Form 4: Travere Therapeutics Chief Medical Officer Sells Shares to Cover Tax Obligations

Travere Therapeutics' Chief Medical Officer, Jula Inrig, sold shares to cover tax obligations related to vested restricted stock units.

Summary

• Jula Inrig, the Chief Medical Officer of Travere Therapeutics, sold 2,066 shares of common stock on January 3, 2025, at a price of $19.10 per share.
• This sale was to cover tax withholding obligations associated with the settlement of vested restricted stock units.
• A further 440 shares were sold on January 6, 2025, at $18.76 per share, also to cover tax obligations.
• The second sale was made under a pre-arranged trading plan adopted on March 15, 2024, in accordance with Rule 10b5-1(c).
• Following these transactions, Jula Inrig beneficially owns 59,443 shares of Travere Therapeutics common stock.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction related to executive compensation and tax obligations. It is neither particularly positive nor negative for the company's outlook.

Management Comments

• The sale of shares was 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.
• This sale does not represent a discretionary trade by the Reporting Person.

Industry Context

This is a routine transaction for executives who receive equity compensation. It is common for companies to require 'sell to cover' transactions to manage tax obligations.

Comparison to Industry Standards

• Many companies use similar 'sell to cover' mechanisms for equity compensation.
• The use of a 10b5-1 trading plan is a common practice to avoid accusations of insider trading.
• The share sales are relatively small compared to the total shares owned by the executive.

Stakeholder Impact

• The share sales have a minor impact on the total outstanding shares of the company.
• The transactions are not expected to significantly affect the share price.

Key Dates

Keywords

Travere Therapeutics, insider trading, stock sale, tax obligations, restricted stock units, Rule 10b5-1, equity compensation, TVTX, Chief Medical Officer