Travere (NASDAQ: TVTX) CLO exercises options, pre-planned sale of 10K shares

Rhea-AI Filing Summary

Travere Therapeutics Chief Legal Officer Elizabeth E. Reed exercised employee stock options and sold shares in a planned transaction. She exercised options for 10,000 shares of common stock at $15.46 per share and then sold 10,000 shares at $30.00 per share on the same day. After these transactions, she directly holds 105,211 shares of Travere Therapeutics common stock. The filing notes the sale was made under a written plan adopted on June 16, 2025 that meets Rule 10b5-1(c) requirements, and that the underlying stock option grant from January 31, 2020 is fully vested and exercisable.

Insights

Equity compensation and insider trading analyst

Routine option exercise-and-sell by Travere’s CLO under a pre-planned Rule 10b5-1 trading plan.

Chief Legal Officer Elizabeth E. Reed exercised an employee stock option for 10,000 shares at $15.46 per share and sold 10,000 shares of Travere Therapeutics common stock at $30.00 per share. This is a classic exercise-and-sell pattern, converting an option award into cash.

The filing specifies that the sale was executed under a written plan adopted on June 16, 2025 that meets Rule 10b5-1(c) requirements, and that the stock option granted on January 31, 2020 is fully vested and exercisable. Rule 10b5-1 plans indicate trades were pre-scheduled rather than timed opportunistically.

Following the transactions, Reed directly holds 105,211 shares of common stock. Given the modest scale relative to typical executive ownership and the pre-planned nature of the sale, this appears to be a routine liquidity event rather than a thesis-changing signal.

Insider Trade Summary 10b5-1

Net Seller: 10,000 shares ($300,000)

Net Sell 3 txns

Insider REED ELIZABETH E

Role Chief Legal Officer and GC

Sold 10,000 shs ($300K)

Type	Security	Shares	Price	Value
Exercise	Employee stock option (right to buy)	10,000	$0.00	--
Exercise	Common Stock	10,000	$15.46	$155K
Sale	Common Stock	10,000	$30.00	$300K

Holdings After Transaction: Employee stock option (right to buy) — 45,000 shares (Direct); Common Stock — 115,211 shares (Direct)

Footnotes (1)

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 a stock option grant to the Reporting Person on January 31, 2020. The stock option is fully vested and exercisable.

Key Figures

Options exercised: 10,000 shares Exercise price: $15.46 per share Shares sold: 10,000 shares +3 more

6 metrics

Options exercised 10,000 shares Employee stock option exercise on April 1, 2026

Exercise price $15.46 per share Employee stock option for Travere common stock

Shares sold 10,000 shares Open-market sale of Travere common stock

Sale price $30.00 per share Common stock sale on April 1, 2026

Shares held after 105,211 shares Direct Travere common stock ownership post-transaction

10b5-1 plan adoption date June 16, 2025 Written trading plan meeting Rule 10b5-1(c)

Key Terms

Employee stock option, Rule 10b5-1(c), fully vested and exercisable, open-market sale

4 terms

Employee stock option financial

"Employee stock option (right to buy)"

An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.

Rule 10b5-1(c) regulatory

"plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c)"

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.

fully vested and exercisable financial

"The stock option is fully vested and exercisable."

open-market sale financial

"Sale in open market or private transaction"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

REED ELIZABETH E

(Last) (First) (Middle)

C/O TRAVERE THERAPEUTICS, INC.

3611 VALLEY CENTRE DR., SUITE 300

(Street)

SAN DIEGO CALIFORNIA 92130

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Travere Therapeutics, Inc. [ TVTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer and GC

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		M		10,000	A	$15.46	115,211	D
Common Stock	04/01/2026		S(1)		10,000	D	$30	105,211	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee stock option (right to buy)	$15.46	04/01/2026		M			10,000	(2)	01/31/2030	Common Stock	10,000	$0	45,000	D

Explanation of Responses:

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 a stock option grant to the Reporting Person on January 31, 2020.

2. The stock option is fully vested and exercisable.

	/s/ Elizabeth E. Reed	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Travere Therapeutics (TVTX) executive Elizabeth Reed do in this Form 4 filing?

Elizabeth E. Reed, Travere’s Chief Legal Officer, exercised stock options for 10,000 shares and sold 10,000 shares of common stock. The transactions occurred on April 1, 2026 and involved an employee stock option originally granted on January 31, 2020.

How many Travere Therapeutics (TVTX) shares does Elizabeth Reed hold after these transactions?

After exercising options and selling shares, Elizabeth E. Reed directly holds 105,211 shares of Travere Therapeutics common stock. This figure comes from the Form 4 entry showing her total non-derivative common stock holdings following the April 1, 2026 transactions.

At what prices did Elizabeth Reed exercise and sell Travere Therapeutics (TVTX) shares?

Elizabeth E. Reed exercised employee stock options at an exercise price of $15.46 per share and sold 10,000 common shares at $30.00 per share. These prices are separately disclosed for the option exercise and the subsequent open-market sale in the Form 4.

Was the Travere Therapeutics (TVTX) insider sale made under a Rule 10b5-1 trading plan?

Yes. The Form 4 footnote states the sale was made under a written plan adopted on June 16, 2025 that meets Rule 10b5-1(c) requirements. It also notes the sale consists of shares underlying a stock option grant to Elizabeth Reed dated January 31, 2020.

What type of Travere Therapeutics (TVTX) securities were involved in Elizabeth Reed’s Form 4?

The filing shows an employee stock option, described as a right to buy Travere common stock, and corresponding common stock transactions. Reed exercised the option for 10,000 underlying common shares and then sold 10,000 shares of Travere Therapeutics common stock.

Is Elizabeth Reed’s Travere Therapeutics (TVTX) option grant fully vested?

According to a Form 4 footnote, the stock option associated with this transaction is fully vested and exercisable. The option was originally granted on January 31, 2020, and its underlying shares were the ones sold in the April 1, 2026 transaction.