Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of July 14, 2016, by and among
Ardelyx, Inc., a Delaware corporation (the “Company”), Future Fund Investment Company No.4 Pty Ltd, a proprietary limited company organized under the laws of Australia (the “FF Beneficial Investor”), The Northern
Trust Company in its capacity as custodian (the “FF Investor”) for the FF Beneficial Investor, and each of the other parties signatory hereto (such other parties and the FF Investor, each a “Purchaser” and together,
the “Purchasers”). 
 The Purchasers and the FF Beneficial Investor shall herein be collectively referred to as the
“Investors” and each as an “Investor.” 
 This Agreement is made pursuant to the Securities Purchase
Agreement, dated as of July 14, 2016, among the Company and the Investors (the “Purchase Agreement”). 
 NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows: 

1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Purchase Agreement shall have the
meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the respective meanings set forth in this Section 1: 

“Advice” shall have the meaning set forth in Section 7(d). 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries, Controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Commission” means the United States Securities and Exchange Commission, or any successor entity or entities, including, if
applicable, the staff of the Commission. 
 “Common Stock” means the common stock, par value $0.0001 per share, of the
Company. 
 “Closing Date” shall have the meaning set forth in the Purchase Agreement. 

“Effectiveness Date” means: (a) with respect to the Initial Registration Statement required to be filed hereunder, the
90th day following the Closing Date (or the 120th day following the Closing Date in the event the Initial Registration Statement is reviewed by
the 

 
Commission), (b) with respect to any additional Registration Statements which may be required pursuant to Section 2, the 90th day
following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is required under such Section (or the 120th day following such
date in the event such additional Registration Statement is reviewed by the Commission). If the Effectiveness Date falls on a Saturday, Sunday or other date that the Commission is closed for business, the Effectiveness Date shall be extended to the
next day on which the Commission is open for business. 
 “Effectiveness Period” shall have the meaning set forth in
Section 2(a). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FF Beneficial Investor” shall have the meaning set forth in the Preamble to this Agreement. 

“FF Side Letter” means the letter agreement in substantially the form attached as Appendix IV to the Purchase Agreement, to be
entered into by and among the Company, the FF Beneficial Investor and the FF Investor. 
 “Filing Date” means:
(a) with respect to the Initial Registration Statement, the 45th calendar day following the Closing Date, and (b) with respect to any additional Registration Statements that may be
required pursuant to Section 2 hereof, the 45th day following the date on which the Company first knows, or reasonably should have known, that such additional Registration Statement is
required under such Section. 
 “Holder” or “Holders” means the holder or holders, as the case may be,
from time to time of Registrable Securities. 
 “Indemnified Party” shall have the meaning set forth in Section 6(c).

 “Indemnifying Party” shall have the meaning set forth in Section 6(c). 

“Initial Registration Statement” shall mean the initial Registration Statement required to be filed to cover the resale by
the Holders of the Registrable Securities pursuant to Section 2(a). 
 “Investor” shall have the meaning set forth in
the Preamble to this Agreement. 
 “Losses” shall have the meaning set forth in Section 6(a). 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture,
limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or
partial proceeding, such as a deposition), whether commenced or threatened. 

  
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 “Prospectus” means the prospectus included in a Registration Statement
(including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A or Rule 430B promulgated by the Commission pursuant to
the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Reduction Securities” shall have the meaning set forth in Section 2(b). 

“Registrable Securities” means (i) the Shares issued pursuant to the Purchase Agreement and (ii) any other shares
of Common Stock issued as (or issuable upon conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, in exchange for or in replacement of the Shares; provided,
however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so
long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such Registrable Securities have been disposed of by the Holder in accordance with
such effective Registration Statement, (b) such Registrable Securities have been previously sold or transferred in accordance with Rule 144, or (c) such securities become eligible for resale without volume or manner-of-sale restrictions
and without current public information pursuant to Rule 144 as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company’s transfer agent and the affected Holders (assuming that such securities and
any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon
the advice of counsel to the Company. 
 “Registration Statement” means each of the following: (i) an initial
registration statement which is required to register the resale of the Registrable Securities, and (ii) each additional registration statement, if any, contemplated by Section 2, and including, in each case, the Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

  
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 “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” shall have the meaning set forth in the Purchase Agreement. 

“Trading Day” means any day on which the Common Stock is traded on the Nasdaq Global Market, or, if the Nasdaq Global Market
is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded. 

“Transaction Documents” shall have the meaning set forth in the Purchase Agreement. 

“Underwritten Offering” means a registration in which Registrable Securities are sold to an underwriter for reoffering to the
public. 
 2. Registration. 

(a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale of all
of the Registrable Securities that are not then registered on an existing and effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement filed hereunder shall be on Form S-3
(except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such registration shall be on another appropriate form in accordance herewith) and shall contain (except if otherwise
required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A (which may be modified to respond to
comments, if any, provided by the Commission). The Company shall use its commercially reasonable efforts to cause a Registration Statement filed under this Agreement to be declared effective under the Securities Act promptly but, in any event, no
later than the Effectiveness Date for such Registration Statement, and shall, subject to Section 7(d) hereof, use its commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until the
earlier of (i) the date that is three years after the Closing Date and (ii) the date on which all securities under such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”).
Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of the Registration Statement at any time prior to the expiration of the Effectiveness Period for up to an aggregate of 30 consecutive Trading Days or an
aggregate of 60 Trading Days (which need not be consecutive) in any given 360-day period. It is agreed and understood that the Company shall, from time to time, be obligated to file one or more additional Registration Statements to cover any
Registrable Securities which are not registered for resale pursuant to a pre-existing Registration Statement. 

  
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 (b) Notwithstanding anything contained herein to the contrary, in the event that the Commission
limits the amount of Registrable Securities that may be included and sold by Holders in any Registration Statement, including the Initial Registration Statement, pursuant to Rule 415 or any other basis, the Company may reduce the number of
Registrable Securities included in such Registration Statement on behalf of the Holders in whole or in part (in case of an exclusion as to a portion of such Registrable Securities, such portion shall be allocated pro rata among such Holders in
proportion to the respective numbers of Registrable Securities represented by Shares requested to be registered by each such Holder over the total amount of Registrable Securities represented by Shares) (such Registrable Securities, the
“Reduction Securities”). In such event the Company shall give the Holders prompt notice of the number of such Reduction Securities excluded and the Company will not be liable for any damages under this Agreement in connection with
the exclusion of such Reduction Securities. The Company shall use its commercially reasonable efforts at the first opportunity that is permitted by the Commission to register for resale the Reduction Securities. Such new Registration Statement shall
be on Form S-3 (except if the Company is not then eligible to register for resale the Reduction Securities on Form S-3, in which case such registration shall be on another appropriate form for such purpose) and shall contain (except if
otherwise required pursuant to written comments received from the Commission upon a review of such Registration Statement) the “Plan of Distribution” in substantially the form attached hereto as Annex A (which may be modified to
respond to comments, if any, provided by the Commission). The Company shall use its commercially reasonable efforts to cause each such Registration Statement to be declared effective under the Securities Act as soon as possible but, in any event, no
later than the Effectiveness Date, and shall use its commercially reasonable efforts to keep such Registration Statement continuously effective under the Securities Act during the entire Effectiveness Period, subject to Section 7(d) hereof.
Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of such Registration Statement at any time prior to the expiration of the Effectiveness Period for an aggregate of no more than 30 consecutive Trading Days or
an aggregate of 60 Trading Days (which need not be consecutive) in any given 360-day period. 
 (c) If: (i) the Initial Registration
Statement is not filed with the Commission on or prior to the Filing Date, (ii) the Initial Registration Statement is not declared effective by the Commission (or otherwise does not become effective) on or prior to the Effectiveness Date or
(iii) after the date it is declared effective by the Commission and except as provided in Section 3(i), (A) such Registration Statement ceases for any reason (including without limitation by reason of a stop order, or the
Company’s failure to update the Registration Statement), to remain continuously effective as to all Registrable Securities included in such Registration Statement or (B) the Holders are not permitted to utilize the Prospectus therein to
resell such Registrable Securities for any reason (other than due to a change in the “Plan of Distribution” or the inaccuracy of any information regarding the Holders) in each case for more than an aggregate of thirty (30) consecutive
Trading Days or sixty (60) Trading Days (which need not be consecutive) in any given 360-day period (other than as a result of a breach of this Agreement by such Holder), or (iv) the Company fails to satisfy the current public information
requirement pursuant to Rule 144(c)(1) as a result of which the Holders who are not affiliates are unable to sell Registrable Securities without restriction under Rule 144 (or any successor thereto), (any such failure or breach in
clauses (i) through (iv) above being referred to as an “Event,” and, for purposes of clauses (i), (ii) or (iv), the date on which such Event occurs, or for purposes of clause (iii), the date on which such thirty
(30) or sixty (60) Trading Day period is exceeded, being 

  
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referred to as an “Event Date”), then in addition to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly
anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the earlier of (1) the applicable Event is cured or (2) the Registrable Securities are eligible for resale pursuant to Rule 144
without manner of sale or volume restrictions or the current public information requirement, the Company shall pay to each Holder an amount in cash, as liquidated damages and not as a penalty (“Liquidated Damages”), equal to one
percent (1%) of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement for any unregistered Registrable Securities then held by such Holder. The parties agree that (1) notwithstanding anything to the
contrary herein or in the Purchase Agreement, no Liquidated Damages shall be payable with respect to any period after the expiration of the Effectiveness Period (except in respect of an Event described in Section 2(c)(iv) herein), (it
being understood that this sentence shall not relieve the Company of any Liquidated Damages accruing prior to the Effectiveness Deadline) and in no event shall, the aggregate amount of Liquidated Damages (excluding Liquidated Damages payable in
respect of an Event described in Section 2(c)(iv) herein) payable to a Holder exceed, in the aggregate, five percent (5%) of the aggregate purchase price paid by such Holder pursuant to the Purchase Agreement) and (2) in no event
shall the Company be liable in any thirty (30) day period for Liquidated Damages under this Agreement in excess of one percent (1%) of the aggregate purchase price paid by the Holders pursuant to the Purchase Agreement. The Liquidated
Damages pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure of an Event, except in the case of the first Event Date. The Company shall not be liable for Liquidated Damages under this
Agreement as to any Registrable Securities which are not permitted by the Commission to be included in a Registration Statement. In such case, the Liquidated Damages shall be calculated to only apply to the percentage of Registrable Securities
which are permitted to be included in such Registration Statement. The Effectiveness Deadline for a Registration Statement shall be extended without default or Liquidated Damages hereunder in the event that the Company’s failure to obtain the
effectiveness of the Registration Statement on a timely basis results from the failure of a Purchaser to timely provide the Company with information requested by the Company and necessary to complete the Registration Statement in accordance
with the requirements of the Securities Act (in which case the Effectiveness Deadline would be extended with respect to Registrable Securities held by such Purchaser). 

3. Registration Procedures. 

In connection with the Company’s registration obligations hereunder, the Company shall: 

(a) Not less than three Trading Days prior to the filing of a Registration Statement or any related Prospectus or any amendment or supplement
thereto, furnish to the Holders copies of all such documents proposed to be filed (other than those incorporated by reference). Notwithstanding the foregoing, the Company shall not be required to furnish to the Holders any prospectus supplement
being prepared and filed solely to name new or additional selling stockholders unless such Holders or their controlling Person or custodian are named in such prospectus supplement. In addition, in the event that any Registration Statement is on Form
S-1 (or other form which does not permit incorporation by reference), the Company shall not be required to furnish to the Holders any prospectus supplement containing information included in 

  
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a report or proxy statement filed under the Exchange Act that would be incorporated by reference in such Registration Statement if such Registration Statement were on Form S-3 (or other form
which permits incorporation by reference). The Company shall duly incorporate any comments made by Holders acting reasonably and received by the Company not later than two Trading Days prior to the filing of the Registration Statement, but shall not
be required to accept any such comments to which it reasonably objects. 
 (b) (i) Prepare and file with the Commission such amendments,
including post-effective amendments, to each Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement continuously effective as to the applicable Registrable Securities for its
Effectiveness Period and prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to each
Registration Statement or any amendment thereto and, as promptly as reasonably possible provide the Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to the
Holders as selling stockholders but not any comments that would result in the disclosure to the Holders of material and non-public information concerning the Company; and (iv) comply in all material respects with the provisions of the
Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 

(c) Notify the Holders as promptly as reasonably possible (and, in the case of (i)(A) below, not less than three Trading Days prior to such
filing) and (if requested by any such Person) confirm such notice in writing no later than one Trading Day following the day: (i)(A) when a Prospectus or any prospectus supplement (but only to the extent notice is required under Section 3(a)
above) or post-effective amendment to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders that pertain to the Holders as a selling stockholder or to the Plan of
Distribution, but not information which the Company believes would constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment, when the same has been declared effective;
(ii) of any request by the Commission or any other Federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional information that pertains to the Holders as selling
stockholders or the Plan of Distribution; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings
for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included or incorporated by reference in a Registration Statement ineligible for inclusion or
incorporation by reference therein or any statement made in such Registration 

  
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Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration
Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the
Company believes may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus; provided, that any and all of such
information shall remain confidential to each Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided, further, that notwithstanding each Holder’s agreement to keep such
information confidential, each such Holder makes no acknowledgement that any such information is material, non-public information. 
 (d)
Use its reasonable best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment. 
 (e) If requested by
a Holder, furnish to each Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent reasonably requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company shall have no obligation to provide any document pursuant to this clause that is available on the EDGAR system. 

(f) If requested by a Holder, promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including
each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request. Subject to Section 7(d) hereof, the Company hereby consents to the use of such Prospectus and each amendment or supplement thereto by each
of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(g) Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to register or qualify or cooperate with
the selling Holders in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of those jurisdictions within the
United States as any Holder reasonably requests in writing to keep each such registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things necessary or advisable to enable
the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statements; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so
qualified or subject the Company to any material tax in any such jurisdiction where it is not then so subject. 

  
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 (h) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates
or book-entry statements representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statements, which certificates or book-entry statements shall be free, to the extent permitted by the Purchase Agreement, of
all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may request. 

