Form 4: Travere Therapeutics Executive Peter Heerma Reports Stock Transactions
SEC Form 4 Filing
Peter Heerma, Chief Commercial Officer of Travere Therapeutics, reports the vesting of performance-based restricted stock units and subsequent sale of shares to cover tax obligations.
Summary
- Peter Heerma, Chief Commercial Officer of Travere Therapeutics, filed a Form 4 detailing changes in beneficial ownership.
- On May 2, 2025, 4,920 performance-based restricted stock units (PSUs) vested due to the achievement of a performance criterion related to cumulative FILSPARI net revenue.
- These PSUs were granted on January 31, 2022, and represent a contingent right to receive one share of Travere Therapeutics common stock each.
- Following the vesting, Heerma directly owns 129,986 shares of common stock.
- On May 5, 2025, 1,771 shares were sold at $21.05 per share to cover tax withholding obligations related to the vested PSUs.
- After the sale, Heerma directly owns 128,215 shares of common stock.
- The sale was mandated by Travere Therapeutics under its equity incentive plans.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The vesting of PSUs indicates the achievement of a performance target, which is a positive signal. The sale of shares to cover taxes is a routine transaction.
Positives
- The vesting of PSUs indicates that a performance criterion related to cumulative FILSPARI net revenue was achieved, which is a positive sign for the company's performance.
Industry Context
Form 4 filings are standard disclosures for company insiders and provide transparency into their transactions. The vesting of PSUs based on revenue targets suggests a focus on sales performance.
Stakeholder Impact
- Shareholders may view the achievement of the FILSPARI net revenue target positively.
- Employees holding similar performance-based compensation may be encouraged by the vesting of PSUs.
Key Dates
| Date | Description |
|---|---|
| 2022-01-31 | Reporting person was granted performance restricted stock units (PSUs) covering 9,840 shares of the Issuer's common stock. |
| 2025-03-31 | Quarter ended for which financial results were released, confirming achievement of performance criterion. |
| 2025-05-02 | 50% of the PSUs vested upon confirmation of performance criterion achievement. |
| 2025-05-05 | 1,771 shares were sold to cover tax withholding obligations. |
Keywords
Form 4, Travere Therapeutics, TVTX, Peter Heerma, Chief Commercial Officer, Performance Stock Units, FILSPARI, Beneficial Ownership, Stock Sale, Tax Withholding
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