Travere (TVTX) legal chief sells 51,500 shares after option exercises

Rhea-AI Filing Summary

Travere Therapeutics, Inc.’s Chief Legal Officer and General Counsel Elizabeth E. Reed exercised employee stock options and sold shares of common stock in a series of transactions. She exercised options to acquire 37,500 shares at exercise prices of $19.08, $17.96, and $15.46 per share and also received 14,000 shares as a grant or award.

Ms. Reed then sold a total of 51,500 shares of common stock in open-market and related transactions at weighted average prices around $41–$43 per share, leaving her with 105,211 shares owned directly after the transactions. Footnotes state that certain sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on June 16, 2025 and that part of the sales were mandatory “sell to cover” trades to satisfy tax withholding obligations.

The 14,000-share award reflects performance restricted stock units granted on January 31, 2025 that vested on April 13, 2026 after the U.S. Food and Drug Administration approved FILSPARI (sparsentan) in FSGS.

Insights

Equity compensation and insider-trading analyst

Routine option exercises and largely pre-planned insider sales with tax-related components.

Chief Legal Officer Elizabeth Reed exercised employee stock options to acquire 37,500 Travere Therapeutics shares and received 14,000 performance-based shares upon FDA approval of FILSPARI in FSGS. She then sold 51,500 shares in several transactions while retaining 105,211 shares directly.

Footnotes indicate multiple sales were executed under a Rule 10b5-1(c) trading plan adopted on June 16, 2025, and some were mandated “sell to cover” trades to fund tax withholding on vested performance restricted stock units. These features suggest the transactions are primarily compensation- and tax-driven rather than discretionary market-timing moves.

From an investor perspective, this pattern resembles a standard exercise-and-sell sequence with pre-planned liquidity and tax settlement, rather than a wholesale change in insider exposure. The neutral overall impact is reinforced by Reed’s remaining six-figure shareholding.

Insider Trade Summary 10b5-1

Net Seller: 51,500 shares ($2,126,452)

Net Sell 11 txns

Insider REED ELIZABETH E

Role Chief Legal Officer and GC

Sold 51,500 shs ($2.13M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,226	$41.62	$218K
Sale	Common Stock	1,559	$42.53	$66K
Exercise	Employee stock option (right to buy)	7,500	$0.00	--
Exercise	Employee stock option (right to buy)	10,000	$0.00	--
Exercise	Employee stock option (right to buy)	20,000	$0.00	--
Exercise	Common Stock	10,000	$19.08	$191K
Exercise	Common Stock	20,000	$17.96	$359K
Exercise	Common Stock	7,500	$15.46	$116K
Sale	Common Stock	37,500	$41.07	$1.54M
Sale	Common Stock	7,215	$41.9288	$303K
Grant/Award	Common Stock	14,000	$0.00	--

Holdings After Transaction: Common Stock — 106,770 shares (Direct); Employee stock option (right to buy) — 37,500 shares (Direct)

Footnotes (1)

1. On January 31, 2025, the reporting person was granted performance restricted stock units (PSUs) which PSUs vested on April 13, 2026 upon the Issuer's confirmation that the U.S. Food and Drug Administration (FDA) had granted approval of FILSPARI (sparsentan) in FSGS. 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. 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 weighted average sale price for the transaction reported was $41.62, and the range of prices were between $41.255 and $42.25. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided. The weighted average sale price for the transaction reported was $42.53, and the range of prices were between $42.335 and $42.66. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided. The stock option is fully vested and exercisable.

Key Figures

Shares sold: 51,500 shares Shares owned after transactions: 105,211 shares Options exercised: 37,500 shares +3 more

6 metrics

Shares sold 51,500 shares Open-market and related sales reported for April 13–15, 2026

Shares owned after transactions 105,211 shares Common stock directly owned following reported trades

Options exercised 37,500 shares Employee stock options exercised into common stock

Exercise prices $15.46, $17.96, $19.08 per share Strike prices for employee stock options exercised

Performance share award 14,000 shares PSUs vesting upon FDA approval of FILSPARI in FSGS

Weighted average sale prices $41.62 and $42.53 per share Averages for two reported sale groupings

Key Terms

performance restricted stock units (PSUs), Rule 10b5-1(c), sell to cover, equity incentive plans, +2 more

6 terms

performance restricted stock units (PSUs) financial

"the reporting person was granted performance restricted stock units (PSUs) which PSUs vested"

Rule 10b5-1(c) regulatory

"written 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.