(i) Upon the occurrence of any event contemplated by Section 3(c)(v), as promptly as reasonably possible, prepare a supplement or
amendment, including a post-effective amendment, to the affected Registration Statements or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document
so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading. 
 (j) The Company may require each selling Holder to furnish to the
Company a certified statement as to the number of shares of Common Stock beneficially owned by such Holder and any Affiliate thereof, the natural persons thereof that have voting and dispositive control over the shares and any other information with
respect to such Holder as the Commission requests. 
 4. Holder’s Obligations. Each Holder agrees, by acquisition of the
Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration Statement or to receive a Prospectus relating thereto, unless such Holder has furnished the Company with all material
information required to be set forth in the Purchaser Questionnaire and Selling Stockholder Questionnaire pursuant to the Purchase Agreement. Any sale of any Registrable Securities by any Holder pursuant to a Prospectus delivered by such Holder
shall constitute a representation and warranty by such Holder that the information regarding such Holder is as set forth in such Prospectus, and that such Prospectus does not as of the time of such sale contain any untrue statement of a material
fact regarding such Holder or omit to state any material fact regarding such Holder necessary to make the statements in such Prospectus, in the light of the circumstances under which they were made, not misleading, solely to the extent such facts
are based upon information regarding such Holder furnished in writing to the Company by such Holder for use in such Prospectus. 
 5.
Registration Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this Agreement (excluding any underwriting discounts and selling commissions) shall be borne by the Company
whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without
limitation, fees and expenses (A) with respect to filings required to be made with the Principal Market on which the Common Stock is then listed for trading, and (B) in compliance with applicable state securities or Blue Sky laws),
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger, telephone 

  
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and delivery expenses, (iv) fees and disbursements of counsel for the Company, including with respect to the issuance of opinions required for the removal of securities legends in the manner
described in the Transaction Documents, (v) reasonable fees and disbursements of counsel to the Holders, in an amount not to exceed $35,000, (vi) Securities Act liability insurance, if the Company so desires such insurance, and
(vii) reasonable fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal
expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of
any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of
any Holder or, except to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders. To the extent that underwriting discounts and selling commissions are incurred in connection with the sale of Registrable
Securities in an Underwritten Offering hereunder, such underwriting discounts and selling commissions shall be borne by the Holders of Registrable Securities sold pursuant to such Underwritten Offering, pro rata on the basis of the number of
Registrable Securities sold on their behalf in such Underwritten Offering. 
 6. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder (and, in the case of the FF Investor, the FF Beneficial Investor), the officers, directors, agents, partners, members, stockholders and employees of each Holder (or the FF Beneficial Investor, as applicable), each Person who controls any
such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, agents, partners, members, stockholders and employees of each such controlling Person, to the fullest
extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto (it being understood that the Holder has approved Annex A hereto for this purpose), or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (1) such untrue statements, alleged
untrue statements, omissions or alleged omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or
such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
of an outdated or defective Prospectus after the Company has validly 

  
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notified such Holder in writing (in accordance with Section 7(i) below) that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice (as defined below)
or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. The Company
shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. 

(b) Indemnification by Holders. Each Holder shall, notwithstanding any termination of this Agreement, severally and not
jointly, indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
directors, officers, agents, partners, members, stockholders or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising solely out of or based solely upon:
(x) for so long as the Company is not eligible to use Form S-3 under the Securities Act for a primary offering in reliance on General Instruction I.B.1 of such form and the prospectus delivery requirements of the Securities Act apply to sales
by such Holder, such Holder’s failure to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form of
prospectus, or in any amendment or supplement thereto, or arising solely out of or based solely upon any omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any
form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent that, (1) such untrue statements or omissions are based solely upon information regarding
such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed
and expressly approved in writing by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto
for this purpose) or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder of an outdated or defective Prospectus after the Company has validly notified such Holder in writing
(in accordance with Section 7(i) below) that the Prospectus is outdated or defective and prior to the receipt by such Holder of an Advice or an amended or supplemented Prospectus, but only if and to the extent that following the receipt of the
Advice or the amended or supplemented Prospectus the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify
the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and
the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of

  
 11 

 
its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 

An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the
fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such
Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in
which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and
such counsel shall be at the expense of the Indemnifying Party); provided, that the Indemnifying Party shall not be liable for the fees and expenses of more than one separate firm of attorneys at any time for all Indemnified Parties pursuant
to this Section 6(c). The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior
written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on
claims that are the subject matter of such Proceeding. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in
connection with defense of such claim and litigation resulting therefrom. 
 All fees and expenses of the Indemnified Party (including
reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days
of written notice thereof to the Indemnifying Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party may require such Indemnified
Party to undertake to reimburse all such fees and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). 

(d) Contribution. If a claim for indemnification under Section 6(a) or 6(b) is unavailable to an Indemnified Party
(by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault
of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or

  
 12 

 
alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in
Section 6(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification
provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 6(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the
Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

The indemnity and contribution agreements contained in this Section 6 are in addition to any liability that the Indemnifying Parties may
have to the Indemnified Parties and are not in diminution or limitation of the indemnification provisions under the Purchase Agreement. 

7. Miscellaneous. 
 (a)
Remedies. The parties agree that, in the event of a breach of this Agreement, the parties will, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, be
entitled to specific performance of its rights under this Agreement. The parties agree that monetary damages may not provide adequate compensation for any losses incurred by reason of a breach of the provisions of this Agreement and hereby further
agree that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the
Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement. 
 (c)
Subsequent Registration Rights. Until the Initial Registration Statement required hereunder is declared effective by the Commission, the Company shall not enter into any agreement granting any registration rights with respect to
any of its securities to any Person without the written consent of Holders representing no less than a majority of the then outstanding Registrable Securities; provided, that this Section 7(c) shall not prohibit the Company from
fulfilling its obligations under any other registration rights agreements existing as of the date hereof. 

  
 13 

 (d) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the
Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing (the “Advice”) by the Company that the use of the
applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph. 
 (e) Furnishing of Information. Each
Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably requested by the Company
to effect the registration of such Registrable Securities and shall execute such customary and appropriate documents in connection with such registration as the Company may reasonably request. At least three business days prior to the filing of a
Registration Statement, the Company shall provide a substantially final draft of such Registration Statement proposed to be filed to each Holder whose name or holdings are referenced in such Registration Statement, for the purpose of ensuring that
the information so provided by the Holder pursuant to this Section 7(e) or as otherwise required by this Agreement is properly reflected in such Registration Statement proposed to be filed. 

(f) Piggy-Back Registrations. If at any time during the Effectiveness Period, except as contemplated by Section 2(b)
hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the
account of others under the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection
with any acquisition of any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder a written notice of such determination and, if within 15 days
after the date of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided,
however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 7(f) that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without volume limitation or that
are the subject of a then effective Registration Statement; provided, further, however, if there is not an effective Registration Statement covering all of the Registrable Securities during the Effectiveness Period, the Company
may file a registration statement with the Commission to register equity securities of the Company to be sold on a primary basis, provided that the Company does not sell any such shares until there is an effective Registration Statement covering all
of the Registrable Securities. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 7(f) prior to the effectiveness of such registration whether or not any Holder has elected to include
securities in such registration. 

  
 14 

 (g) Amendments and Waivers. No provision of this Agreement may be waived or
amended with respect to the Company and another party hereto except with the written consent of the Company and such other party and, in the case, of the FF Investor, the FF Beneficial Investor. The Company shall provide prior notice to all Holders
and the FF Beneficial Investor of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. 

(h) Termination of Registration Rights. For the avoidance of doubt, it is expressly agreed and understood that
(i) in the event that there are no Registrable Securities outstanding as of a Filing Date, then the Company shall have no obligation to file, cause to be declared effective or to keep effective any Registration Statement hereunder (including
any Registration Statement previously filed pursuant to this Agreement) and (ii) all registration rights granted to the Holders hereunder (including the rights set forth in Sections 7(c) and 7(f)), shall terminate in their entirety effective on
the first date on which there shall cease to be any Registrable Securities outstanding. If not previously terminated pursuant to the foregoing sentence, it is expressly agreed and understood that all registration rights granted to the Holder
pursuant to this Agreement shall terminate as to the Holder on the earlier of (a) such time following the date that is five (5) years following the date of this Agreement that the Holders own in the aggregate less than 25% of the number of
Registrable Securities that the Holders owned in the aggregate as of the date hereof (as adjusted for stock splits, combinations, dividends, recapitalizations and the like) and (b) the date that is ten (10) years following the date of this
Agreement. 
 (i) Notices. All notices, requests, consents and other communications hereunder shall be in writing,
shall be sent by confirmed electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of electronic mail
transmission, or when so received in the case of mail or courier, and addressed as follows: 
 if to the Company, to: 

Ardelyx, Inc. 
 34175 Ardenwood
Blvd., Suite 200 
 Fremont, California 94555 

Attention: Chief Executive Officer 

E-Mail: mraab@ardelyx.com 
 with
a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

140 Scott Drive 
 Menlo Park,
California 94025 
 Attention: Mark Roeder 

E-Mail: mark.roeder@lw.com 

  
 15 

			
	If to a Purchaser:	  	To the address set forth under such Purchaser’s name on the signature pages hereto
		
	If to any other Person who is then the registered Holder:	  	To the address of such Holder as it appears in the stock transfer books of the Company
		
	If the FF Beneficial Investor	  	To the address set forth under the FF Beneficial Investor’s name on the signature pages hereto

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

(j) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. 
 (k) Execution and Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement and shall become effective when counterparts have
been signed by each party and delivered to the other parties, it being understood that all parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or “.pdf” signature were the
original thereof. 
 (l) Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of California, without regard to the principles of conflicts of law thereof. Each party agrees that all legal
proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers,
shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of San Francisco. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in
the City of San Francisco for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue
for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the 

  
 16 

 
address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any other manner permitted by law. 
 (m) Cumulative Remedies. The remedies
provided herein are cumulative and not exclusive of any remedies provided by law. 
 (n) Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable. 
 (o) Use of Terms. The parties agree and acknowledge that when, in this
Agreement, the Company is required to use its reasonable best efforts to perform any covenant under this Agreement, such requirement shall not obligate the Company, in the reasonable judgment of the disinterested members of its Board of Directors,
to perform any act that will have a material adverse effect on the Company. 
 (p) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (q) Independent Nature of Investors’
Obligations and Rights. The obligations of each Investor hereunder is several and not joint with the obligations of any other Investor hereunder, and no Investor shall be responsible in any way for the performance of the obligations of any other
Investor hereunder. The decision by each Investor to purchase Shares (in the case of the FF Beneficial Investor and the FF Investor, by the FF Investor on behalf of the FF Beneficial Investor) pursuant to the Transaction Documents has been made
independently of any other Investor. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Investor
acknowledges that no other Purchaser has acted as agent for such Purchaser in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Shares or
enforcing its rights under the Transaction Documents (other than in the case of the FF Investor and the FF Beneficial Investor). Each Investor shall be entitled to protect and enforce its rights, including without limitation the rights arising out
of this Agreement, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose. 

  
 17 

 (r) Assignment. The rights of the FF Investor hereunder may be assigned in whole or in
part to a Permitted Transferee (as defined in the FF Side Letter) only with all restrictions and obligations set forth in this Agreement; provided, however, that (i) the FF Investor shall, within five (5) days prior to such
assignment, furnish to the Company written notice of the name and address of such Permitted Transferee, details of its status as a Permitted Transferee and details of the Registrable Securities with respect to which such registration rights are
being assigned, (ii) the Permitted Transferee, prior to or simultaneously with such transfer or assignment, shall agree in writing to be subject to and bound by all restrictions and obligations set forth in this Agreement, and (iii) such
transfer or assignment shall be effective only if immediately following such transfer or assignment the further disposition of such Registrable Securities by the Permitted Transferee is restricted under the Securities Act and other applicable
securities law. 
 (s) Entire Agreement. This Agreement, the Purchase Agreement and in the case of the Company, the FF Investor and
the FF Beneficial Investor only, the FF Side Letter, contain the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous arrangements or understandings, whether written or
oral, with respect hereto and thereto. The provisions of the FF Side Letter will prevail over the provisions of this Agreement to the extent of any inconsistency. 

(t) The FF Investor Limitation of Liability. The FF Investor enters into and is liable under (a) this Agreement, (b) any
other document or agreement which the FF Investor may be required to provide under this Agreement and (c) any document or agreement executed by the Company or any other person as agent or attorney of the FF Investor under this Agreement only in
its capacity as custodian for the FF Beneficial Investor, and to the extent that it is actually indemnified by the FF Beneficial Investor. To the extent this paragraph operates to reduce the amounts for which the FF Investor would otherwise be
liable to any person, the FF Beneficial Investor will pay or procure the payment of such amounts to such person. 
 (u) Exercise of the
FF Investor’s rights. The Company acknowledges and agrees that the FF Beneficial Investor may cause the FF Investor to exercise rights of the FF Investor hereunder. 

[Signature pages follow] 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	ARDELYX, INC.
		
	By:	 	 /s/ Michael Raab

	Name:	 	Michael Raab
	Title:	 	President and Chief Executive Officer

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written 
  
  

					
		  	PURCHASER:
			
	 EXECUTED on behalf of THE NORTHERN TRUST COMPANY (ABN 62 126 279 918), a company incorporated in the State of Illinois in the United
States of America, in its capacity as custodian for Future Fund Investment Company No. 4 Pty Ltd, by
  

Jonathan Carstens
 being a person who, in accordance with the laws
of that territory, is acting under the authority of the company in the presence of:
  

/s/ Stephen Dyason
 Signature of
witness
  
 STEPHEN DYASON

 
  

Name of witness (block letters)
 Level 43, 120 Collins St,

Melbourne, VIC, 3000 Australia.
  

