ARDELYX, INC. — Director's Dealing 2015

Mar 6, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARDELYX, INC. (ARDX)
CIK: 0001437402
Period of Report: 2015-03-03

Reporting Person: Kaufmann Mark (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-03-03	Common Stock	M	6075	$0.54	Acquired	6671	Direct
2015-03-03	Common Stock	S	6075	$15.5963	Disposed	596	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-03	Stock Option (Right to Buy)	$0.54	M	6075	Disposed	2021-08-11	Common Stock (6075)	Direct

Footnotes

F1: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on December 26, 2014.

F2: Includes 596 shares acquired under the Issuer's Employee Stock Purchase Plan on February 27, 2015.

F3: This transaction was executed in multiple trades in prices ranging from $15.48 to $16.00, inclusive. The price reported in Column 4 above reflects the weighted average sales price. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F4: The option is immediately exercisable in full, but the shares subject thereto vest according to the following schedule: Twenty-five percent (25%) of the shares subject to the option vest on the first anniversary measured from September 1, 2011, and the remaining shares subject to the option vest in 36 successive, equal monthly installments thereafter, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.