REED ELIZABETH E 4

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.