 
 Address of witness

 
 Date: July 15, 2016
	  	 ) 
 )

 
 )
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  

)
  
	  	 /s/ Jonathan Carstens
  

By executing this agreement the signatory warrants that the signatory is duly authorized to execute this agreement on behalf of THE NORTHERN TRUST
COMPANY

		
		  	Address:
		
		  	The Northern Trust Company
 Level 47, 80 Collins Street

Melbourne VIC 3000 Australia

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized representatives as of the day and year first above written 
  

							
		 	 FF BENEFICIAL INVESTOR:

				
		 	Signed for and on behalf of Future Fund Investment Company No. 4 Pty Ltd by:	 		 	
				
		 	 Paul Mann
	 		 	 /s/ Paul Mann

		 	Name of Director	 		 	Signature of Director
				
		 	  
	 		 	 15/7/16

Date

		
		 	 Address:

		
		 	 Future Fund Investment Company No. 4 Pty Ltd

Level 43, 120 Collins Street

Melbourne VIC 3000 Australia

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	New Enterprise Associates 12, Limited Partnership
		
	By:	 	 /s/ Louis S. Citron

	Name:	 	 Louis S. Citron

	Title:	 	 Chief Legal Officer

		
	Address:	 	 c/o New Enterprise Associates

	 1954 Greenspring Drive, Suite 600

	 Timonium, MD 21093

	Email:	 	 ####@NEA.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	NEA 15 Opportunity Fund, L.P.
		
	By:	 	 /s/ Louis S. Citron

	Name:	 	 Louis S. Citron

	Title:	 	 Chief Legal Officer

		
	Address:	 	 c/o New Enterprise Associates

	 1954 Greenspring Drive, Suite 600

	 Timonium, MD 21093

	Email:	 	 ####@NEA.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	New Enterprise Associates 15, L.P.
		
	By:	 	 /s/ Louis S. Citron

	Name:	 	 Louis S. Citron

	Title:	 	 Chief Legal Officer

		
	Address:	 	 c/o New Enterprise Associates

	 1954 Greenspring Drive, Suite 600

	 Timonium, MD 21093

	Email:	 	 ####@NEA.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	EcoR1 Capital Fund Qualified, LP
		
	By:	 	 /s/ Oleg Nodelman

	Name:	 	 Oleg Nodelman

	Title:	 	 Manager, EcoR1 Capital LLC, GP

		
	Address:	 	 409 Illinois Street

	 San Francisco, CA 94158

	Email:	 	 ####@ecor1cap.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 EcoR1 Capital Fund, LP

		
	By:	 	 /s/ Oleg Nodelman

	Name:	 	 Oleg Nodelman

	Title:	 	 Manager, EcoR1 Capital LLC, GP

		
	Address:	 	 409 Illinois Street

	 San Francisco, CA 94158

	Email:	 	 ####@ecor1cap.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 Quadrille Ardelyx, LLC

		
	By:	 	 /s/ Jerome Chevalier

	Name:	 	 Jerome Chevalier

	Title:	 	 Partner

		
	Address:	 	 c/o Quadrille Capital

	 16 Place de la Madeleine

	 75008 Paris

	 France

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 Cormorant Global Healthcare Maser Fund, LP

		
	By:	 	 /s/ Jay Scollins

	Name:	 	 Cormorant Global Healthcare GP, LLC

	Title:	 	  

		
	Address:	 	 200 Clarendon Street, 52nd Floor

	 Boston, MA 02116

	Email:	 	 ####@cormorant-asset.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	CRMA SPV, L.P.
		
	By:	 	 /s/ Jay Scollins

	Name:	 	 Cormorant Asset Management, LLC

	Title:	 	  

		
	Address:	 	 PO Box 309

	 Ugland House

	 Grand Cayman

	 KY1-1104 Cayman Islands

	Email:	 	 ####@cormorant-asset.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	Rock Springs Capital Master Fund LP
	
	By: Rock Springs General Partner LLC
		
	By:	 	 /s/ Kris H. Jenner

	Name:	 	 Kris H. Jenner

	Title:	 	 Managing Member

		
	Address:	 	 650 S. Exeter Street, Ste 1070

	 Baltimore, MD 21202

	Email:	 	 ####@rockspringcapital.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	RA CAPITAL HEALTHCARE FUND, L.P.
	
	By: RA Capital Management, LLC
	Its: General Partner
		
	By:	 	 /s/ Nicholas McGrath

	Name:	 	 Nicholas McGrath

	Title:	 	 Authorized Signatory

		
	Address:	 	 20 Park Plaza, Suite 1200

	 Boston, MA 02116

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:	 	
	
	 Blackwell Partners LLC – Series
A

 
			
		
	By:	 	 /s/ Abayomi A. Adigun

	Name:	 	 Abayomi A. Adigun

	Title:	 	 Investment Advisor

	 DUMAC, Inc., Authorized
Agent

 
			
		
	By:	 	 /s/ Jannine M. Lall

	Name:	 	 Jannine M. Lall

	Title:	 	 Controller, DUMAC, Inc., Authorized
Agent

 
			
		
	Address:	 	 DUMAC, Inc.

	 280 S. Mangum Street, Suite 210

	 Durham, NC 27701

			
	Email:	 	 ######@dumac.edu

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:	 	
	
	DEERFIELD SPECIAL SITUATIONS FUND, L.P.

 
			
		
	By:	 	Deerfield Mgmt, L.P.
		 	General Partner

 
			
	        By:	 	J.E. Flynn Capital, LLC
		 	   General Partner

 
			
		
	By:	 	 /s/ David J. Clark

	Name:	 	 David J. Clark

	Title:	 	 Authorized Signatory

		
	Address:	 	 780 Third Avenue, 37th Floor

	 New York, NY 10017

	Email:	 	 ####@deerfield.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	DAFNA LifeScience LP
		
	By:	 	 /s/ Fariba Ghodsian

	Name:	 	 Fariba Ghodsian

	Title:	 	 C.I.O.

 
			
		
	Address:	 	 10990 Wilshire Boulevard, Suite 1400

	 Los Angeles, CA 90024

	Email:	 	 ####@DAFNACapital.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	DAFNA LifeScience Select LP
		
	By:	 	 /s/ Fariba Ghodsian

	Name:	 	 Fariba Ghodsian

	Title:	 	 C.I.O.

		
	Address:	 	 10990 Wilshire Boulevard, Suite 1400

	 Los Angeles, CA 90024

	Email:	 	 ####@DAFNACapital.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 First BioMed, L.P.

		
	By:	 	 /s/ Neal K. Stearns

	Name:	 	 Neal K. Stearns

	Title:	 	 Senior Managing Director

		
	Address:	 	 399 Park Avenue

	 New York, NY 10022

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	First Health, L.P.
		
	By:	 	 /s/ Neal K. Stearns

	Name:	 	 Neal K. Stearns

	Title:	 	 Senior Managing Director

		
	Address:	 	 399 Park Avenue

	 New York, NY 10022

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 First BioMed Portfolio, L.P.

		
	By:	 	 /s/ Neal K. Stearns

	Name:	 	 Neal K. Stearns

	Title:	 	 Senior Managing Director

		
	Address:	 	 399 Park Avenue

	 New York, NY 10022

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	First Health Limited
		
	By:	 	 /s/ Neal K. Stearns

	Name:	 	 Neal K. Stearns

	Title:	 	 Senior Managing Director

		
	Address:	 	 399 Park Avenue

	 New York, NY 10022

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 First Health Associates, L.P.

		
	By:	 	 /s/ Neal K. Stearns

	Name:	 	 Neal K. Stearns

	Title:	 	 Senior Managing Director

		
	Address:	 	 399 Park Avenue

	 New York, NY 10022

	Email:	 	  

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	T. Rowe Price Health Sciences Fund, Inc.
	TD Mutual Funds - TD Health Sciences Fund
	VALIC Company I - Health Sciences Fund
	T. Rowe Price Health Sciences Portfolio
	John Hancock Variable Insurance Trust - Health Sciences Trust
	John Hancock Funds II - Health Sciences Fund
	    Each account, severally and not jointly
	
	By: T. Rose Price Associates, Inc., Investment Adviser or Subadviser, as applicable
		
	By:	 	 /s/ Ziad Bakri

	Name:	 	 Ziad Bakri

	Title:	 	 Vice President

	
	T. Rowe Price New Horizons Fund, Inc.
	T. Rowe Price New Horizons Trust
	T. Rowe Price U.S. Equities Trust
	New York City Deferred Compensation Plan
	    Each account, severally and not jointly
	
	By: T. Rose Price Associates, Inc., Investment Adviser
		
	By:	 	 /s/ Ziad Bakri

	Name:	 	 Ziad Bakri

	Title:	 	 Vice President

	
	Address:
	
	T. Rowe Price Associates, Inc.
	100 E. Pratt Street
	Baltimore, MD 21202
	Email: ####@troweprice.com

  
 Signature Pages to
Registration Rights Agreement 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date
first written above. 
  

			
	PURCHASERS:
	
	 Perceptive Life Science Master Fund Ltd.

		
	By:	 	 /s/ James H. Mannix

	Name:	 	 James H. Mannix

	Title:	 	 C.O.O.

		
	Address:	 	 Perceptive Advisors LLC

	 51 Astor Place, 10th Floor

	 New York, NY 10003

	Email:	 	 ####@perceptivelife.com

  
 Signature Pages to
Registration Rights Agreement 

 ANNEX A 

PLAN OF DISTRIBUTION 
 The
selling stockholders and any of their pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common
stock on any stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market
price, at varying prices determined at the time of sale, or at negotiated prices. The selling stockholders may use one or more of the following methods when disposing of the shares or interests therein: 

 

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction; 

 

	 	•	 	through brokers, dealers or underwriters that may act solely as agents; 

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or
otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of disposition; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may also sell
shares under Rule 144 or Rule 904 under the Securities Act of 1933, as amended, or Securities Act, if available, or Section 4(a)(1) under the Securities Act, rather than under this prospectus. 

Broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. The selling stockholders do not expect these commissions and discounts to
exceed what is customary in the types of transactions involved. 

 The selling stockholders may, from time to time, pledge or grant a security interest in some or
all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell shares of common stock from time to time under this prospectus, or under a
supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders
under this prospectus. 
 Upon being notified in writing by a selling stockholder that any material arrangement has been entered into with a
broker-dealer for the sale of common stock through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, we will file a supplement to this prospectus, if required, pursuant to Rule
424(b) under the Securities Act, disclosing (i) the name of each such selling stockholder and of the participating broker-dealer(s), (ii) the number of shares involved, (iii) the price at which such shares of common stock were sold,
(iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in
this prospectus, and (vi) other facts material to the transaction. In addition, upon being notified in writing by a selling stockholder that a donee or pledge intends to sell more than 500 shares of common stock, we will file a supplement to
this prospectus if then required in accordance with applicable securities law. 
 The selling stockholders also may transfer the shares of
common stock in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

In connection with the sale of the shares of common stock or interests in shares of common stock, the selling stockholders may enter into
hedging transactions after the effective date of the registration statement of which this prospectus is a part with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of common stock short after the effective date of the registration statement of which this prospectus is a part and deliver these securities to close out their short positions,
or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other transactions after the effective date of the registration statement of which this prospectus is
a part with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such
broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 

The selling stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority (FINRA) or independent broker-dealer will not be greater than 8% of the initial gross
proceeds from the sale of any security being sold. 

 We have advised the selling stockholders that they are required to comply with Regulation M
promulgated under the Securities Exchange Act of 1934, as amended, during such time as they may be engaged in a distribution of the shares. The foregoing may affect the marketability of the common stock. 

The aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common
stock less discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly
or through agents. We will not receive any of the proceeds from this offering. 
 We are required to pay all fees and expenses incident to
the registration of the shares. We have agreed to indemnify the selling stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act or otherwise. 

We have agreed with the selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until
the earlier of (a) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance with the registration statement or (b) the date on which the shares of common stock covered by this prospectus
may be sold or transferred by non-affiliates without any volume limitations or pursuant to Rule 144 of the Securities Act.EX-10.3

 Exhibit 10.3 

THIRD AMENDMENT TO LEASE 

THIS THIRD AMENDMENT TO LEASE (this “Third Amendment”) is entered into as of this 28th day of April, 2016 (the
“Execution Date”), by and between 34175 ARDENWOOD VENTURE, LLC, a Delaware limited liability company (“Landlord”), and ARDELYX, INC., a Delaware corporation (“Tenant,” formerly known as Nteryx,
Inc.). 
 RECITALS 

A. WHEREAS, Landlord and Tenant entered into that certain Lease dated as of August 8, 2008, as amended by that certain First Amendment to
Lease dated as of December 20, 2012 and that certain Second Amendment to Lease dated as of September 5, 2014 (collectively, and as the same may have been further amended, amended and restated, supplemented or modified from time to time,
the “Existing Lease”), whereby Tenant leases certain premises (the “Existing Premises”) from Landlord at 34175 Ardenwood Boulevard in Fremont, California (the “Building”); 

B. WHEREAS, Landlord and Tenant desire to expand the Existing Premises and to extend the Term of the Lease; and 

C. WHEREAS, Landlord and Tenant desire to modify and amend the Existing Lease only in the respects and on the conditions hereinafter stated.

 AGREEMENT 

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 
 1. Definitions. For purposes of
this Third Amendment, capitalized terms shall have the meanings ascribed to them in the Existing Lease unless otherwise defined herein. The Existing Lease, as amended by this Third Amendment, is referred to collectively herein as the
“Lease.” From and after the date hereof, the term “Lease,” as used in the Existing Lease, shall mean the Existing Lease, as amended by this Third Amendment. In addition to the Existing Premises, the
“Premises,” as used in the Lease, shall include (a) the Third Amendment Additional Premises from and after the Third Amendment Additional Commencement Date, (b) the Additional First Floor Premises from and after the
Additional First Floor Commencement Date, and (c) the Additional Second Floor Premises from and after the Additional Second Floor Commencement Date. 

2. Condition Precedent. The rights and obligations of Tenant (or the modifications thereof) and the obligations of Landlord (or the modifications
thereof) set forth in Articles 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 and 15 and the Third Amendment Work Letter (as defined below) (collectively, the
“Contingent Provisions”) are expressly conditioned and contingent upon (and will not become effective unless and until) the occurrence of the Third Amendment Additional Commencement Date. In the event the Lease with respect to the
Contingent Provisions only terminates pursuant to and in accordance with Article 3, then the Contingent Provisions shall automatically become null and void and of no further force or effect. 

