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PURSUANT TO SECTION 13 OR 15(D)
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|Item 5.02|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On and effective February 16, 2021, the Board of Directors (the “Board”) of Akebia Therapeutics, Inc. (the “Company”) increased the size of the Board from nine to ten directors and elected LeAnne M. Zumwalt as a Class III director. Ms. Zumwalt’s initial term is scheduled to expire at the Company’s 2023 annual meeting of stockholders. Ms. Zumwalt has also been appointed to the Audit Committee of the Board (the “Audit Committee”). There are no arrangements or understandings between Ms. Zumwalt and any other person regarding her election to the Board.
Ms. Zumwalt is entitled to receive compensation pursuant to the Company’s Non-Employee Director Compensation Program (the “Program”) applicable to all of the Company’s non-employee directors. In accordance with the Program, Ms. Zumwalt is eligible to receive annual cash retainers of $45,000 for serving on the Board and $10,000 for serving as a member of the Audit Committee, and annual equity grants of 20,100 options to purchase shares of common stock of the Company (“Options”) and 13,700 restricted stock units of the Company. In addition, in accordance with the Program, on February 16, 2021, Ms. Zumwalt was granted 80,200 Options at an exercise price of $4.87 per share, as a new non-employee director. Ms. Zumwalt will also have the same right to indemnification by the Company as granted to the Company’s other non-employee directors.
In addition, on February 16, 2021, Maxine Gowen, Ph.D., currently a Class III director, gave notice to the Company that she would be stepping down as a Class III director effective June 6, 2021. Dr. Gowen’s resignation is not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|AKEBIA THERAPEUTICS, INC.|
|Date: February 18, 2021||By:|
|Name:||John P. Butler|
|Title:||President and Chief Executive Officer|