REED ELIZABETH E 4

What Happened

• Elizabeth E. Reed, Chief Legal Officer & General Counsel of Travere Therapeutics (TVTX), exercised 10,000 stock options on Feb 17, 2026 (strike $19.08, total cost $190,800) and sold a total of 10,000 common shares the same day in two open‑market transactions for aggregate proceeds of about $278,315. The sales were reported as two dispositions: 5,679 shares at an average $27.50 (≈ $156,195) and 4,321 shares at an average $28.26 (≈ $122,120). The filing also records a derivative conversion/disposition of 10,000 shares at $0 (related to the option exercise).

Key Details

• Transaction date: February 17, 2026; Form 4 filed Feb 19, 2026 (timely).
• Option exercise: 10,000 shares exercised at $19.08 per share (total $190,800).
• Sales: 5,679 shares @ weighted avg $27.504 (range $27.01–$27.83) → $156,195 (F2); 4,321 shares @ weighted avg $28.262 (range $28.09–$28.50) → $122,120 (F3). Total sale proceeds ≈ $278,315.
• Footnotes: Sales made pursuant to a written 10b5‑1 plan adopted June 16, 2025 and relate to a stock option grant dated Jan 4, 2017 (expires Jan 4, 2027). The option is fully vested (F4). Detailed per‑price breakdowns available on request (F2/F3).
• Shares owned after the transactions: not specified in the excerpt of the filing.

Context

• This is an exercise of vested options followed by same‑day open‑market sales — a common practice for option holders to cover strike and tax obligations. The sale was executed under a prearranged 10b5‑1 plan, which is intended to provide a structured, non‑discretionary selling schedule and reduce concerns about trading on material nonpublic information.
• Transaction codes: M = derivative exercise/conversion; S = open market sale. The filing shows both the acquisition (exercise) and the subsequent sales on the same date.