BioMed Realty form dated 3/27/15 

 3. Termination Right on Contingent Provisions for Failure to Deliver Third Amendment Additional Premises.
Notwithstanding anything to the contrary in the second (2nd ) sentence of Section 5.1, in the event Landlord has not tendered possession of the Third Amendment Additional Premises (as
defined below) on or before August 1, 2016 (such date, as shall be extended on a day-for-day basis as a result of any Force Majeure and/or any delay caused by any action or inaction of Tenant, the “Outside Date”) then, as
Tenant’s sole and exclusive remedy, Tenant may notify Landlord of its intent to terminate the Lease with respect to the Contingent Provisions only by providing written notice thereof (the “Termination Notice”) to Landlord no
later than five (5) days after the Outside Date, in which case, upon Landlord’s receipt of the Termination Notice within such time period (and provided Landlord does not actually tender possession of the Third Amendment Additional Premises
to Tenant prior to the Termination Date within Landlord’s cure period as described below), the Lease with respect to the Contingent Provisions only shall automatically terminate and be of no further force or effect as of the date (as the same
shall be extended on a day-for-day basis as a result of Force Majeure and/or any delay caused by any action or inaction of Tenant, the “Termination Date”) that is thirty (30) days after the Outside Date (provided that,
if Landlord actually tenders possession of the Third Amendment Additional Premises to Tenant prior to the Termination Date, then the Termination Notice shall be null and void and the Lease with respect to the Contingent Provisions shall not
terminate and shall thereafter be in full force and effect). If the Lease with respect to the Contingent Provisions only terminates pursuant to this Section, Landlord and Tenant shall be relieved of their respective obligations under the Lease with
respect to the Contingent Provisions only, except with respect to those obligations set forth in the Lease that expressly survive the expiration or earlier termination thereof (for purposes of clarity, the Lease with respect to the Existing Premises
is not subject to the termination right set forth in this Section and, notwithstanding any termination of the Lease with respect to the Contingent Provisions only in accordance with this Section, the Lease with respect to the Existing Premises shall
continue in full force and effect). Time is of the essence with respect to the time periods set forth in this Section. If Tenant does not provide the Termination Notice to Landlord within the five (5) day period required by this Section, then
Tenant shall be deemed to have waived such termination right. 
 4. Extension Term. Effective as of the Third Amendment Additional Commencement Date,
the Term of the Existing Lease is hereby extended for twenty-four (24) months and, therefore, the Term Expiration Date is hereby amended to mean September 10, 2021. The period commencing on September 11, 2019 and ending on the new
Term Expiration Date shall be referred to herein as the “Third Amendment Extension Term.” Tenant acknowledges that (a) it is in possession of and is fully familiar with the condition of the Existing Premises and,
notwithstanding anything contained in the Lease to the contrary, agrees to take the same in its condition “as is” as of the first day of the Third Amendment Extension Term, and (b) Landlord shall have no obligation to alter, repair or
otherwise prepare the Existing Premises for Tenant’s continued occupancy for the Third Amendment Extension Term or to pay for any improvements to the Existing Premises. 

  
 2 

 5. Third Amendment Additional Premises. Commencing as of the Third Amendment Additional Commencement Date
(as defined below), Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, that certain space consisting of approximately sixteen thousand four hundred ninety-three (16,493) square feet of Rentable Area located on the first
(1st) floor of the Building (as more particularly described on Exhibit A attached hereto, the “Third Amendment Additional Premises”). Tenant acknowledges that the
Third Amendment Additional Premises is currently (as of the Execution Date) leased to another tenant (the “Prior Tenant”) and such lease (the “Prior Tenant Lease”) is currently (as of the Execution Date) scheduled
to expire on April 30, 2016. To Landlord’s actual knowledge (without any duty of investigation), the Prior Tenant did not provide written notice to Landlord electing to exercise Prior Tenant’s option under the Prior Tenant Lease to
extend the term of the Prior Tenant Lease with respect to the Third Amendment Additional Premises beyond April 30, 2016 in the time period required under the Prior Tenant Lease. Landlord shall have no obligation to tender possession of the
Third Amendment Additional Premises to Tenant prior to (a) the expiration or termination of the Prior Tenant Lease and (b) Prior to Tenant’s surrender of the Third Amendment Additional Premises in accordance with the terms of the
Prior Tenant Lease. From and after the Third Amendment Additional Commencement Date, the Rentable Area of the entire Premises (i.e., the Existing Premises plus the Third Amendment Additional Premises) will equal fifty-six thousand two hundred
seventy-four (56,274) square feet. 
 5.1. Third Additional Commencement Date. Tenant shall lease the Third Amendment Additional
Premises effective as of the date (the “Third Amendment Additional Commencement Date”) that Landlord tenders possession of the Third Amendment Additional Premises to Tenant. Landlord will use commercially reasonable efforts to
tender possession of the Third Amendment Additional Premises by May 1, 2016 (the “Estimated Third Amendment Additional Commencement Date”); provided, however, that Tenant agrees that in the event Landlord does not
tender possession of the Third Amendment Additional Premises on or before the Estimated Third Amendment Additional Commencement Date for any reason (including any holdover by the Prior Tenant of the Third Amendment Additional Premises or any failure
of the Prior Tenant to surrender the Third Amendment Additional Premises in the condition required by the Prior Tenant’s lease with Landlord), then (y) this Third Amendment shall not be void or voidable and (z) Landlord shall not be
liable to Tenant for any loss or damage resulting therefrom. If possession is delayed by action of Tenant, then the Third Amendment Additional Commencement Date shall be the date that the Third Amendment Additional Commencement Date would have
occurred but for such delay. Tenant shall execute and deliver to Landlord written acknowledgment of the actual Third Amendment Additional Commencement Date within ten (10) business days after Tenant takes occupancy of the Third Amendment
Additional Premises, in the form attached as Exhibit E hereto (the “Acknowledgement”). Failure to execute and deliver the Acknowledgment, however, shall not affect the Third Amendment Additional Commencement Date or
Landlord’s or Tenant’s liability hereunder. Failure by Tenant to obtain validation by any medical review board or similar governmental licensing required for the Permitted Use shall not extend the Third Amendment Additional Commencement
Date. Effective as of the Third Amendment Additional Commencement Date, all references to the “Premises” shall mean and refer to the Existing Premises as expanded by the Third Amendment Additional Premises. 

  
 3 

 5.2. Third Amendment Additional Premises Term. The Term with respect to the Third
Amendment Additional Premises shall commence on the Third Amendment Additional Commencement Date and shall thereafter be coterminous with the Term for the Existing Premises, such that the Term with respect to the Third Amendment Additional Premises
and the Existing Premises shall expire on the new Term Expiration Date (as modified in Section 4 above). 
 5.3. Condition of
Third Amendment Additional Premises. Tenant acknowledges that (a) it is fully familiar with the condition of the Third Amendment Additional Premises and, notwithstanding anything contained in the Lease to the contrary, agrees to take the
same in its condition “as is” as of the Third Amendment Additional Commencement Date, (b) neither Landlord nor any agent of Landlord has made (and neither Landlord nor any agent of Landlord hereby makes) any representation or warranty
of any kind whatsoever, express or implied, regarding the Third Amendment Additional Premises, including (without limitation) any representation or warranty with respect to the condition of the Third Amendment Additional Premises or with respect to
the suitability of the Third Amendment Additional Premises for the conduct of Tenant’s business and (c) Landlord shall have no obligation to alter, repair or otherwise prepare the Third Amendment Additional Premises for Tenant’s
occupancy of the Third Amendment Additional Premises or to pay for any improvements to the Third Amendment Additional Premises, other than the Initial Third Amendment TI Allowance (as defined below). The Third Amendment Additional Premises have not
undergone inspection by a Certified Access Specialist (as defined in California Civil Code Section 55.52). Tenant’s taking possession of the Third Amendment Additional Premises shall, except as otherwise agreed to in writing by Landlord
and Tenant, conclusively establish that the Third Amendment Additional Premises were at such time in good, sanitary and satisfactory condition and repair. 

6. Additional First Floor Premises. Commencing as of the Additional First Floor Commencement Date (as defined below), Landlord hereby leases to Tenant,
and Tenant hereby leases from Landlord, that certain space consisting of approximately five thousand five hundred ten (5,510) square feet of Rentable Area located on the first
(1st) floor of the Building (as more particularly described on Exhibit B attached hereto, the “Additional First Floor Premises”). Tenant acknowledges that a portion of
the Additional First Floor Premises (such portion, the “First Floor FP Premises”) is currently (as of the Execution Date) leased to another tenant (“FP”), and such lease (the “FP Lease”), with
respect to the First Floor FP Premises only, is currently (as of the Execution Date) scheduled to terminate on the later of (a) May 31, 2016 and (b) the date that is ten (10) days after the day that Landlord delivers written
notice to FP that the Third Amendment Additional Commencement Date has occurred. Landlord shall have no obligation to tender possession of the Additional First Floor Premises to Tenant prior to (x) the expiration or termination of the FP Lease
(with respect to the First Floor FP Premises only), (y) FP’s surrender of the First Floor FP Premises in accordance with the terms of the FP Lease and (z) the actual Third Amendment Additional Commencement Date. From and after the
Additional First Floor Commencement Date, the Rentable Area of the entire Premises (i.e., the Existing Premises plus the Third Amendment Additional Premises plus the Additional First Floor Premises) will equal sixty-one thousand seven hundred
eighty-four (61,784) square feet. 

  
 4 

 6.1. Additional First Floor Commencement Date. Tenant shall lease the Additional First
Floor Premises effective as of the date (the “Additional First Floor Commencement Date”) that Landlord tenders possession of the Additional First Floor Premises to Tenant; provided that, Landlord shall have no obligation to
and shall not be permitted to tender possession of the Additional First Floor Premises to Tenant prior to the actual Third Amendment Additional Commencement Date. Subject to the immediately preceding sentence and the penultimate sentence of
Section 6, Landlord will use commercially reasonable efforts to tender possession of the Additional First Floor Premises by the date (the “Estimated Additional First Floor Commencement Date”) that is the later of
(a) June 1, 2016 and (b) fifteen (15) days after the date that the FP Lease with respect to the First Floor FP Premises terminates; provided, however, that Tenant agrees that in the event Landlord does not tender
possession of the Additional First Floor Premises on or before the Estimated Additional First Floor Commencement Date for any reason (including any holdover by FP of the First Floor FP Premises or any failure of FP to surrender the First Floor FP
Premises in the condition required by the FP Lease), then (y) this Third Amendment shall not be void or voidable and (z) Landlord shall not be liable to Tenant for any loss or damage resulting therefrom. If possession is delayed by action
of Tenant, then the Additional First Floor Commencement Date shall be the date that the Additional First Floor Commencement Date would have occurred but for such delay. Tenant shall execute and deliver to Landlord written acknowledgment of the
actual Additional First Floor Commencement Date within ten (10) business days after Tenant takes occupancy of the Additional First Floor Premises, in the form attached as Exhibit E hereto (the “Acknowledgement”). Failure
to execute and deliver the Acknowledgment, however, shall not affect the Additional First Floor Commencement Date or Landlord’s or Tenant’s liability hereunder. Failure by Tenant to obtain validation by any medical review board or similar
governmental licensing required for the Permitted Use shall not extend the Additional First Floor Commencement Date. Effective as of the Additional First Floor Commencement Date, all references to the “Premises” shall mean and refer to the
Existing Premises, as expanded by the Third Amendment Additional Premises and as further expanded by the Additional First Floor Premises. Notwithstanding anything in this Third Amendment to the contrary, Landlord’s obligation to timely tender
possession of the Additional First Floor Premises shall be subject to extension on a day-for-day basis as a result of Force Majeure. 
 6.2.
Additional First Floor Premises Term. The Term with respect to the Additional First Floor Premises shall commence on the Additional First Floor Commencement Date and shall thereafter be coterminous with the Term for the Existing Premises and
the Third Amendment Additional Premises, such that the Tenn with respect to the Additional First Floor Premises, the Third Amendment Additional Premises and the Existing Premises shall expire on the new Term Expiration Date (as modified in
Section 4 above). 
 6.3. Condition of Additional First Floor Premises. Tenant acknowledges that (a) it is fully
familiar with the condition of the Additional First Floor Premises and, notwithstanding anything contained in the Lease to the contrary, agrees to take the same in its condition “as is” as of the Additional First Floor Commencement Date,
(b) neither Landlord nor any agent of Landlord has made (and neither Landlord nor any agent of Landlord hereby makes) any representation or warranty of any kind whatsoever, express or implied, regarding the Additional First Floor Premises,
including (without limitation) any representation or warranty with respect 

  
 5 

 to the condition of the Additional First Floor Premises or with respect to the suitability of the Additional
First Floor Premises for the conduct of Tenant’s business and (c) Landlord shall have no obligation to alter, repair or otherwise prepare the Additional First Floor Premises for Tenant’s occupancy of the Additional First Floor
Premises or to pay for any improvements to the Additional First Floor Premises, other than the Additional Third Amendment TI Allowance (as defined below). The Additional First Floor Premises have not undergone inspection by a Certified Access
Specialist (as defined in California Civil Code Section 55.52). Tenant’s taking possession of the Additional First Floor Premises shall, except as otherwise agreed to in writing by Landlord and Tenant, conclusively establish that the
Additional First Floor Premises were at such time in good, sanitary and satisfactory condition and repair. 
 7. Additional Second Floor Premises.
Commencing as of the Additional Second Floor Commencement Date (as defined below), Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, that certain space consisting of approximately ten thousand seven hundred sixteen
(10,716) square feet of Rentable Area located on the second (2nd) floor of the Building (as more particularly described on Exhibit C attached hereto, the “Additional
Second Floor Premises”). Tenant acknowledges that the Additional Second Floor Premises is currently (as of the Execution Date) leased to FP, and the FP Lease, with respect to the Additional Second Floor Premises only, is currently (as of
the Execution Date) scheduled to expire on August 31, 2019. Landlord shall have no obligation to tender possession of the Additional Second Floor Premises to Tenant prior to (a) the expiration or termination of the FP Lease (with respect
to the Additional Second Floor Premises only) and (b) FP’s surrender of the Additional Second Floor Premises in accordance with the terms of the FP Lease. From and after the Additional Second Floor Commencement Date, the Rentable Area of
the entire Premises (i.e., the Existing Premises plus the Third Amendment Additional Premises plus the Additional First Floor Premises plus the Additional Second Floor Premises) will equal seventy-two thousand five hundred (72,500) square feet.

