Tax-driven share sale follows PSU vesting at Travere (TVTX)
Rhea-AI Filing Summary
Travere Therapeutics’ chief commercial officer Peter Heerma reported a mix of equity award vesting and a required tax-related sale. On May 4, 2026, 4,250 performance-based restricted stock units (PSUs) vested, converting into 4,250 shares of common stock after Travere confirmed a FILSPARI cumulative net revenue performance milestone tied to results for the quarter ended March 31, 2026.
Those PSUs are part of an 8,500-unit grant awarded on January 31, 2024, with an additional 25% scheduled to vest on January 31, 2027, contingent on continued service. The filing notes that up to 50% additional shares could vest later if certain milestones are achieved on an accelerated timeline. On May 5, 2026, Heerma sold 2,174 shares at $46.65 per share to cover tax withholding obligations under a mandatory “sell to cover” arrangement chosen by the company, described as a non-discretionary sale. After these transactions, he directly holds 140,684 shares of Travere common stock.
Positive
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Negative
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Insider Trade Summary
Net Seller: 2,174 shares ($101,417)
Net Sell
4 txns
Insider
Heerma Peter
Role
CHIEF COMMERCIAL OFFICER
Sold
2,174 shs ($101K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 2,174 | $46.65 | $101K |
| Grant/Award | Performance-based restricted stock units | 8,500 | $0.00 | -- |
| Exercise | Performance-based restricted stock units | 4,250 | $0.00 | -- |
| Exercise | Common Stock | 4,250 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 140,684 shares (Direct);
Performance-based restricted stock units — 8,500 shares (Direct)
Footnotes (1)
- 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. 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
Tax-related share sale: 2,174 shares at $46.65
Post-transaction holdings: 140,684 shares
PSU grant size: 8,500 PSUs
+3 more
6 metrics
Tax-related share sale
2,174 shares at $46.65
Sale on May 5, 2026 to cover tax withholding
Post-transaction holdings
140,684 shares
Common stock directly held after transactions
PSU grant size
8,500 PSUs
Performance restricted stock units granted January 31, 2024
Vested PSUs
4,250 units
PSUs that vested May 4, 2026 upon FILSPARI revenue milestone
Future PSU vesting
25% of PSUs
Additional portion to vest January 31, 2027 with continued service
Additional PSU potential
Up to 50% more shares
Possible extra vesting on accelerated milestone achievement
Key Terms
performance restricted stock units, PSUs, sell to cover, cumulative FILSPARI net revenue, +1 more
5 terms
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.
PSUs financial
"Each PSU represents a contingent right to receive one share of the Issuer's common stock"
PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.
sell to cover financial
"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.
cumulative FILSPARI net revenue financial
"a performance criterion related to cumulative FILSPARI net revenue had been achieved"
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did Travere (TVTX) chief commercial officer Peter Heerma report?
Peter Heerma reported vesting of 4,250 performance-based restricted stock units into common shares and a related sale of 2,174 shares. The sale was executed at $46.65 per share to satisfy tax withholding obligations under a mandatory sell-to-cover arrangement elected by Travere.
What are the key terms of Peter Heerma’s 8,500 Travere (TVTX) performance stock units?
Heerma received 8,500 performance restricted stock units on January 31, 2024, each targeting one share of common stock. Vesting depends on performance milestones, with 4,250 units already vested and further portions, including potential additional shares, tied to future milestone achievements and continued service.
How are Heerma’s Travere (TVTX) PSUs linked to FILSPARI net revenue performance?
The filing explains PSUs vest upon achieving performance criteria related to cumulative FILSPARI net revenue. On May 4, 2026, Travere confirmed one such criterion following its quarter ended March 31, 2026 results, triggering vesting of 50% of the grant and scheduling additional vesting based on timing and service.