ARDELYX, INC. — Director's Dealing 2020

Feb 8, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARDELYX, INC. (ARDX)
CIK: 0001437402
Period of Report: 2020-02-05

Reporting Person: RAAB MICHAEL (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-05	Common Stock	M	25000	$1.08	Acquired	231828	Direct
2020-02-05	Common Stock	S	25000	$7.3171	Disposed	206828	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-05	Stock Option (Right to Buy)	$1.08	M	25000	Disposed	2020-10-26	Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	130668	Indirect
Common Stock	1000	Indirect

Footnotes

F1: Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person on December 23, 2019.

F2: Reflects the adjusted total which includes the purchase of 2,310 shares under the Ardelyx Employee Stock Purchase Plan on August 31, 2019

F3: Reflects the transfer of 49,837 shares previously held directly by the reporting person into a family trust.

F4: This transaction was executed in multiple trades in prices ranging from $7.19 to $7.45, 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.

F5: The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.

F6: The shares are owned directly by trusts for the benefit of the Reporting Person's children.

F7: Fully vested.