ARDELYX, INC. — Director's Dealing 2014

Jun 26, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARDELYX, INC. (ARDX)
CIK: 0001437402
Period of Report: 2014-06-24

Reporting Person: SCHULTZ PETER G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-24	Common Stock	C	517659	—	Acquired	571559	Direct
2014-06-24	Common Stock	C	289141	—	Acquired	860700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-24	Series B Preferred Stock Purchase Warrant	$0.09	X	45602	Disposed	2020-11-16	Series B Preferred Stock (45602)	Direct
2014-06-24	Series B Preferred Stock Purchase Warrant	$0.09	X	15200	Disposed	2021-04-14	Series B Preferred Stock (15200)	Direct
2014-06-24	Series B Preferred Stock	$	X	60802	Acquired		Common Stock (60410)	Direct
2014-06-24	Series B Preferred Stock	$	J	392	Disposed		Common Stock (392)	Direct
2014-06-24	Series B Preferred Stock	$	C	517659	Disposed		Common Stock (517659)	Direct
2014-06-24	Series A Preferred Stock	$	C	289141	Disposed		Common Stock (289141)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	26949	Indirect
Common Stock	26949	Indirect

Footnotes

F1: Warrants to purchase Series B Preferred Stock automatically net exercised immediately prior to such conversion based on the Issuer's initial public offering (the "IPO") stock price. The disposition and acquisition of warrant shares reported herein reflect the automatic withholding of shares by the company pursuant to such net exercise, and each share of Series A Preferred and Series B Preferred Stock automatically converted into one share of Issuer's Common Stock upon the consummation of the Issuer's initial public offering (the "IPO").

F2: The shares are directly held by Schultz Children's Trust Kathryn.

F3: The shares are directly held by Schultz Children's Trust Nathan.

F4: The Series B Preferred Stock Purchase Warrants cease to be exercisable following the consummation of the IPO.

F5: The Series A Preferred and Series B Preferred Stock automatically converted into shares of Issuer's Common Stock on a 1:1 basis upon the completion of Issuer's IPO.

F6: The expiration date is not relevant to the conversion of these securities.

F7: Immediately prior to the closing of the IPO, the warrants automatically net exercised by their terms into Series B Preferred Stock, which allowed the holder to pay the exercise price of the warrants by forfeiting a portion of the exercised warrant shares with a value equal to the aggregate exercise price.