Travere (TVTX) GC Elizabeth Reed Exercises Options and Sells Shares

What Happened

• Elizabeth E. Reed, Chief Legal Officer & General Counsel of Travere Therapeutics (TVTX), exercised 37,500 stock options on 2026-09-15 at $15.46 per share (cost $579,750) and on the same day sold all 37,500 resulting shares in multiple open-market transactions for total proceeds of $2,337,695.
• The sales were executed in four reported blocks (21,926; 13,874; 1,400; 300 shares) at prices ranging roughly from $62.03 to $65.31 (weighted averages reported). A related derivative entry shows 37,500 option shares converted/disposed at $0, consistent with a conversion/exercise event.

Key Details

• Transaction date: 2026-09-15; Form 4 filed: 2026-09-17 (appears timely).
• Exercise: 37,500 shares at $15.46 (total cost $579,750).
• Sales: 21,926 @ $62.03 ($1,359,971), 13,874 @ $62.63 ($868,965), 1,400 @ $63.69 ($89,166), 300 @ $65.31 ($19,593). Total sales proceeds reported: $2,337,695.
• Net proceeds vs. exercise cost: sales minus exercise cost ≈ $1,757,945 (pre-tax, excludes fees).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes: one sale was made pursuant to a Rule 10b5-1 trading plan adopted June 16, 2026 (F2). Weighted-average price ranges and more granular sale-price details are noted in F3–F5. F1 notes 178 shares were acquired under the ESPP on May 29, 2026; F6 notes the option was fully vested.
• Derivative reporting: a conversion/disposition entry (37,500 @ $0) accompanies the exercise, consistent with shares issued on exercise and then sold.

Context

• This pattern—exercise of options followed by same-day sales—is commonly a cashless exercise where the insider converts options to shares and sells them immediately to cover exercise cost, taxes, and/or take proceeds; the filing shows sales coincident with the exercise date.
• One of the sales was executed under a pre-established 10b5-1 plan, which documents planned trades and can indicate routine execution rather than ad hoc timing.
• Sales do not necessarily signal a change in insider sentiment; they can reflect liquidity needs or routine option-exercise management.