REED ELIZABETH E 4

What Happened

• Elizabeth E. Reed, Chief Legal Officer & General Counsel of Travere Therapeutics (TVTX), exercised stock options to acquire 10,000 shares at $19.08 per share (cost $190,800) and sold 10,000 shares in an open-market transaction on January 20, 2026 for total gross proceeds of $273,420 (weighted average sale price $27.342). The filing also reports the related option conversion/disposition (derivative reported at $0.00).

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 21, 2026 (appears timely).
• Option exercise: 10,000 shares acquired @ $19.08 (total $190,800) — transaction code M.
• Open-market sale: 10,000 shares disposed @ weighted avg $27.342 (total $273,420) — transaction code S; reported price range $26.91–$27.59 (full per-price breakdown available on request) (see F3).
• Derivative disposition: 10,000 shares reported as exercised/converted at $0.00 (code M) — indicates surrender/conversion of the option instrument.
• Footnotes: Sale made under a written 10b5‑1 trading plan adopted June 16, 2025 and involved shares underlying a stock option grant dated Jan 4, 2017 (expires Jan 4, 2027); the option was fully vested (F2, F4). Filing notes inclusion of 392 shares from the issuer’s 2017 ESPP acquired Nov 28, 2025 (F1).
• Estimated net proceeds before fees/taxes: ≈ $82,620 (sale proceeds $273,420 − exercise cost $190,800).
• Shares owned after the transaction: not disclosed in the provided filing excerpt.

Context

• This was an exercise-and-sell (option exercise followed by immediate sale) reported under a pre-arranged 10b5‑1 plan, a common and routine way for insiders to monetize vested option holdings. Such transactions are procedural and do not, by themselves, indicate insider sentiment about the company.