 7.1. Additional Second Floor Commencement Date. Tenant shall lease the Additional Second Floor Premises effective as of the date
(the “Additional Second Floor Commencement Date”) that Landlord tenders possession of the Additional Second Floor Premises to Tenant with no Material Failure of Delivery Condition (as defined below). Subject to the immediately
preceding sentence and the penultimate sentence of Section 7, Landlord will use commercially reasonable efforts to tender possession of the Additional Second Floor Premises by September 1, 2019 (the “Estimated Additional
Second Floor Commencement Date”); provided, however, that Tenant agrees that in the event Landlord does not tender possession of the Additional Second Floor Premises with no Material Failure of Delivery Condition on or before
the Estimated Additional Second Floor Commencement Date for any reason (including any holdover by FP of the Additional Second Floor Premises or any failure of FP to surrender the Additional Second Floor Premises in the condition required by the FP
Lease), then (y) this Third Amendment shall not be void or voidable and (z) Landlord shall not be liable to Tenant for any loss or damage resulting therefrom, but Landlord shall have the obligations expressly set forth in
Section 7.3(a) below, and Tenant shall have the rights expressly set forth in Section 7.4 below. If possession is delayed by action of Tenant, then the Additional Second Floor Commencement Date shall be the date that the
Additional Second Floor Commencement Date would have occurred but for such delay. Tenant shall execute and deliver to Landlord written acknowledgment of the actual 

  
 6 

 Additional Second Floor Commencement Date within ten (10) business days after Landlord delivers possession
of the Additional Second Floor Premises with no Material Failure of Delivery Condition, in the form attached as Exhibit E hereto (the “Acknowledgement”). Failure to execute and deliver the Acknowledgment, however, shall not
affect the Additional Second Floor Commencement Date or Landlord’s or Tenant’s liability hereunder. Failure by Tenant to obtain validation by any medical review board or similar governmental licensing required for the Permitted Use shall
not extend the Additional Second Floor Commencement Date. Effective as of the Additional Second Floor Commencement Date, all references to the “Premises” shall mean and refer to the Existing Premises, as expanded by the Third Amendment
Additional Premises, as further expanded by the Additional First Floor Premises and as further expanded by the Additional Second Floor Premises. Notwithstanding anything in this Third Amendment to the contrary, Landlord’s obligation to timely
tender possession of the Additional Second Floor Premises with no Material Failure of Delivery Condition shall be subject to extension on a day-for-day basis as a result of Force Majeure. 

7.2. Additional Second Floor Premises Term. The Term with respect to the Additional Second Floor Premises shall commence on the
Additional Second Floor Commencement Date and shall thereafter be coterminous with the Term for the Existing Premises, the Third Amendment Additional Premises and the Additional First Floor Premises, such that the Term with respect to the entire
Premises (i.e., the Additional Second Floor Premises, the Additional First Floor Premises, the Third Amendment Additional Premises and the Existing Premises) shall expire on the new Term Expiration Date (as modified in Section 4 above).

 7.3. Condition of Additional Second Floor Premises. Tenant acknowledges that, except to the extent set forth in
Section 7.3(a) below, (a) neither Landlord nor any agent of Landlord has made (and neither Landlord nor any agent of Landlord hereby makes) any representation or warranty of any kind whatsoever, express or implied, regarding the
Additional Second Floor Premises, including (without limitation) any representation or warranty with respect to the condition of the Additional Second Floor Premises or with respect to the suitability of the Additional Second Floor Premises for the
conduct of Tenant’s business and (b) Landlord shall have no obligation to alter, repair or otherwise prepare the Additional Second Floor Premises for Tenant’s occupancy of the Additional Second Floor Premises or to pay for any
improvements to the Additional Second Floor Premises. The Additional Second Floor Premises have not undergone inspection by a Certified Access Specialist (as defined in California Civil Code Section 55.52). Tenant’s taking possession of
the Additional Second Floor Premises shall, except as otherwise agreed to in writing by Landlord and Tenant, conclusively establish that the Additional Second Floor Premises were at such time in good, sanitary and satisfactory condition and repair.

 (a) Landlord shall tender possession of the Additional Second Floor Premises to Tenant broom clean, in as good a condition as on the
Execution Date (subject to ordinary wear and tear), with FP’s personal property removed and any damage caused by such removal repaired, and with the structural and exterior portions of the Building, including roofing and covering materials,
structural slabs, exterior walls, plumbing, fire sprinkler systems, elevators, base Building HVAC systems (up to the first damper or isolation valve) and base Building 

  
 7 

 electrical systems in good working order and condition (the “Delivery Condition”). If the
Delivery Condition is not satisfied in any material respect on the date that Landlord tenders possession of the Additional Second Floor Premises to Tenant, then Tenant shall promptly (but in any event within thirty (30) days) deliver written
notice of such failure to Landlord, describing the nature of such failure in reasonable detail (a “Repair Notice”), and Landlord shall promptly make any repairs reasonably necessary to correct such failure detailed in the Repair
Notice. If the failure to comply with the Delivery Condition substantially interferes (or would substantially interfere) with Tenant’s use and occupancy of a material portion of the Additional Second Floor Premises for the Permitted Use (a
“Material Failure of Delivery Condition”), then the Additional Second Floor Commencement Date shall not be deemed to have occurred until Landlord shall have cured such substantial interference, provided that, in any event,
Landlord shall diligently pursue such repairs reasonably necessary to correct such failure. If the failure to comply with the Delivery Condition does not constitute a Material Failure of Delivery Condition, then the Additional Second Floor
Commencement Date shall be deemed to have occurred on the date that Landlord delivered possession of the Additional Second Floor Premises to Tenant, but Landlord shall diligently pursue such repairs reasonably necessary to correct such failure.
Landlord shall not have any obligations or liabilities in connection with the condition of the Additional Second Floor Premises except for the express repair obligations (and only under the express conditions) set forth in this
Section 7.3(a). For the sake of clarity, in no event shall anything in this Section 7.3(a) be construed to relieve Tenant of any costs or obligations related to the normal operation, repairs and maintenance of the relevant
systems and equipment that serve the Additional Second Floor Premises. Time is of the essence with respect to the delivery of the Repair Notice and in the event Landlord does not receive a Repair Notice from Tenant on or before the date that is
thirty (30) business days after delivery of possession of the Additional Second Floor Premises to Tenant, it shall be conclusively established that as of the Additional Second Floor Commencement Date, the Additional Second Floor Premises was in
the Delivery Condition. 
 7.4. Termination Right on Additional Second Floor Premises for Failure to Deliver Additional Second Floor
Premises. Notwithstanding anything to the contrary in the second (2nd) sentence of Section 7.1, in the event Landlord has not tendered possession of the Additional Second
Floor Premises with no Material Failure of Delivery Condition on or before December 1, 2019 (such date, as shall be extended on a day-for-day basis as a result of any Force Majeure and/or any delay caused by any action or inaction of Tenant,
the “Second Outside Date”), then, as Tenant’s sole and exclusive remedy, Tenant may notify Landlord of its intent to terminate the Lease with respect to the Additional Second Floor Premises only by providing written notice
thereof (the “Second Termination Notice”) to Landlord no later than five (5) days after the Second Outside Date, in which case, upon Landlord’s receipt of the Second Termination Notice within such time period (and provided
Landlord does not actually tender possession of the Additional Second Floor Premises to Tenant prior to the Second Termination Date within Landlord’s cure period as described below), the Lease with respect to the Additional Second Floor
Premises only shall automatically terminate and be of no further force or effect as of the date (as the same shall be extended on a day-for-day basis as a result of Force Majeure and/or any delay caused by any action or inaction of Tenant, the
“Second Termination Date”) that is thirty (30) days after the Second Outside Date (provided that, if Landlord actually tenders possession of the Additional Second Floor Premises to Tenant with no Material Failure of
Delivery Condition prior to the Second Termination Date, then the Second Termination Notice 

  
 8 

 shall be null and void and the Lease with respect to the Additional Second Floor Premises shall not terminate and
shall thereafter be in full force and effect). If the Lease with respect to the Additional Second Floor Premises only terminates pursuant to this Section, Landlord and Tenant shall be relieved of their respective obligations under the Lease with
respect to the Additional Second Floor Premises only, except with respect to those obligations set forth in the Lease that expressly survive the expiration or earlier termination thereof (for purposes of clarity, the Lease with respect to all other
portions of the Premises (i.e., the Existing Premises, Third Amendment Additional Premises and Additional First Floor Premises) is not subject to the termination right set forth in this Section and, notwithstanding any termination of the Lease with
respect to the Additional Second Floor Premises only in accordance with this Section, the Lease with respect to all other portions of the Premises (i.e., the Existing Premises, Third Amendment Additional Premises and Additional First Floor Premises)
shall continue in full force and effect). Time is of the essence with respect to the time periods set forth in this Section. If Tenant does not provide the Second Termination Notice to Landlord within the five (5) day period required by this
Section, then Tenant shall be deemed to have waived such termination right. 
 8. Base Rent. 

8.1. Existing Premises. In addition to Base Rent for the Third Amendment Additional Premises, the Additional First Floor Premises and
the Additional Second Floor Premises, Tenant shall pay to Landlord Base Rent for the Existing Premises during the Third Amendment Extension Term in the amounts set forth in the table below. 

 

															
	 Dates
	  	Square Feet
of Rentable
Area	 	  	Base Rent per Square
Foot of Rentable Area	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 September 11, 2019 - September 10, 2020
	  	 	39,781	  	  	$2.30 monthly	  	$	91,496.30	  	  	$	1,097,955.60	  
	 September 11, 2020 - September 10, 2021
	  	 	39,781	  	  	$2.38 monthly	  	$	94,678.78	  	  	$	1,136,145.36	  

  
 9 

 8.2. Third Amendment Additional Premises. In addition to Base Rent for the Existing
Premises, commencing as of the Third Amendment Additional Commencement Date and continuing through the remainder of the Term, Tenant shall pay to Landlord Base Rent for the Third Amendment Additional Premises in the amounts set forth in the table
below (and subject to increases pursuant to Section 8.2(a) below). 
  

															
	 Dates (as of the Third Amendment Additional
Commencement
Date)
	  	Square Feet
of Rentable
Area	 	  	Base Rent per Square
Foot of Rentable Area	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	16,493	  	  	$2.10 monthly	  	$	34,635.30	* 	  	$	415,623.60	  

  

	*	Subject to the Third Amendment Additional Premises Base Rent Abatement (as defined below). 

(a) Base Rent Adjustments. Base Rent for the Third Amendment Additional Premises shall be subject to an annual upward adjustment of
three percent (3%) of the then-current Base Rent for the Third Amendment Additional Premises. The first such adjustment shall become effective commencing on the first (1st) annual
anniversary of the Third Amendment Additional Commencement Date, and subsequent adjustments shall become effective on every successive annual anniversary throughout the remainder of the Term. 

(b) Third Amendment Additional Premises Base Rent Abatement. Provided that Tenant is not then in default of the Lease (beyond
any applicable cure period), then during the period commencing on the Third Amendment Additional Commencement Date and ending on the date that is the later of (a) September 10, 2016 and (b) the date that is one hundred two
(102) days after the Third Amendment Additional Commencement Date (such period, the “Third Amendment Additional Premises Base Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent for the Third Amendment
Additional Premises only (the “Third Amendment Additional Premises Base Rent Abatement”). Tenant acknowledges and agrees that the Third Amendment Additional Premises Base Rent Abatement has been granted to Tenant as additional
consideration for entering into this Third Amendment, and for agreeing to pay Rent and performing the terms and conditions otherwise required under the Lease. If Tenant shall be in default under the Lease (beyond any applicable cure period), then
Tenant’s right to receive the Third Amendment Additional Premises Base Rent Abatement for the Third Amendment Additional Premises Base Rent Abatement Period shall automatically terminate as of the date of such default and Tenant shall
immediately be obligated to begin paying Base Rent for the Third Amendment Additional Premises as of such date. The Third Amendment Additional Premises Base Rent Abatement shall be personal to the original Tenant and shall only apply to the extent
that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant’s interest in this Lease) is the Tenant under the Lease during the Third Amendment Additional Premises Base Rent Abatement Period.
Nothing in this Section shall work to abate or reduce Tenant’s obligations under the Lease with respect to all other Rent due to Landlord under the Lease (including, all Rent for the Existing Premises and, from and after the Additional First
Floor Commencement Date, the Additional First Floor Premises, and all Additional Rent (including Tenant’s Op Ex Share of Operating Expenses and the Property Management Fee (calculated as if there was not any Third Amendment Additional Premises
Base Rent Abatement)) for the Third Amendment Additional Premises). 

  
 10 

 8.3. Additional First Floor Premises. In addition to Base Rent for the Existing Premises
and the Third Amendment Additional Premises, commencing as of the Additional First Floor Commencement Date and continuing through the remainder of the Term, Tenant shall pay to Landlord Base Rent for the Additional First Floor Premises in the
amounts set forth in the table below (and subject to increases pursuant to Section 8.3(a) below). 
  

																	
	 Dates (as of the Additional First Floor Commencement Date)
	  	Square Feet
of Rentable
Area	 	  	Base Rent per Sauare
Foot of Rentable Area	 	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	5,510	  	  	$	2.10 monthly	  	  	$	11,571.00	  	  	$	138,852.00	  

 (a) Base Rent Adjustments. Base Rent for the Additional First Floor Premises shall be subject to an
annual upward adjustment of three percent (3%) of the then-current Base Rent for the Additional First Floor Premises. The first such adjustment shall become effective commencing on the first
(1st) annual anniversary of the Third Amendment Additional Commencement Date, and subsequent adjustments shall become effective on every successive annual anniversary throughout the remainder
of the Term. 
 8.4. Additional Second Floor Premises. In addition to Base Rent for the Existing Premises, the Third Amendment
Additional Premises and the Additional First Floor Premises, commencing as of the Additional Second Floor Commencement Date and continuing through the remainder of the Term, Tenant shall pay to Landlord Base Rent for the Additional Second Floor
Premises in the amounts set forth in the table below. 
  