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"

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.

weighted average sale price financial

"The weighted average sale price for the transaction reported was $41.62"

FSGS medical

"FDA had granted approval of FILSPARI (sparsentan) in FSGS"

Focal segmental glomerulosclerosis (FSGS) is a kidney disease in which small sections of the organ’s filtering units become scarred, lowering their ability to remove waste and manage fluids. Investors care because drug candidates, diagnostics, or clinical trial results addressing FSGS can meaningfully affect a biotech or pharmaceutical company’s revenue prospects and regulatory outlook—like fixing a specific engine fault that can restore performance and change a vehicle’s value.

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)
04/13/2026

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	04/13/2026		A(1)		14,000	A	$0	119,211	D
Common Stock	04/14/2026		M		10,000	A	$19.08	129,211	D
Common Stock	04/14/2026		M		20,000	A	$17.96	149,211	D
Common Stock	04/14/2026		M		7,500	A	$15.46	156,711	D
Common Stock	04/14/2026		S(2)		37,500	D	$41.07	119,211	D
Common Stock	04/14/2026		S(3)		7,215	D	$41.9288	111,996	D
Common Stock	04/15/2026		S(4)		5,226	D	$41.62(5)	106,770	D
Common Stock	04/15/2026		S(4)		1,559	D	$42.53(6)	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	04/14/2026		M			7,500	(7)	01/31/2030	Common Stock	7,500	$0	37,500	D
Employee stock option (right to buy)	$19.08	04/14/2026		M			10,000	(7)	01/04/2027	Common Stock	10,000	$0	0	D
Employee stock option (right to buy)	$17.96	04/14/2026		M			20,000	(7)	05/09/2029	Common Stock	20,000	$0	20,000	D

Explanation of Responses:

1. On January 31, 2025, the reporting person was granted performance restricted stock units (PSUs) which PSUs vested on April 13, 2026 upon the Issuer's confirmation that the U.S. Food and Drug Administration (FDA) had granted approval of FILSPARI (sparsentan) in FSGS.

2. 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.

3. 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.

4. 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.

5. The weighted average sale price for the transaction reported was $41.62, and the range of prices were between $41.255 and $42.25. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

6. The weighted average sale price for the transaction reported was $42.53, and the range of prices were between $42.335 and $42.66. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.

7. The stock option is fully vested and exercisable.

	/s/ Elizabeth E. Reed	04/15/2026
	** 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) insider Elizabeth Reed do in this Form 4?

Elizabeth Reed exercised stock options, received performance-based shares, and sold 51,500 Travere Therapeutics shares. She conducted open-market and tax-related sales while retaining 105,211 shares directly, reflecting routine equity compensation activity rather than a full exit from her position.

How many Travere Therapeutics (TVTX) shares did Elizabeth Reed sell and at what prices?

Elizabeth Reed sold 51,500 Travere Therapeutics common shares. The filing shows weighted average sale prices around the low-$40s per share, including transactions with average prices of $41.62, $42.53, and approximately $41.93, executed across several trades over multiple days.

Were Elizabeth Reed’s Travere Therapeutics (TVTX) share sales pre-planned?

Yes, footnotes state certain sales were made under a written trading plan adopted on June 16, 2025 that meets Rule 10b5-1(c) requirements. Such plans pre-schedule trades, indicating these transactions followed a predetermined framework rather than ad hoc market-timing decisions.

Did tax obligations influence Elizabeth Reed’s Travere Therapeutics (TVTX) stock sales?

Yes. A footnote explains that some shares were sold solely to cover tax withholding arising from vested performance restricted stock units. The issuer required a “sell to cover” transaction, meaning part of the reported selling activity was mandated for tax funding, not discretionary portfolio changes.

What performance milestone triggered Elizabeth Reed’s Travere Therapeutics (TVTX) PSU vesting?

Her performance restricted stock units, granted on January 31, 2025, vested on April 13, 2026 when the FDA approved FILSPARI (sparsentan) in FSGS. This regulatory approval satisfied the performance condition, resulting in a 14,000-share award reflected in the Form 4.

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

After exercising options, receiving performance-based shares, and completing several sales, Elizabeth Reed directly owns 105,211 Travere Therapeutics common shares. This remaining stake shows she continues to have significant equity exposure following the routine compensation and tax-related trades reported.