RAAB MICHAEL 4

What Happened

• Michael Raab, President & CEO and a director of Ardelyx, received equity awards on January 23, 2026: 446,220 restricted stock units (RSUs) and a 669,330-share derivative award (reported as acquisition at $0.00). Total shares subject to the grants equal 1,115,550. These were compensation grants (no cash exchanged).

Key Details

• Transaction date: 2026-01-23; filed on Form 4 on 2026-01-26 (timely).
• Prices: reported acquisition price $0.00 per share (typical for grants/awards).
• Vesting/derivative terms: F1 — each RSU converts to one share of common stock upon vesting. F5 — the derivative award becomes exercisable as it vests; shares subject to that award vest in 48 equal monthly installments beginning on January 23, 2026, subject to continued service.
• Post-transaction holdings: the filing does not provide a single consolidated total of all shares held after these grants; the awards add 1,115,550 shares subject to vesting. Footnotes note other holdings: a 1,385-share ESPP purchase (F2), shares held in the Michael G. Raab Living Trust (F3), and shares held in trusts for his children (F4).
• Filing status: filed within the reporting deadline (no late-file indication).

Context

• RSUs and time-vesting derivative awards are common forms of executive compensation and generally do not represent immediate market purchases or sales — vested shares may be subject to continued employment conditions and transfer restrictions.
• The derivative award vests monthly over four years and becomes exercisable as it vests, so shares are not immediately liquid unless and until vested and exercised. This is a grant, not a sale or open-market purchase, and should be interpreted as compensation rather than a direct signal of buying/selling intent.