																	
	 Dates (as of the Additional Second Floor Commencement Date)
	  	Square Feet
of Rentable
Area	 	  	Base Rent per Square
Foot of Rentable Area	 	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	10,716	  	  	$	2.30 monthly	  	  	$	24,646.80	  	  	$	295,761.60	  
	 Month 13 - September 10, 2021
	  	 	10,716	  	  	$	2.38 monthly	  	  	$	25,504.08	  	  	$	306,048.96	  

 9. Tenant’s Pro Rata Share. From and after the Third Amendment Additional Commencement Date until the Additional
First Floor Commencement Date, Tenant’s Pro Rata 

  
 11 

 Share of Building (and Tenant’s Op Ex Share) shall equal 77.62%. From and after the Additional First Floor
Commencement Date until the Additional Second Floor Commencement Date, Tenant’s Pro Rata Share of Building (and Tenant’s Op Ex Share) shall equal 85.22%. From and after the Additional Second Floor Commencement Date and continuing through
the remainder of the Term, Tenant’s Pro Rata Share of Building (and Tenant’s Op Ex Share) shall equal 100%. 
 10. Additional Rent. 

10.1. Existing Premises. In addition to all Additional Rent for the Third Amendment Additional Premises, the Additional First Floor
Premises and the Additional Second Floor Premises, Tenant shall, at all times during the Third Amendment Extension Term, continue to pay all Additional Rent (including Tenant’s Op Ex Share of Operating Expenses, the Property Management Fee and
any other amounts set forth in the Lease) for the Existing Premises. 
 10.2. Third Amendment Additional Premises. In addition to all
Additional Rent for the Existing Premises, commencing as of the Third Amendment Additional Commencement Date and continuing through the remainder of the Term with respect to the Third Amendment Additional Premises, Tenant shall pay to Landlord all
Additional Rent (including Tenant’s Op Ex Share of Operating Expenses, the Property Management Fee and any other amounts set forth in the Lease) for the Third Amendment Additional Premises. 

10.3. Additional First Floor Premises. In addition to all Additional Rent for the Existing Premises and the Third Amendment Additional
Premises, commencing as of the Additional First Floor Commencement Date and continuing through the remainder of the Term with respect to the Additional First Floor Premises, Tenant shall pay to Landlord all Additional Rent (including Tenant’s
Op Ex Share of Operating Expenses, the Property Management Fee and any other amounts set forth in the Lease) for the Additional First Floor Premises. 

10.4. Additional Second Floor Premises. In addition to all Additional Rent for the Existing Premises, the Third Amendment Additional
Premises and the Additional First Floor Premises, commencing as of the Additional Second Floor Commencement Date and continuing through the remainder of the Term with respect to the Additional Second Floor Premises, Tenant shall pay to Landlord all
Additional Rent (including Tenant’s Op Ex Share of Operating Expenses, the Property Management Fee and any other amounts set forth in the Lease) for the Additional Second Floor Premises. 

11. Third Amendment Tenant Improvements. 

11.1. Tenant shall cause the work (the “Third Amendment Tenant Improvements”) described in the work letter attached hereto as
Exhibit D (the “Third Amendment Work Letter”) to be constructed in the Premises pursuant to the Third Amendment Work Letter at a cost to Landlord not to exceed Three Hundred Thousand Dollars ($300,000) (the “Initial
Third Amendment TI Allowance”); provided that, upon the occurrence of the Additional First Floor Commencement Date, the Initial Third Amendment TI Allowance shall be increased by Eighty Thousand Dollars ($80,000) (the
“Additional Third Amendment TI Allowance”) for a total of 

  
 12 

 Three Hundred Eighty Thousand Dollars ($380,000). Prior to the Additional First Floor Commencement Date, the term
“Third Amendment TI Allowance” as used in this Third Amendment and the Third Amendment Work Letter means the Initial Third Amendment TI Allowance and may only be applied to the costs of Third Amendment Tenant Improvements within the
Existing Premises or the Third Amendment Additional Premises. From and after the Additional First Floor Commencement Date, the term “Third Amendment TI Allowance” as used in this Third Amendment and the Third Amendment Work Letter
means the Initial Third Amendment TI Allowance plus the Additional Third Amendment TI Allowance and may be applied to the costs of the Third Amendment Tenant Improvements within the Existing Premises, the Third Amendment Additional Premises or the
Additional First Floor Premises. The Third Amendment TI Allowance may be applied to the costs of (m) construction, (n) project review by Landlord (which fee shall equal three percent (3%) of the cost of the Third Amendment Tenant
Improvements, including the Third Amendment TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Tenant, and review of such party’s commissioning report by a
licensed, qualified commissioning agent hired by Landlord, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and
levies by Governmental Authorities (as defined below) for permits or for inspections of the Third Amendment Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the Third Amendment TI
Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the Third Amendment Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant,
(x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under the Lease or (z) costs that are recoverable by Tenant from a third
party (e.g., insurers, warrantors, or tortfeasors). 
 11.2. Notwithstanding anything in the Lease (including the Third Amendment Work
Letter) to the contrary, Landlord shall have no obligation to fund any portion of the Initial Third Amendment TI Allowance unless and until the Third Amendment Additional Commencement Date has occurred and Landlord shall have no obligation to fund
any portion of the Additional Third Amendment TI Allowance unless and until the Additional First Floor Commencement Date has occurred. Tenant shall have until the later of (a) the first
(1st) annual anniversary of the Third Amendment Additional Commencement Date and (b) May 1, 2017 (the “Third Amendment TI Deadline”), to expend the unused portion
of the Third Amendment TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused Third Amendment TI Allowance entitle Tenant to a credit against Rent payable under the Lease. Tenant shall
deliver to Landlord (y) a certificate of occupancy for the Third Amendment Additional Premises and the Additional First Floor Premises suitable for the Permitted Use and (z) a Certificate of Substantial Completion in the form of the
American Institute of Architects document G704, executed by the project architect and the general contractor. 
 11.3. Prior to entering
upon the Third Amendment Additional Premises and the Additional First Floor Premises, Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the provisions of Article 24 of the

  
 13 

 Lease are in effect (with respect to the Third Amendment Additional Premises or the Additional First Floor
Premises, as applicable), and such entry shall be subject to all the terms and conditions of the Lease. 
 11.4. Landlord and Tenant shall
mutually agree upon the selection of the architect, engineer, general contractor and major subcontractors, and Landlord and Tenant shall each participate in the review of the competitive bid process. Landlord may refuse to approve any architects,
consultants, contractors, subcontractors or material suppliers that Landlord reasonably believes could cause labor disharmony or may not have sufficient experience, in Landlord’s reasonable opinion, to perform work in an occupied Class
“A” laboratory research building and in tenant-occupied lab areas. 
 11.5. Tenant shall pay all utility charges with respect to
the Third Amendment Additional Premises, together with any fees, surcharges and taxes thereon for the period beginning on the Third Amendment Additional Commencement Date. Tenant shall pay all utility charges with respect to the Additional First
Floor Premises, together with any fees, surcharges and taxes thereon for the period beginning on the Additional First Floor Commencement Date. Tenant shall pay all utility charges with respect to the Additional Second Floor Premises, together with
any fees, surcharges and taxes thereon for the period beginning on the Additional Second Floor Commencement Date. 
 12. Repair and Maintenance.
Notwithstanding anything to the contrary set forth in Section 19.1 of the Lease, commencing as of September 11, 2016 and continuing through the remainder of the Term, Tenant, at its sole cost and expense, shall (a) repair,
maintain and, if necessary, replace all heating, ventilating and air conditioning systems that exclusively serve any laboratory and/or server room portions of the Premises (the “Exclusive HVAC”) and (b) keep the Exclusive HVAC
in good condition and in a manner consistent with the Permitted Use. In addition, Tenant shall, within ten (10) days after receipt of written notice from Landlord, provide to Landlord any maintenance records of the Exclusive HVAC that Landlord
reasonably requests. In the event that Tenant timely fails to make a repair or replacement or perform maintenance that is Tenant’s obligation pursuant to this Lease, Landlord may (but shall have no obligation to) notify Tenant of such failure
and, if Tenant does not make the repair or perform the maintenance within twenty (20) days after Tenant’s receipt of such notice, Landlord may (but shall have no obligation to) perform the repair, replacement or maintenance and Tenant
shall reimburse Landlord for its out-of-pocket costs for performing the same as Additional Rent. All repairs made by Tenant shall be at least equal in quality to the original work, and shall be made only by a
licensed, bonded contractor approved in advance by Landlord. Landlord may impose reasonable restrictions and requirements with respect to such repairs. Tenant shall not take or omit to take any action, the taking or omission of which shall cause
waste, damage or injury to the Premises. Tenant shall indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord) and hold harmless Landlord from and against any and all Claims arising out of the failure of
Tenant or Tenant’s Agents to perform the covenants contained in this paragraph. “Tenant’s Agents” shall be defined to include Tenant’s officers, employees, agents, contractors, invitees, customers and subcontractors.
Nothing herein shall limit Landlord’s rights under Article 32 of the Lease. Notwithstanding anything to the contrary in the Lease, Landlord shall have no liability, and Tenant shall have no right or remedy, on account of any interruption
or impairment in HVAC services in connection with the Exclusive HVAC. 

  
 14 

 13. Option to Extend Term. 

13.1. Effective as of the Third Amendment Additional Commencement Date, the first
(1st) sentence of Article 42 of the Existing Lease is hereby deleted in its entirety and replaced with the following: 

“Tenant shall have one (1) option (an “Option”) to extend the Term by five (5) years as to the entire Premises
(and no less than the entire Premises) upon the following terms and conditions.” 
 13.2. Effective as of the Third Amendment
Additional Commencement Date, the first (1st) sentence of Section 42.1 of the Existing Lease is hereby deleted in its entirety and replaced with the following: 

“Base Rent at the commencement of the Option term shall equal the greater of (a) one hundred three
percent (103%) of the then-current Base Rent and (b) the then-current fair market value for comparable office, research and development and laboratory space in the Fremont/Newark market of comparable
age, quality, level of finish and proximity to amenities and public transit, and containing the systems and improvements present in the Premises as of the date that Tenant gives Landlord written notice of Tenant’s election to exercise the
Option (“FMV”), and shall be further increased on each annual anniversary of the Option term commencement date by three percent (3%).” 

14. Right of First Refusal. Effective as of the Third Amendment Additional Commencement Date, Article 43 of the Existing Lease is hereby deleted
in its entirety and shall be of no further force or effect. 
 15. Generator. Notwithstanding anything in Section 17.7(c) of the Existing
Lease to the contrary, (a) Landlord and Tenant acknowledge that, as of the Execution Date, a back-up generator is connected to the Premises’ emergency electrical panel (the “Generator”) and (b) Tenant shall be
entitled to use up to its proportionate share (after deducting any power from the Generator required for the Common Area) of power from the Generator on a non-exclusive basis with other tenants in the Building. The cost of maintaining, repairing and
replacing the Generator shall constitute Operating Expenses. Landlord expressly disclaims any warranties with regard to the Generator or the installation thereof, including any warranty of merchantability or fitness for a particular purpose.
Landlord shall maintain the Generator in good working condition, but shall not be liable for any failure to make any repairs or to perform any maintenance that is an obligation of Landlord unless such failure shall persist for an unreasonable time
after Tenant provides Landlord with written notice of the need for such repairs or maintenance. The first (1st) two (2) sentences of Section 17.2 of the Existing Lease shall
apply to the Generator. 

  
 15 

 16. Security Deposit. On or before the Execution Date, Tenant shall deposit with Landlord an amount equal
to Forty-Four Thousand One Hundred Eighty-Four Dollars ($44,184) as an increase to the required Security Deposit under the Lease (“Third Amendment Increased Security Deposit Amount”). From and after the Execution Date, the required
Security Deposit under the Lease shall be increased by the Third Amendment Increased Security Deposit Amount. If the Lease with respect to the Contingent Provisions only terminates in accordance with Article 3, then Landlord shall return any
remaining portion of the Third Amendment Increased Security Deposit Amount in accordance with Article 12 of the Lease and the required Security Deposit under the Lease shall revert to the amount required prior to execution of this Third
Amendment. 
 17. Governmental Authority. As used in the Lease, the term “Governmental Authority” means any federal, state,
regional, local or municipal governmental authority, agency or subdivision. 
 18. Broker. Tenant represents and warrants that it has not dealt with
any broker or agent in the negotiation for or the obtaining of this Third Amendment, other than Savills Studley, Inc. (“Broker”), and agrees to reimburse, indemnify, save, defend (at Landlord’s option and with counsel
reasonably acceptable to Landlord, at Tenant’s sole cost and expense) and hold harmless the Landlord Parties for, from and against any and all cost or liability for compensation claimed by any such broker or agent, other than Broker, employed
or engaged by it or claiming to have been employed or engaged by it. Broker is entitled to a leasing commission in connection with the making of this Third Amendment, and Landlord shall pay such commission to Broker pursuant to a separate agreement
between Landlord and Broker. 
 19. No Default. Tenant represents, warrants and covenants that, to the best of Tenant’s knowledge, Landlord and
Tenant are not in default of any of their respective obligations under the Existing Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant thereunder.

 20. Notices. Tenant confirms that, notwithstanding anything in the Lease to the contrary, notices delivered to Tenant pursuant to the Lease should
be sent to: 
 Ardelyx, Inc. 

34175 Ardenwood Blvd. 
 Fremont,
California 94555 
 Attn: Director of Facilities 

With a copy to: 
 Ardelyx, Inc.

 34175 Ardenwood Blvd. 

Fremont, California 94555 
 Attn:
General Counsel 

  
 16 

 21. Effect of Amendment. Except as modified by this Third Amendment, the Existing Lease and all the
covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event of any conflict between the terms contained in this Third Amendment and the Existing Lease, the
terms herein contained shall supersede and control the obligations and liabilities of the parties. 
 22. Successors and Assigns. Each of the
covenants, conditions and agreements contained in this Third Amendment shall inure to the benefit of and shall apply to and be binding upon the parties hereto and their respective heirs, legatees, devisees, executors, administrators and permitted
successors and assigns and sublessees. Nothing in this Section shall in any way alter the provisions of the Lease restricting assignment or subletting. 

