Travere (TVTX) SVP/CAO Sandra Calvin Exercises Options, Sells Shares

What Happened

• Sandra Calvin, SVP and Chief Accounting Officer of Travere Therapeutics (TVTX), exercised a total of 5,375 option-derived shares and sold the same number of shares on September 15, 2026.
  • Options exercised (acquired): 2,500 @ $27.50 ($68,750); 1,250 @ $22.40 ($28,000); 1,625 @ $20.46 ($33,248). Total exercise cost ≈ $129,998.
  • Open-market sales (disposed): 4,275 @ $62.13 ($265,627); 800 @ $62.85 ($50,278); 300 @ $63.66 ($19,099). Total proceeds ≈ $335,004.
• The net effect was an exercise of options followed by sales of the resulting shares (i.e., a cashless-type outcome where exercised shares were sold). The filing also shows corresponding derivative disposition entries at $0.00 that reflect the conversion/exercise of derivative instruments.

Key Details

• Transaction date: September 15, 2026; Form 4 filed September 17, 2026 (reported within the typical two-business-day window).
• Prices and totals: see above; weighted-average sale prices and price ranges are provided in footnotes (F2–F4).
• Shares owned after transaction: not specified in the provided summary of the filing.
• Notable footnotes:
  • F1: At least one sale was made pursuant to a written 10b5-1 plan adopted June 16, 2026.
  • F2–F4: Provide weighted-average sale prices and price ranges for the reported sales.
  • F5–F7: Describe option vesting status/schedules (some options fully vested; others subject to multi-year vesting schedules).
• Filing timeliness: Filed two days after the transactions (appears timely).

Context

• For retail investors: this is a common pattern where an insider exercises vested options and sells the resulting shares—often done to cover exercise cost, taxes, or to diversify. The presence of a 10b5-1 plan (F1) indicates at least some sales were pre-planned, not opportunistic market trades.
• The derivative entries reporting $0.00 disposition reflect the mechanics of exercising/converting option interests and are part of how Form 4 records those transactions; they do not represent separate cashless purchases.
• The transactions are factual reporting of insider activity and do not, by themselves, indicate management’s view of the company’s prospects.