Cline Christopher R. 4
4 · Travere Therapeutics, Inc. · Filed May 6, 2026
Research Summary
AI-generated summary of this filing
Travere (TVTX) CFO Christopher Cline Sells 2,491 Shares
What Happened
Christopher R. Cline, Chief Financial Officer of Travere Therapeutics (TVTX), had 4,250 performance restricted stock units (PSUs) vest and convert to shares on May 4, 2026. Following the vesting/conversion, Cline sold a total of 2,491 shares in open-market transactions on May 5–6, 2026, receiving about $115,369. The filing also records the original PSU grant covering 8,500 target shares (50% of which vested as described).
Key Details
- Transactions:
- 2026-05-04: 4,250 PSUs vested/converted to shares (reported as exercise/conversion of derivative) (Acquired at $0.00).
- 2026-05-04: Grant record shows 8,500 PSUs originally awarded (derivative grant).
- 2026-05-05: Sold 2,181 shares at $46.65 — proceeds $101,744.
- 2026-05-06: Sold 310 shares at $43.95 — proceeds $13,625.
- Total shares sold: 2,491 for ~$115,369.
- Shares owned after transaction: Not specified in the filing.
- Footnotes / mechanics:
- F1: The 8,500 PSUs were granted Jan 31, 2024; 50% vested on May 4, 2026 after a FILSPARI net‑revenue performance metric was met; an additional 25% may vest on Jan 31, 2027 subject to continued service.
- F2/F3: Portions of the sales were to cover tax withholding associated with the PSU settlement ("sell-to-cover") and at least one sale was executed under a pre-established Rule 10b5‑1 trading plan. The filing indicates these sales were not discretionary trades meant to signal a view on the stock.
- Filing date: Report filed May 6, 2026 — appears timely relative to the May 4–6 transactions.
Context
- PSUs (performance restricted stock units) are contingent awards that convert to shares only if performance goals are met; 4,250 PSUs vested here due to achievement of a revenue milestone and were converted into shares.
- Some or all of the converted shares were sold to satisfy tax withholding requirements and under a pre-set 10b5‑1 plan; such administrative sell‑to‑cover transactions are routine and do not necessarily indicate the insider's market view.
Insider Transaction Report
Form 4
Cline Christopher R.
CHIEF FINANCIAL OFFICER
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-05-04+4,250→ 121,149 total - Sale
Common Stock
[F2]2026-05-05$46.65/sh−2,181$101,744→ 118,968 total - Sale
Common Stock
[F3]2026-05-06$43.95/sh−310$13,625→ 118,658 total - Award
Performance-based restricted stock units
[F4][F1]2026-05-04+8,500→ 8,500 total→ Common Stock (8,500 underlying) - Exercise/Conversion
Performance-based restricted stock units
[F4][F1]2026-05-04−4,250→ 4,250 total→ Common Stock (4,250 underlying)
Footnotes (4)
- [F1]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.
- [F2]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.
- [F3]This sale was made pursuant to a written plan adopted on May 28, 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.
- [F4]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, Attorney-in-Fact|2026-05-06