23. Miscellaneous. This Third Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the
paragraphs and subparagraphs in this Third Amendment are inserted and included solely for convenience and shall not be considered or given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference.
Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and
Tenant. 
 24. Authority. Tenant guarantees, warrants and represents that the individual or individuals signing this Third Amendment have the power,
authority and legal capacity to sign this Third Amendment on behalf of and to bind all entities, corporations, partnerships, limited liability companies, joint venturers or other organizations and entities on whose behalf such individual or
individuals have signed. 
 25. Counterparts; Facsimile and PDF Signatures. This Third Amendment may be executed in one or more counterparts, each of
which, when taken together, shall constitute one and the same document. A facsimile or portable document format (PDF) signature on this Third Amendment shall be equivalent to, and have the same force and effect as, an original signature. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 17 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Third Amendment as of the date and
year first above written. 
  

			
	LANDLORD:
	
	 34175 ARDENWOOD VENTURE, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ Marie Lewis

	Name:	 	 Marie Lewis

	Title:	 	 VP, Real Estate Legal

	
	TENANT:
	
	 ARDELYX INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Michael Raab

	Name:	 	 Michael Raab

	Title:	 	 CEO

 EXHIBIT A 

THIRD AMENDMENT ADDITIONAL PREMISES 
  

 
 Note: The space depicted above is located on the first
(1st) floor of the Building 

 EXHIBIT B 

ADDITIONAL FIRST FLOOR PREMISES 
  

 
 Note: The space depicted above is located on the first
(1st) floor of the Building 

 EXHIBIT C 

ADDITIONAL SECOND FLOOR PREMISES 
  

 
 Note: The space depicted above is located on the second
(2nd) floor of the Building 

 EXHIBIT D 

THIRD AMENDMENT WORK LETTER 

This Third Amendment Work Letter (this “Third Amendment Work Letter”) is made and entered into as of the 28th day of April,
2016, by and between 34175 ARDENWOOD VENTURE, LLC, a Delaware limited liability company (“Landlord”), and ARDELYX, INC., a Delaware corporation (“Tenant”), and is attached to and made a part of that certain Third
Amendment to Lease dated as of April 28, 2016 (the “Third Amendment”), by and between Landlord and Tenant for the Premises located at 34175 Ardenwood Boulevard in Fremont, California. All capitalized terms used but not
otherwise defined herein shall have the meanings given them in the Third Amendment. 
 1. General Requirements. 

1.1. Authorized Representatives. 

(a) Landlord designates, as Landlord’s authorized representative (“Landlord’s Authorized Representative”),
(i) Joel Leong as the person authorized to initial plans, drawings, approvals and to sign change orders pursuant to this Third Amendment Work Letter and (ii) an officer of Landlord as the person authorized to sign any amendments to this
Third Amendment Work Letter or the Lease. Tenant shall not be obligated to respond to or act upon any such item until such item has been initialed or signed (as applicable) by the appropriate Landlord’s Authorized Representative. Landlord may
change either Landlord’s Authorized Representative upon one (1) business day’s prior written notice to Tenant. 
 (b) Tenant
designates Chris Brey and Jeff Jacobs (each a “Tenant’s Authorized Representative”) as the persons authorized to initial and sign all plans, drawings, change orders and approvals pursuant to this Third Amendment Work Letter.
Landlord shall not be obligated to respond to or act upon any such item until such item has been initialed or signed (as applicable) by any one (1) Tenant’s Authorized Representative. Tenant may change either Tenant’s Authorized
Representative upon one (1) business day’s prior written notice to Landlord. Tenant acknowledges that it has provided two (2) Tenant’s Authorized Representatives for convenience only and that Landlord shall be entitled to rely on
approvals, directives or other information provided by either Tenant’s Authorized Representative and, further, any communication (including any submittals, approvals and other notifications contemplated under this Third Amendment Work Letter)
with or from one (1) Tenant’s Authorized Representative shall be deemed communication with or from both. 
 1.2. Schedule.
The schedule for design and development of the Third Amendment Tenant Improvements, including the time periods for preparation and review of construction documents, approvals and performance, shall be in accordance with a schedule to be prepared by
Tenant (the “Schedule”). Tenant shall prepare the Schedule so that it is a reasonable schedule for the completion of the Third Amendment Tenant Improvements. The Schedule shall clearly identify all activities requiring Landlord
participation, including specific dates and time periods when Tenant’s contractor will require access to areas of the Project outside of the Premises. As 

 soon as the Schedule is completed, Tenant shall deliver the same to Landlord for Landlord’s approval, which
approval shall not be unreasonably withheld, conditioned or delayed. Such Schedule shall be approved or disapproved by Landlord within ten (10) business days after delivery to Landlord. Landlord’s failure to respond within such ten
(10) business day period shall be deemed approval by Landlord. If Landlord disapproves the Schedule, then Landlord shall notify Tenant in writing of its objections to such Schedule, and the parties shall confer and negotiate in good faith to
reach agreement on the Schedule. The Schedule shall be subject to adjustment as mutually agreed upon in writing by the parties, or as provided in this Third Amendment Work Letter. 

1.3. Tenant’s Architects, Contractors and Consultants. The architect, engineering consultants, design team, general contractor and
subcontractors responsible for the construction of the Third Amendment Tenant Improvements shall be selected by Tenant and approved by Landlord, which approval Landlord shall not unreasonably withhold, condition or delay. Landlord may refuse to use
any architects, consultants, contractors, subcontractors or material suppliers that Landlord reasonably believes could cause labor disharmony or may not have sufficient experience, in Landlord’s reasonable opinion, to perform work in an
occupied Class “A” laboratory research building and in tenant-occupied lab areas. All Tenant contracts related to the Third Amendment Tenant Improvements shall provide that Tenant may assign such contracts and any warranties with respect
to the Third Amendment Tenant Improvements to Landlord at any time. 
 2. Third Amendment Tenant Improvements. All Third Amendment Tenant
Improvements shall be performed by Tenant’s contractor, at Tenant’s sole cost and expense (subject to Landlord’s obligations with respect to any portion of the Third Amendment TI Allowance) and in accordance with the Approved Plans
(as defined below), the Lease and this Third Amendment Work Letter. To the extent that the total projected cost of the Third Amendment Tenant Improvements (as projected by Landlord) exceeds the Third Amendment TI Allowance (such excess, the
“Excess TI Costs”), Tenant shall pay the costs of the Third Amendment Tenant Improvements on a pari passu basis with Landlord as such costs become due, in the proportion of Excess TI Costs payable by Tenant to the Third Amendment TI
Allowance payable by Landlord; provided that, regardless of whether there are Excess TI Costs, Tenant may elect to pay all costs of the Third Amendment Tenant Improvements itself and then, upon completion (as defined in Section 3)
of the Third Amendment Tenant Improvements, seek reimbursement from Landlord for the Third Amendment TI Allowance payable by Landlord (in accordance with the Third Amendment and this Third Amendment Work Letter), as set forth and in accordance with
Section 6.3. If the cost of the Third Amendment Tenant Improvements (as projected by Landlord) increases over Landlord’s initial projection, then Landlord may notify Tenant and Tenant’s pari passu share of the costs of the
Third Amendment Tenant Improvements shall increase accordingly. If Tenant fails to pay, or is late in paying, any sum due to Landlord under this Third Amendment Work Letter, then Landlord shall have all of the rights and remedies set forth in the
Lease for nonpayment of Rent (including the right to interest and the right to assess a late charge), and for purposes of any litigation instituted with regard to such amounts the same shall be considered Rent. All material and equipment furnished
by Tenant or its contractors as the Third Amendment Tenant Improvements shall be new or “like new;” the Third Amendment Tenant Improvements shall be performed in a first-class, workmanlike manner; and the quality of 

 the Third Amendment Tenant Improvements shall be of a nature and character not less than the Building Standard.
Tenant shall take, and shall require its contractors to take, commercially reasonable steps to protect the Premises during the performance of any Third Amendment Tenant Improvements, including covering or temporarily removing any window coverings so
as to guard against dust, debris or damage. All Third Amendment Tenant Improvements shall be performed in accordance with Article 18 of the Lease; provided that, notwithstanding anything in the Lease or this Third Amendment Work Letter
to the contrary, in the event of a conflict between this Third Amendment Work Letter and Article 18 of the Lease, the terms of this Third Amendment Work Letter shall govern. 

2.1. Work Plans. Tenant shall prepare and submit to Landlord for approval schematics covering the Third Amendment Tenant Improvements
prepared in conformity with the applicable provisions of this Third Amendment Work Letter (the “Draft Schematic Plans”). The Draft Schematic Plans shall contain sufficient information and detail to accurately describe the proposed
design to Landlord and such other information as Landlord may reasonably request. Landlord shall notify Tenant in writing within ten (10) business days after receipt of the Draft Schematic Plans whether Landlord approves or objects to the Draft
Schematic Plans and of the manner, if any, in which the Draft Schematic Plans are unacceptable. Landlord’s failure to respond within such ten (10) business day period shall be deemed approval by Landlord. If Landlord reasonably objects to
the Draft Schematic Plans, then Tenant shall revise the Draft Schematic Plans and cause Landlord’s objections to be remedied in the revised Draft Schematic Plans. Tenant shall then resubmit the revised Draft Schematic Plans to Landlord for
approval, such approval not to be unreasonably withheld, conditioned or delayed. Landlord’s approval of or objection to revised Draft Schematic Plans and Tenant’s correction of the same shall be in accordance with this Section until
Landlord has approved the Draft Schematic Plans in writing or been deemed to have approved them. The iteration of the Draft Schematic Plans that is approved or deemed approved by Landlord without objection shall be referred to herein as the
“Approved Schematic Plans.” 
 2.2. Construction Plans. Tenant shall prepare final plans and specifications for the
Third Amendment Tenant Improvements that (a) are consistent with and are logical evolutions of the Approved Schematic Plans and (b) incorporate any other Tenant-requested (and Landlord-approved)
Changes (as defined below). As soon as such final plans and specifications (“Construction Plans”) are completed, Tenant shall deliver the same to Landlord for Landlord’s approval, which approval shall not be unreasonably
withheld, conditioned or delayed. All such Construction Plans shall be submitted by Tenant to Landlord in electronic .pdf, CADD and full-size hard copy formats, and shall be approved or disapproved by Landlord
within ten (10) business days after delivery to Landlord. Landlord’s failure to respond within such ten (10) business day period shall be deemed approval by Landlord. If the Construction Plans are disapproved by Landlord, then
Landlord shall notify Tenant in writing of its objections to such Construction Plans, and the parties shall confer and negotiate in good faith to reach agreement on the Construction Plans. Promptly after the Construction Plans are approved by
Landlord and Tenant, two (2) copies of such Construction Plans shall be initialed and dated by Landlord and Tenant, and Tenant shall promptly submit such Construction Plans to all appropriate Governmental Authorities for approval. The
Construction Plans so approved, and all changeorders specifically permitted by this Third Amendment Work Letter, are referred to herein as the “Approved Plans.” 

 2.3. Changes to the Third Amendment Tenant Improvements. Any changes to the Approved Plans
(each, a “Change”) shall be requested and instituted in accordance with the provisions of this Article 2 and shall be subject to the written approval of the non-requesting party in accordance with this Third Amendment Work
Letter. 
 (a) Change Request. Either Landlord or Tenant may request Changes after Landlord approves the Approved Plans by notifying
the other party thereof in writing in substantially the same form as the AIA standard change order form (a “Change Request”), which Change Request shall detail the nature and extent of any requested Changes, including (a) the
Change, (b) the party required to perform the Change and (c) any modification of the Approved Plans and the Schedule, as applicable, necessitated by the Change. If the nature of a Change requires revisions to the Approved Plans, then the
requesting party shall be solely responsible for the cost and expense of such revisions and any increases in the cost of the Third Amendment Tenant Improvements as a result of such Change. Change Requests shall be signed by the requesting
party’s Authorized Representative. 
 (b) Approval of Changes. All Change Requests shall be subject to the other party’s
prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed. The non-requesting party shall have five (5) business days after receipt of a Change Request to notify the requesting party in writing of the
non-requesting party’s decision either to approve or object to the Change Request. The non-requesting party’s failure to respond within such five (5) business day period shall be deemed approval by the non-requesting party. 

2.4. Preparation of Estimates. Tenant shall, before proceeding with any Change, using its best efforts, prepare as soon as is
reasonably practicable (but in no event more than five (5) business days after delivering a Change Request to Landlord or receipt of a Change Request) an estimate of the increased costs or savings that would result from such Change, as well as
an estimate of such Change’s effects on the Schedule. Landlord shall have five (5) business days after receipt of such information from Tenant to (a) in the case of a Tenant-initiated Change Request, approve or reject such Change
Request in writing, or (b) in the case of a Landlord-initiated Change Request, notify Tenant in writing of Landlord’s decision either to proceed with or abandon the Landlord-initiated Change Request.

 2.5. Quality Control Program; Coordination. Tenant shall provide Landlord with information regarding the following (together, the
“OCP”): (a) Tenant’s general contractor’s quality control program and (b) evidence of subsequent monitoring and action plans. The QCP shall be subject to Landlord’s reasonable review and approval and shall
specifically address the Third Amendment Tenant Improvements. Tenant shall ensure that the QCP is regularly implemented on a scheduled basis and shall provide Landlord with reasonable prior notice and access to attend all inspections and meetings
between Tenant and its general contractor. At the conclusion of the Third Amendment Tenant Improvements, Tenant shall deliver the quality control log to Landlord, which shall include all records of quality control meetings and testingand of
inspections held in the field, including inspections relating to concrete, steel roofing, piping pressure testing and system commissioning. 

