Section 4 (Business Expenses) and
to the foregoing plan, the Company shall pay the out-of-pocket costs of renting an apartment in support of the plan (the selection of which apartment shall be subject to the Company’s prior written consent) and shall reimburse reasonable
out-of-pocket travel costs directly related to the relocation and/or co-location. The weekly schedule in effect from time-to-time can be adjusted with the verbal agreement of the Chairman of the Compensation Committee based on business needs and the
need for business related travel to various destinations. Notwithstanding the foregoing, Executive’s obligation under this Section 1(b) to relocate (or co-locate) shall expire on the first anniversary of the date hereof unless by then the
Company has adopted a relocation or co-location plan. 
 2. Section 3(a) is hereby amended and restated in its entirety, to read as follows: 

(a) Base Salary. The Company shall pay Executive a base salary (“Base Salary”) at the rate of
$275,000.00 per annum (less applicable deductions and withholdings), payable in periodic payments in accordance with the Company’s normal payroll practices. During the Term, Executive’s compensation shall be reviewed by the Board from time
to time and at least once every 12 months. Any increase or decrease in Base Salary (together with the then existing Base Salary) shall serve as the “Base Salary” under this Agreement. 

 3. Section 3 is further amended by adding the following at its end: 

(e) Vacation. The Executive shall be entitled to four weeks paid vacation per calendar year to be taken at such times as
may be approved by the Board (which is more than the normal amount defined in the Akebia Employee Handbook). An aggregate of up to 1 week of unused vacation time may be carried over at the end of a calendar year. Upon termination of the
Executive’s employment, the Company will pay the Executive for unused vacation at the Executive’s Base Salary rate (subject to normal deductions and withholding amounts) on the next regularly scheduled pay date immediately following the
termination date. 
 4. Section 5(b) is hereby amended and restated in its entirety to read as follows: 

(b) Termination Without Cause or for Good Cause. During the Term, the Company shall be entitled to terminate
Executive’s employment without Cause (as defined below), and the Executive is also entitled to terminate his employment for Good Reason (as defined below), in which case Executive shall be entitled to receive the following severance benefits
(the “Severance Payments”), in addition to accrued salary and bonus, and accrued and unused vacation, through Executive’s last day of employment: (i) Executive shall be entitled to severance pay in the form of continuation of
Executive’s Base Salary in effect on the effective date of termination for a period of six months, to be paid periodically in accordance with the Company’s normal payroll practices and subject to standard payroll deductions and
withholdings, commencing on the next regularly scheduled payroll date of the Company on or after the 61st day after the date of termination; and (ii) if Executive timely elects continued coverage under COBRA, then (A) the Company shall
make such COBRA coverage (or equivalent medical benefits after the termination of COBRA) available for at least 24 months following termination and (B) the Company shall reimburse Executive for the COBRA premiums necessary to continue
Executive’s medical insurance coverage in effect on the termination date with respect to a period of six months following Executive’s termination (provided that such COBRA continuation and reimbursement shall terminate upon commencement of
new employment by an employer that offers health care coverage to its employees), with payment of the reimbursement to be made on the 61st day after the date of termination with respect to any such month that ends on or before such day and on the
last day of each month that ends after such day. 
 Notwithstanding the foregoing, all Severance Payments under this
Agreement are conditional on Executive (i) complying with the provisions of Section 6 below, and (ii) delivering prior to the 53rd day after the date of termination an effective, general release of claims in favor of the
Company or its successor, its subsidiaries and their respective directors, officers and stockholders in a form acceptable to the Company or its successor, and not thereafter revoking such release. 

The Board may attach conditions to or adjust the amounts paid pursuant to this Section 5(b) to preserve, as closely
as possible, the economic consequences that would have applied in the absence of this Section 5(b); provided, however, that no such condition or adjustment shall result in the payments being subject to Section 409A(a)(1) of the
Code. 

  
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 5. Section 5 is further amended by adding the following new subparagraphs (e) and (f): 

(e) Good Reason. For purposes of this Agreement, “Good Reason” shall mean any of the following without
the consent of the Executive: (i) a material diminution in the Executive’s position, duties or responsibilities from those held by or assigned to the Executive as of the Effective Date, (ii) a reduction of the Executive’s Base
Salary, or (iii) a material reduction of the Executive’s benefits or bonus/incentive compensation opportunities provided to the Executive as then in effect, so long as he is the only executive to suffer such a reduction. 

(f) Change of Control Termination. The Executive and the Company agree that the Executive shall be paid the Severance
Payments if the Executive’s employment terminates in connection with or within 6 months following a change of control (as described below) because either (i) the acquiror/NewCo does not offer the Executive employment on at least materially
comparable compensation terms and benefits (including severance obligations) to those that are provided to the Executive pursuant to this Agreement; or (ii) such terms are initially offered and accepted, but within 6 months following the change
of control the Executive’s employment with the acquiror/NewCo is terminated as a result of any of the events described in Section 5(b). For purposes of this Agreement a change of control shall be deemed to have occurred upon a
transfer (or license on an exclusive basis) of all or substantially all of the assets of the Company or the transfer of ownership of more than a majority of the securities of the Company, whether in a single transaction or series of separate
transactions, other than in connection with fundraising activities of the Company, including without limitation a transaction in which a portion of the assets of the Company are transferred to an acquiror and the Company does not continue as a going
concern during the 6 months thereafter, or its remaining assets are moved following such transfer to an acquiror to a NewCo (regardless of whether the NewCo stockholders are existing Company stockholders) and such Newco does not continue as a going
concern during the 6 months after such transfer to such acquiror. If a party obtains an option to close a transaction, the transaction will not be considered as having occurred until such option is exercised and the transaction thereafter closed.

 6. Section 7(f) is amended and restated to read in its entirety as follows: 

(f) 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:
513.985.1920 

  
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 If to the Executive: 

Joseph Gardner 
 4060 Boomer Road

 Cincinnati, Ohio 45247 
 Fax:

 With copies of all notices also to go to Company counsel and the Chair of the Company’s Compensation Committee, as follows:

 Thompson Hine LLP 
 312
Walnut Street, Suite 1400 
 Cincinnati, Ohio 45202 

Attn: David J. Willbrand, Esq. 

Fax: (513) 241-4771 
 Akebia
Therapeutics, Inc. 
 Attn: Chair of Compensation Committee 

9987 Carver Road, Suite 420 

Cincinnati, Ohio 45242 
 Fax:
513.985.1920 
 7. Section 7 is further amended by the addition of the following new subparagraph (k): 

(k) If the Executive is a “specified employee” (as defined in Section 409A) on the termination date referenced
in Section 5(b) and a delayed payment is required by Section 409A to avoid a prohibited distribution under Section 409A, then no Severance Payments that constitute “non-qualified deferred compensation” under
Section 409A shall be paid until the earlier of (i) the first day of the 7th month following the date of Executive’s “separation from service” as defined in
Section 409A, or (ii) the date of Executive’s death. Upon the expiration of the applicable deferral period, all payments deferred under this clause shall be paid in a lump sum and any remaining severance benefits shall be paid per the
schedule specified in this Agreement. 
 8. Miscellaneous. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an
original, and all such counterparts shall constitute but one instrument. 
 [signature page to follow] 

  
 -4- 

 Exhibit 10.15 
 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.
		
	By:	 	 /s/ John M. Rice

	Name:	 	John M. Rice
	Its:	 	Chairman
	
	Executive:
	
	 /s/ Joseph Gardner

	Joseph Gardner

 [Signature page to Gardner’s Amendment No. 1 to Employment Agreement]

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