Michael Raab - Jan 5, 2023 Form 4 Insider Report for ARDELYX, INC. (ARDX)

Role: President & CEO, Director
Signature: /s/ Elizabeth Grammer, Attorney-in-Fact for Michael Raab
Stock symbol: ARDX
Transactions as of: Jan 5, 2023
Transactions value $: $0
Form type: 4
Date filed: 1/6/2023, 03:22 PM
Previous filing: Nov 23, 2022
Next filing: Feb 24, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARDX	Common Stock	Award	$0	+250K	+37.91%	$0.00	909K	Jan 5, 2023	Direct	F1
holding	ARDX	Common Stock						24.4K	Jan 5, 2023	Family Trust	F2
holding	ARDX	Common Stock						1K	Jan 5, 2023	Family Trust	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARDX	Stock Option (Right to Buy)	Award	$0	+1.12M		$0.00	1.12M	Jan 5, 2023	Common Stock	1.12M	$2.73	Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Restricted stock units ("RSUs"). The Reporting Person is entitled to receive one (1) shares of Common Stock for each one (1) RSU upon the vesting thereof.
F2	The shares are directly held by Michael G. Raab, Trustee of the Michael G. Raab Living Trust dated July 25, 2012.
F3	The shares are owned directly by trusts for the benefit of the Reporting Person's children.
F4	The option becomes exercisable as it vests and the shares subject to the option vest in 48 successive, equal monthly installments on each monthly anniversary of January 5, 2023, subject to the Reporting Person's continued employment or service relationship with the Issuer on each such vesting date.