 3. Completion of Third Amendment Tenant Improvements. Tenant, at its sole cost and expense (except for the
Third Amendment TI Allowance), shall perform and complete the Third Amendment Tenant Improvements in all respects (a) in substantial conformance with the Approved Plans, (b) otherwise in compliance with provisions of the Lease and this
Third Amendment Work Letter and (c) in accordance with Applicable Laws, the requirements of Tenant’s insurance carriers, the requirements of Landlord’s insurance carriers (to the extent Landlord provides its insurance carriers’
requirements to Tenant) and the board of fire underwriters having jurisdiction over the Premises. The Third Amendment Tenant Improvements shall be deemed completed at such time as Tenant shall furnish to Landlord (t) evidence satisfactory to
Landlord that (i) all Third Amendment Tenant Improvements have been completed and paid for in full (which shall be evidenced by the architect’s certificate of completion and the general contractor’s and each subcontractor’s and
material supplier’s final unconditional waivers and releases of liens, each in a form acceptable to Landlord and complying with Applicable Laws, and a Certificate of Substantial Completion in the form of the American Institute of Architects
document G704, executed by the project architect and the general contractor, together with a statutory notice of substantial completion from the general contractor), (ii) all Third Amendment Tenant Improvements have been accepted by Landlord,
(iii) any and all liens related to the Third Amendment Tenant Improvements have either been discharged of record (by payment, bond, order of a court of competent jurisdiction or otherwise) or waived by the party filing such lien and
(iv) no security interests relating to the Third Amendment Tenant Improvements are outstanding, (u) all certifications and approvals with respect to the Third Amendment Tenant Improvements that may be required from any Governmental
Authority and any board of fire underwriters or similar body for the use and occupancy of the Premises (including a certificate of occupancy for the Premises for the Permitted Use), (v) certificates of insurance required by the Lease to be
purchased and maintained by Tenant, (w) an affidavit from Tenant’s architect certifying that all work performed in, on or about the Premises is in accordance with the Approved Plans, (x) complete “as built” drawing print
sets, project specifications and shop drawings and electronic CADD files on disc (showing the Third Amendment Tenant Improvements as an overlay on the Building “as built” plans (provided that Landlord provides the Building
“as-built” plans provided to Tenant) of all contract documents for work performed by their architect and engineers in relation to the Third Amendment Tenant Improvements, (y) a commissioning report prepared by a licensed, qualified
commissioning agent hired by Tenant and approved by Landlord for all new or affected mechanical, electrical and plumbing systems (which report Landlord may hire a licensed, qualified commissioning agent to peer review, and whose reasonable
recommendations Tenant’s commissioning agent shall perform and incorporate into a revised report) and (z) such other “close out” materials as Landlord reasonably requests consistent with Landlord’s own requirements for its
contractors, such as copies of manufacturers’ warranties, operation and maintenance manuals and the like. 

 4. Insurance. 

4.1. Property Insurance. At all times during the period beginning with commencement of construction of the Third Amendment Tenant
Improvements and ending with final completion of the Third Amendment Tenant Improvements, Tenant shall maintain, or cause to be maintained (in addition to the insurance required of Tenant pursuant to the Lease), property insurance insuring Landlord
and the Landlord Parties, as their interests may appear. Such policy shall, on a completed values basis for the full insurable value at all times, insure against loss or damage by fire, vandalism and malicious mischief and other such risks as are
customarily covered by the so-called “broad form extended coverage endorsement” upon all Third Amendment Tenant Improvements and the general contractor’s and any subcontractors’ machinery,
tools and equipment, all while each forms a part of, or is contained in, the Third Amendment Tenant Improvements or any temporary structures on the Premises, or is adjacent thereto; provided that, for the avoidance of doubt, insurance
coverage with respect to the general contractor’s and any subcontractors’ machinery, tools and equipment shall be carried on a primary basis by such general contractor or the applicable subcontractor(s). Tenant agrees to pay any
deductible, and Landlord is not responsible for any deductible, for a claim under such insurance. Such property insurance shall contain an express waiver of any right of subrogation by the insurer against Landlord and the Landlord Parties, and shall
name Landlord and its affiliates as loss payees as their interests may appear. 
 4.2. Workers’ Compensation Insurance. At all
times during the period of construction of the Third Amendment Tenant Improvements, Tenant shall, or shall cause its contractors or subcontractors to, maintain statutory workers’ compensation insurance as required by Applicable Laws. 

5. Liability. Tenant assumes sole responsibility and liability for any and all injuries or the death of any persons, including Tenant’s
contractors and subcontractors and their respective employees, agents and invitees, and for any and all damages to property caused by, resulting from or arising out of any act or omission on the part of Tenant, Tenant’s contractors or
subcontractors, or their respective employees, agents and invitees in the prosecution of the Third Amendment Tenant Improvements. Tenant agrees to indemnify, save, defend (at Landlord’s option and with counsel reasonably acceptable to Landlord)
and hold the Landlord Parties harmless from and against all Claims due to, because of or arising out of any and all such injuries, death or damage, whether real or alleged, and Tenant and Tenant’s contractors and subcontractors shall assume and
defend at their sole cost and expense all such Claims; provided, however, that nothing contained in this Third Amendment Work Letter shall be deemed to indemnify or otherwise hold Landlord harmless from or against liability caused by
Landlord’s negligence or willful misconduct. Any deficiency in design or construction of the Third Amendment Tenant Improvements shall be solely the responsibility of Tenant, notwithstanding the fact that Landlord may have approved of the same
in writing. 
 6. Third Amendment TI Allowance. 

6.1. Application of TI Allowance. Landlord shall contribute the Third Amendment TI Allowance toward the costs and expenses incurred in
connection with the performance of the Third Amendment Tenant Improvements, in accordance with Article 11 of the Third Amendment. If the entire Third Amendment TI Allowance is not applied toward or reserved for 

 the costs of the Third Amendment Tenant Improvements, then Tenant shall not be entitled to a credit of such
unused portion of the Third Amendment TI Allowance. Tenant may apply the Third Amendment TI Allowance for the payment of construction and other costs in accordance with the terms and provisions of the Lease. 

6.2. Approval of Budget for the Third Amendment Tenant Improvements. Notwithstanding anything to the contrary set forth elsewhere in
this Third Amendment Work Letter or the Lease, Landlord shall not have any obligation to expend any portion of the Third Amendment TI Allowance until Landlord and Tenant shall have approved in writing the budget for the Third Amendment Tenant
Improvements (the “Approved Budget”). Prior to Landlord’s approval of the Approved Budget, Tenant shall pay all of the costs and expenses incurred in connection with the Third Amendment Tenant Improvements as they become due.
Landlord shall not be obligated to reimburse Tenant for costs or expenses relating to the Third Amendment Tenant Improvements that exceed the amount of the Third Amendment TI Allowance. Landlord shall not unreasonably withhold, condition or delay
its approval of any budget for Third Amendment Tenant Improvements that is proposed by Tenant. 
 6.3. Fund Requests. Upon submission
by Tenant to Landlord of (a) a statement (a “Fund Request”) setting forth the total amount of the Third Amendment TI Allowance requested, (b) a summary of the Third Amendment Tenant Improvements performed using AIA
standard form Application for Payment (G 702) executed by the general contractor and by the architect, (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with
respect to the amount of the Third Amendment TI Allowance then being requested, (d) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord
or Tenant for the Third Amendment Tenant Improvements in a form acceptable to Landlord and complying with Applicable Laws and (e) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to
the Third Amendment Tenant Improvements performed that correspond to the Fund Request each in a form acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within thirty (30) days following receipt by Landlord of a Fund
Request and the accompanying materials required by this Section, either (y) pay to the applicable contractors, subcontractors and material suppliers or (z) reimburse Tenant (for payments made by Tenant to such contractors, subcontractors
or material suppliers either prior to Landlord’s approval of the Approved Budget or as a result of Tenant’s decision to pay for the Third Amendment Tenant Improvements itself and then, upon completion (as defined in Section 3)
of the Third Amendment Tenant Improvements, seek reimbursement from Landlord in accordance with the Third Amendment and this Third Amendment Work Letter), the amount of Third Amendment Tenant Improvement costs set forth in such Fund Request or
Landlord’s pari passu share thereof if Excess TI Costs exist; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the Third Amendment Tenant Improvements is approved
in accordance with Section 6.2, and any Fund Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Article 11 of the Third Amendment. Notwithstanding anything in this
Section to the contrary, Tenant shall not submit a Fund Request more often than every thirty (30) days. Any additional Fund Requests submitted by Tenant shall be void and of no force or effect. 

 6.4. Accrual Information. In addition to the other requirements of this Article 6,
Tenant shall, no later than the second (2nd) business day of each month until the Third Amendment Tenant Improvements are complete, provide Landlord with an estimate of (a) the
percentage of design and other soft cost work that has been completed, (b) design and other soft costs spent through the end of the previous month, both from commencement of the Third Amendment Tenant Improvements and solely for the previous
month, (c) the percentage of construction and other hard cost work that has been completed, (d) construction and other hard costs spent through the end of the previous month, both from commencement of the Third Amendment Tenant
Improvements and solely for the previous month, and (e) the date of substantial completion of the Third Amendment Tenant Improvements. 
 7.
Miscellaneous. 
 7.1. Incorporation of Lease Provisions. Sections 41.3 through 41.10 and Sections 41.12
through 41.18 of the Lease are incorporated into this Third Amendment Work Letter by reference, and shall apply to this Third Amendment Work Letter in the same way that they apply to the Lease. 

7.2. General. Except as otherwise set forth in the Lease or this Third Amendment Work Letter, this Third Amendment Work Letter shall
not apply to improvements performed in any additional premises added to the Premises at any time or from time to time, whether by any options under the Lease or otherwise; or to any portion of the Premises or any additions to the Premises in the
event of a renewal or extension of the original Term, whether by any options under the Lease or otherwise, unless the Lease or any amendment or supplement to the Lease expressly provides that such additional premises are to be delivered to Tenant in
the same condition as the initial Premises. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, Landlord and Tenant have executed this Third Amendment Work Letter to be
effective on the date first above written. 
  

			
	LANDLORD:
	
	 34175 ARDENWOOD VENTURE, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ Marie Lewis

	Name:	 	 Marie Lewis

	Title:	 	 VP, Real Estate Legal

	
	TENANT:
	
	 ARDELYX INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Michael Raab

	Name:	 	 Michael Raab

	Title:	 	 CEO

 EXHIBIT E 

ACKNOWLEDGEMENT OF THIRD AMENDMENT ADDITIONAL 

COMMENCEMENT DATE 

THIS ACKNOWLEDGEMENT OF THIRD AMENDMENT ADDITIONAL COMMENCEMENT DATE is entered into as of [[ ● ]], 20[[ ● ]],
with reference to that certain Third Amendment to Lease (the “Third Amendment”) dated as of April 28, 2016, by ARDELYX, INC., a Delaware corporation (“Tenant”), in favor of 34175 ARDEN WOOD VENTURE, LLC, a
Delaware limited liability company (“Landlord”). All capitalized terms used herein without definition shall have the meanings ascribed to them in the Lease. 

Tenant hereby confirms the following: 
  

	1.	Tenant accepted possession of the [Third Amendment Additional Premises] [OR] [Additional First Floor Premises] [OR] [Additional Second Floor Premises] for construction of improvements or the installation of personal or
other property on [[ ● ]], 20[[ ● ]], and for use in accordance with the Permitted Use on [[ ● ]], 20[[ ● ]]. Tenant first occupied the [Third Amendment Additional Premises] [OR]
[Additional First Floor Premises][OR][Additional Second Floor Premises] for the Permitted Use on [[ ● ]], 20[[ ● ]]. 

  

	2.	The [Third Amendment Additional Premises] [OR] [Additional First Floor Premises] [OR] [Additional Second Floor Premises] are in good order, condition and repair. 

 

	3.	All conditions of the Third Amendment to be performed by Landlord as a condition to the full effectiveness of the Third Amendment have been satisfied, and Landlord has fulfilled all of its duties in the nature of
inducements offered to Tenant to lease the [Third Amendment Additional Premises] [OR][Additional First Floor Premises] [OR] [Additional Second Floor Premises]. 

  

	4.	In accordance with the provisions of Section [5.1][OR][6.1][OR][7.1] of the Third Amendment, the [Third Amendment Additional] [OR] [Additional First Floor] [OR] [Additional Second Floor] Commencement Date is
[[ ● ]], 20[[ ● ]]. 

  

	5.	The Lease is in full force and effect, and the same represents the entire agreement between Landlord and Tenant concerning the Premises. 

 

	6.	Tenant has no existing defenses against the enforcement of the Lease by Landlord, and there exist no offsets or credits against Rent owed or to be owed by Tenant. 

 

	7.	The obligation to pay Rent is presently in effect and all Rent obligations on the part of Tenant under the Lease with respect to the [Third Amendment Additional Premises] [OR][Additional First Floor
Premises][OR][Additional Second Floor Premises] commenced to accrue on [[ ● ]], 20[[ ● ]], with Base Rent for the [Third Amendment Additional Premises] [OR] [Additional First Floor Premises][OR][Additional Second
Floor Premises] payable on the dates and amounts set forth in the chart below [(and subject to increases pursuant to Section 8.2(a) of the Third Amendment)][OR][(and subject to increases 

  
 E-1 

 pursuant to Section 8.3(a) of the Third Amendment)][OR][WITH RESPECT TO THE ADDITIONAL SECOND FLOOR
PREMISES, THESE BRACKETS GET DELETED BECAUSE THE CHART SHOWS THE ANNUAL BUMPS]: 
  

															
	
Dates las of the Third Amendment Additional Commencement 
Date)
	  	Somare Feet
of Rentable
Area	 	  	Base Rent per Sauare
Foot of Rentable Area	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	16,493	  	  	$2.10 monthly	  	$	34,635.30	* 	  	$	415,623.60	  

  

	*	Subject to the Third Amendment Additional Premises Base Rent Abatement (as defined in Section 4.4 of the Third Amendment). 

OR 
  

															
	
Dates (as of the Additional First Floor Commencement 
Date)
	  	Sauare Feet
of Rentable
Area	 	  	Base Rent ner Sauare
Foot of Rentable Area	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	5,510	  	  	$2.10 monthly	  	$	11,571.00	  	  	$	138,852.00	  

 OR 
  

															
	 Dates
(as of the Additional Second Floor Commencement Date)
	  	Sauare Feet
of Rentable
Area	 	  	Base Rent per Sauare
Foot of Rentable Area	  	Monthly
Base Rent	 	  	Annual Base
Rent	 
	 Month 1 - Month 12
	  	 	10,716	  	  	$2.30 monthly	  	$	24,646.80	  	  	$	295,761.60	  
	 Month 13 - September 10, 2021
	  	 	10,716	  	  	$2.38 monthly	  	$	25,504.08	  	  	$	306,048.96	  

  
 E-2 

 8. The undersigned Tenant has not made any prior assignment, transfer, hypothecation or pledge of the Lease or of
the rents thereunder or sublease of the Premises or any portion thereof. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 E-3 

 IN WITNESS WHEREOF, Tenant has executed this Acknowledgment of Third Amendment Additional
Commencement Date as of the date first written above. 
  

			
	TENANT:
	
	 ARDELYX INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 E-4

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