Travere Therapeutics (TVTX) CLO sells 24,250 shares after exercising options
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Travere Therapeutics, Inc. Chief Legal Officer and General Counsel Elizabeth E. Reed reported a mix of option exercises, PSU activity and share sales. On May 4, 2026 she exercised employee stock options and performance-based restricted stock units covering a total of 24,250 shares of common stock, including 20,000 options at a $17.96 exercise price.
That same day, she sold 20,000 shares at $45.00 per share, and on May 5 and 6, 2026 she sold additional blocks of 2,174 shares at $46.65 and 2,076 shares at $43.95. Footnotes state that certain sales were made under a Rule 10b5‑1 trading plan and that some shares were sold to cover tax withholding obligations related to vested performance-based RSUs, rather than as discretionary trades. After these transactions, she directly held 105,211 shares of Travere common stock and performance-based restricted stock units covering 8,500 shares at target.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 24,250 shares ($1,092,657)
Net Sell
8 txns
Insider
REED ELIZABETH E
Role
Chief Legal Officer and GC
Sold
24,250 shs ($1.09M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 2,076 | $43.95 | $91K |
| Sale | Common Stock | 2,174 | $46.65 | $101K |
| Exercise | Employee stock option (right to buy) | 20,000 | $0.00 | -- |
| Grant/Award | Performance-based restricted stock units | 8,500 | $0.00 | -- |
| Exercise | Performance-based restricted stock units | 4,250 | $0.00 | -- |
| Exercise | Common Stock | 20,000 | $17.96 | $359K |
| Sale | Common Stock | 20,000 | $45.00 | $900K |
| Exercise | Common Stock | 4,250 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 105,211 shares (Direct, null);
Employee stock option (right to buy) — 0 shares (Direct, null);
Performance-based restricted stock units — 8,500 shares (Direct, null)
Footnotes (1)
- 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. 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. 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. 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. The stock option is fully vested and exercisable. 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.
Key Figures
Shares sold: 24,250 shares
Sale prices: $45.00, $46.65, $43.95 per share
Options exercised: 20,000 shares at $17.96
+3 more
6 metrics
Shares sold
24,250 shares
Open-market and related sales of common stock
Sale prices
$45.00, $46.65, $43.95 per share
Common stock sales on May 4–6, 2026
Options exercised
20,000 shares at $17.96
Employee stock option exercise into common stock
PSUs converted
4,250 shares at $0.00
Performance-based RSUs settled into common stock
Common shares held
105,211 shares
Direct holdings after reported transactions
Performance RSUs granted
8,500 units
PSU grant tied to FILSPARI cumulative net revenue
Key Terms
Rule 10b5-1(c), performance restricted stock units, sell to cover, equity incentive plans, +2 more
6 terms
Rule 10b5-1(c) regulatory
"written plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act"
Rule 10b5-1(c) is an SEC guideline that lets company insiders set up a written, pre-planned schedule to buy or sell their company stock when they are not in possession of material, nonpublic information. For investors, it matters because such plans can reduce the appearance of insider trading by separating decisions from inside knowledge—like putting your trades on autopilot—while also requiring scrutiny since pre-planned trades can still affect market confidence and share value.
performance restricted stock units financial
"the Reporting Person was granted performance restricted stock units (PSUs) covering 8,500 shares"
Performance restricted stock units (PRSUs) are promises to deliver company shares to employees or executives only if the business meets specific performance targets and any time-based holding rules. Think of them as a bonus that converts into stock only after set goals are reached, so investors watch PRSUs for two reasons: they can dilute existing shares if paid out, and they signal how closely management’s pay is tied to company performance.
sell to cover financial
"require the Reporting Person to fund this tax withholding obligation by completing a "sell to cover" transaction"
Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.
equity incentive plans financial
"mandated by the Issuer's election under its equity incentive plans to require the Reporting Person to fund this tax withholding"
Equity incentive plans are company programs that pay employees, executives, or directors with company stock, stock options, or share units instead of or in addition to cash, aiming to align their interests with shareholders—like giving team members a stake in the house they help build. For investors this matters because such plans can motivate better company performance but also dilute existing ownership and increase reported compensation costs, so they affect future earnings, voting power, and share value.
FILSPARI net revenue financial
"a performance criterion related to cumulative FILSPARI net revenue had been achieved"
performance criterion financial
"upon the satisfaction of certain performance criteria ... a performance criterion related to cumulative FILSPARI net revenue"
FAQ
What insider transactions did Travere Therapeutics (TVTX) report for Elizabeth E. Reed?
Travere Therapeutics reported that Chief Legal Officer Elizabeth E. Reed exercised stock options and performance-based RSUs for 24,250 shares and sold 24,250 shares of common stock in several transactions, leaving her with 105,211 directly held shares plus performance-based RSUs covering 8,500 shares at target.
What performance-based RSUs tied to FILSPARI revenue did Elizabeth E. Reed receive from Travere Therapeutics (TVTX)?
On January 31, 2024, Elizabeth E. Reed was granted performance restricted stock units covering 8,500 shares. On May 4, 2026, 50% vested after Travere confirmed a cumulative FILSPARI net revenue performance criterion. An additional 25% is scheduled to vest on January 31, 2027, contingent on continued service.
What stock option activity did Travere Therapeutics (TVTX) disclose for Elizabeth E. Reed?
The filing shows Elizabeth E. Reed exercised employee stock options for 20,000 Travere Therapeutics common shares at a $17.96 exercise price. A related footnote indicates the stock option is fully vested and exercisable, and the derivative position for that option reflects zero remaining shares after the exercise.