Travere (TVTX) CLO Executes Option Exercise and 10b5-1 Sale on Sep 22, 2025

Rhea-AI Filing Summary

Elizabeth E. Reed, Chief Legal Officer and General Counsel of Travere Therapeutics (TVTX), reported simultaneous option exercise and sale transactions on 09/22/2025. She exercised an employee stock option to acquire 10,000 shares at an exercise price of $19.08, increasing her direct beneficial ownership to 99,878 shares. On the same date she sold 10,000 shares at an average price of $25.00 under a pre-established Rule 10b5-1 trading plan adopted 06/16/2025; the sold shares relate to an option grant dated 01/04/2017 that expires 01/04/2027. The option was fully vested and exercisable.

Positive

• Exercise and sale executed under formal structure: sale conducted under a Rule 10b5-1 plan adopted 06/16/2025
• Substantial retained ownership: reporting person continues to beneficially own 99,878 shares after transactions

Negative

• Partial disposition of 10,000 shares reduces the insider's liquid shareholdings
• Sale price exceeded exercise price, indicating insider realized gains which may be viewed as monetization of equity position

Insights

Securities Analyst

TL;DR: Officer exercised options for 10,000 shares at $19.08 and sold 10,000 shares at $25 under a 10b5-1 plan; overall holdings remain substantial.

The transactions are routine for executives monetizing part of an option grant while retaining net exposure. The exercise at $19.08 followed by an immediate sale at $25 realizes a spread, but the reporting person still holds 99,878 shares, indicating continued alignment with shareholders. The use of a Rule 10b5-1 plan reduces regulatory risk around timing of the sale.

Corporate Governance Expert

TL;DR: Transactions appear compliant and pre-planned; option fully vested and sale executed under an established trading plan.

The filing discloses standard option exercise and partial disposition by an insider. The sale was conducted pursuant to a written 10b5-1 plan adopted on 06/16/2025, which is a common governance mechanism to avoid insider trading concerns. No change in officer role or extraordinary corporate event is disclosed.

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).

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 CA 92130

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/22/2025

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

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

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

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	09/22/2025		M		10,000	A	$19.08	99,878(1)	D
Common Stock	09/22/2025		S(2)		10,000	D	$25	89,878	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)	$19.08	09/22/2025		M			10,000	(3)	01/04/2027	Common Stock	10,000	$0	40,000	D

Explanation of Responses:

1. Includes 396 shares acquired under the Issuer's 2017 Employee Stock Purchase Plan on May 31, 2025.

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 a stock option grant to the Reporting Person on January 4, 2017 with an expiration date of January 4, 2027.

3. The stock option is fully vested and exercisable.

	/s/ Elizabeth E. Reed	09/24/2025
	** 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.
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FAQ

What did Elizabeth E. Reed (TVTX) do on 09/22/2025?

She exercised an option to acquire 10,000 shares at $19.08 and sold 10,000 shares at $25.00 on 09/22/2025.

Were the sales pre-planned or discretionary?

The sale of 10,000 shares was made pursuant to a written Rule 10b5-1 trading plan adopted on 06/16/2025.

How many shares does the reporting person own after these transactions?

Following the transactions, she beneficially owned 99,878 shares.

What is the origin and status of the option involved?

The sold shares related to an option grant dated 01/04/2017 with an expiration date of 01/04/2027, and the option was fully vested and exercisable.

Did the filing disclose any change in officer status or other corporate events?

No. The filing reports only the securities transactions and confirms her role as Chief Legal Officer and General Counsel.