REED ELIZABETH E 4
4 · Travere Therapeutics, Inc. · Filed May 6, 2026
Research Summary
AI-generated summary of this filing
Travere (TVTX) GC Elizabeth Reed Exercises Options, Sells Shares
What Happened Elizabeth E. Reed, Chief Legal Officer and General Counsel of Travere Therapeutics (TVTX), exercised stock options to acquire 20,000 shares on May 4, 2026 (exercise price $17.96; cash paid $359,200) and concurrently sold 20,000 of those shares in the open market that same day for $45.00 each (proceeds $900,000). In addition, Reed had transactions tied to performance restricted stock units (PSUs) and tax-withholding: 4,250 PSU shares vested and were settled (reported as acquired at $0), with an associated non-discretionary sell-to-cover to satisfy taxes. Additional open-market sales on May 5 and May 6 disposed of 2,174 shares at $46.65 ($101,417) and 2,076 shares at $43.95 ($91,240), bringing total reported open-market sale proceeds to about $1,092,657.
Key Details
- Transaction dates/prices:
- 2026-05-04: Exercised 20,000 options @ $17.96 (cost $359,200) and sold 20,000 shares @ $45.00 (proceeds $900,000). (M = option exercise; S = sale)
- 2026-05-04: PSU-related settlement of 4,250 shares (reported at $0) and related derivative entries.
- 2026-05-05: Sold 2,174 shares @ $46.65 (proceeds $101,417).
- 2026-05-06: Sold 2,076 shares @ $43.95 (proceeds $91,240).
- Total reported open-market sale proceeds ≈ $1.09 million; option exercise cash outlay $359,200.
- Footnotes:
- F1/F4: Some sales were made under a pre-established Rule 10b5-1 trading plan (adopted June 16, 2025).
- F2/F6: PSUs (original grant = 8,500) — 50% vested on May 4, 2026 (4,250 shares); additional vesting may occur later per plan.
- F3: Certain shares were sold as a mandatory “sell-to-cover” to satisfy tax withholding on PSU vesting (not a discretionary sale).
- F5: The related stock option was fully vested and exercisable.
- Shares owned after the transactions: not specified in the provided filing details.
- Filing: Report filed 2026-05-06 covering transactions beginning 2026-05-04; this appears timely under Form 4 reporting rules (filed within the typical two-business-day window).
Context
- The activity combined an option exercise with immediate or near-immediate open-market sales — a common pattern when insiders exercise vested options and sell shares to realize gains or cover costs/taxes. The May 4 sales were part of an established 10b5-1 plan and some sales were specifically to cover tax withholding on vested PSUs (per the issuer’s plan), meaning they were not discretionary trades by Reed.
- PSUs are contingent awards that convert to shares upon meeting performance conditions; the filing notes that half of Reed’s PSU grant vested after the company confirmed a revenue-related performance milestone.
Insider Transaction Report
Form 4
REED ELIZABETH E
Chief Legal Officer and GC
Transactions
- Exercise/Conversion
Common Stock
2026-05-04$17.96/sh+20,000$359,200→ 125,211 total - Sale
Common Stock
[F1]2026-05-04$45.00/sh−20,000$900,000→ 105,211 total - Exercise/Conversion
Common Stock
[F2]2026-05-04+4,250→ 109,461 total - Sale
Common Stock
[F3]2026-05-05$46.65/sh−2,174$101,417→ 107,287 total - Sale
Common Stock
[F4]2026-05-06$43.95/sh−2,076$91,240→ 105,211 total - Exercise/Conversion
Employee stock option (right to buy)
[F5]2026-05-04−20,000→ 0 totalExercise: $17.96Exp: 2029-05-09→ Common Stock (20,000 underlying) - Award
Performance-based restricted stock units
[F6][F2]2026-05-04+8,500→ 8,500 total→ Common Stock (8,500 underlying) - Exercise/Conversion
Performance-based restricted stock units
[F6][F2]2026-05-04−4,250→ 4,250 total→ Common Stock (4,250 underlying)
Footnotes (6)
- [F1]This sale was made pursuant to a written plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, and consists of the sale of shares underlying stock options granted to the Reporting Person.
- [F2]On January 31, 2024, the Reporting Person was granted performance restricted stock units (PSUs) covering 8,500 shares of the Issuer's common stock, to vest upon the satisfaction of certain performance criteria. If any such milestone is achieved on a pre-specified accelerated timeline, up to 50% additional shares attributable to such milestone achievement could vest under these PSU grants, with such additional potential shares to vest at a later date in furtherance of retention objectives. On May 4, 2026, 50% of the PSUs vested upon the Issuer's confirmation following the release of its financial results for the quarter ended March 31, 2026 that a performance criterion related to cumulative FILSPARI net revenue had been achieved, and contingent on continuous service by the Reporting Person, on January 31, 2027 an additional 25% of such PSUs will vest due to the timing of the achievement of such cumulative FILSPARI net revenue performance criterion.
- [F3]Represents the number of shares required to be sold by the Reporting Person to cover the tax withholding obligation in connection with the settlement of vested performance restricted stock units. This sale is mandated by the Issuer's election under its equity incentive plans to require the Reporting Person to fund this tax withholding obligation by completing a "sell to cover" transaction with a brokerage firm designated by the Issuer. This sale does not represent a discretionary trade by the Reporting Person.
- [F4]This sale was made pursuant to a written plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, and includes the sale of shares to cover the tax obligation that occurred upon the vesting of performance restricted stock units.
- [F5]The stock option is fully vested and exercisable.
- [F6]Each PSU represents a contingent right to receive one share of the Issuer's common stock at target, subject to adjustment based on the achievement of applicable performance conditions.
Signature
/s/ Elizabeth E. Reed|2026-05-06