REED ELIZABETH E 4

What Happened

• Elizabeth E. Reed, Chief Legal Officer and General Counsel of Travere Therapeutics (TVTX), had performance RSUs vest (14,000 shares) and exercised stock options to acquire 37,500 shares (total acquired = 51,500). She sold 51,500 shares in open-market transactions on Apr 14–15, 2026, generating aggregate proceeds of $2,126,451. The option exercises required cash payments (total exercise cost reported = $665,950).
• These actions were largely routine: the PSU vesting followed FDA confirmation tied to FILSPARI approval, and several sales were either mandated to cover tax withholding or executed under a pre-established Rule 10b5-1 plan.

Key Details

• Dates and prices (selected):
  • Apr 13, 2026: 14,000 PSUs vested (award, $0 cost) (F1).
  • Apr 14, 2026: Exercised options to acquire 10,000 shares @ $19.08 ($190,800); 20,000 shares @ $17.96 ($359,200); 7,500 shares @ $15.46 ($115,950). (M = option exercise) (F7).
  • Apr 14–15, 2026: Open-market sales totaling 51,500 shares:
    • 37,500 @ $41.07 = $1,540,125 (Apr 14) (F2)
    • 7,215 @ $41.93 = $302,516 (Apr 14) (F5)
    • 5,226 @ $41.62 = $217,506 (Apr 15) (weighted avg F5)
    • 1,559 @ $42.53 = $66,304 (Apr 15) (weighted avg F6)
  • Aggregate sale proceeds: $2,126,451.
• Shares owned after the transactions: not specified in the filing provided.
• Notable footnotes:
  • F1: 14,000 PSUs vested upon FDA confirmation of FILSPARI approval.
  • F2 & F4: Some sales were executed under a Rule 10b5-1 trading plan adopted Jun 16, 2025.
  • F3: Certain shares were sold as required “sell-to-cover” to satisfy tax withholding on vested PSUs (mandated by issuer).
  • F7: The options exercised were fully vested and exercisable.
• Filing timeliness: Form filed Apr 15, 2026 for transactions on Apr 13–15, 2026; no late filing indicated.

Context / What this means

• The sequence (award vesting + option exercises + immediate open-market sales) indicates a common cashless-exercise / sell-to-cover pattern: shares were acquired via PSU vesting and option exercises and then sold primarily to cover taxes, exercise costs, and per a 10b5-1 sale plan. This is typically administrative rather than an outright directional bet on the stock.
• Transaction codes: A = award/grant, M = exercise/conversion of derivative (options), S = open-market sale. Disclosures showing $0 for certain derivative dispositions reflect shares surrendered/retired as part of exercise/settlement or sell-to-cover, per footnotes.

(For retail investors: these trades are largely procedural—driven by PSU vesting, option exercise and tax/plan-related sales—rather than a clear independent bullish or bearish signal.)