Sec Form 4 Filing - Butler John P. @ Akebia Therapeutics, Inc. - 2023-01-31

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Butler John P. 2. Issuer Name and Ticker or Trading Symbol Akebia Therapeutics, Inc. [ AKBA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) CEO and President (Last) (First) (Middle) C/O AKEBIA THERAPEUTICS, INC., 245 FIRST STREET 3. Date of Earliest Transaction (MM/DD/YY) 01/31/2023 (Street) CAMBRIDGE, MA02142 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/31/2023 A 293,125( 1 ) A $ 0 1,699,372( 2 ) D Common Stock 59,928 I Held by Dorothy Butler 2019 GRAT Common Stock 100,000 I Held By Dorothy Butler GRAT November 2019 Common Stock 59,928 I Held by John Butler 2019 GRAT Common Stock 100,000 I Held By John Butler GRAT November 2019

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Appreciation Right $ 0.63 01/31/2023 A 635,313 ( 3 ) 01/31/2033 Common Stock 635,313 $ 0 635,313 D Stock Option (Right to buy) $ 0.63 01/31/2023 A 875,000 ( 4 ) 01/31/2033 Common Stock 875,000 $ 0 875,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Butler John P. C/O AKEBIA THERAPEUTICS, INC. 245 FIRST STREET CAMBRIDGE, MA02142 X CEO and President Signatures /s/ Carolyn Rucci, attorney-in-fact for John P. Butler 02/02/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The restricted stock units were granted by the Issuer pursuant to its 2014 Incentive Plan, as amended. One third of the restricted stock units will vest on each of the first, second and third anniversaries of the grant date, subject to the reporting person's continued service with the Issuer on each vesting date. ( 2 )Includes 1,500 shares of the Issuer's common stock purchased on June 30, 2022 and 1,500 shares of the Issuer's common stock purchased on December 30, 2022, each under the Issuer's 2014 Amended and Restated Employee Stock Purchase Plan. ( 3 )The stock appreciation rights ("SARs") were granted by the Issuer pursuant to its 2014 Incentive Plan, as amended. The SARs will vest over four years: 25% of the SARs will vest on the first anniversary of the grant date with the remaining 75% vesting in equal quarterly installments thereafter, subject to the reporting person's continued service with the Issuer on each vesting date. ( 4 )The options were granted by the Issuer pursuant to its 2014 Incentive Plan, as amended. The options will vest over four years: 25% of the options will vest on the first anniversary of the grant date with the remaining 75% vesting in equal quarterly installments thereafter, subject to the reporting person's continued service with the Issuer on each vesting date.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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