Elizabeth Reed
About Elizabeth Reed
Elizabeth E. Reed, age 54, serves as Chief Legal Officer, General Counsel and Corporate Secretary of Travere Therapeutics, with tenure since January 2017; she previously served as Vice President, General Counsel and Secretary at Celladon and led the legal function at Anadys Pharmaceuticals until its acquisition by Roche. Reed holds a B.S. in Business Administration from UC Berkeley (Haas) and a J.D., cum laude, from Harvard Law School, and is a member of the State Bar of California . Company performance context relevant to incentive pay: the Compensation Committee determined 2024 corporate goals were achieved at 140% and prioritized net product sales growth; net product sales were $226,707k in 2024 vs $127,537k in 2023, while Company TSR (value of $100 initial investment) was $122.68 in 2024 vs $63.31 in 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Travere Therapeutics | Chief Legal Officer, General Counsel & Corporate Secretary | 2017–present | Corporate legal leadership; signed company proxy and filings in officer capacity |
| Celladon Corporation | Vice President, General Counsel & Secretary | 2014–2016 | Led legal for public biotech; governance and SEC compliance |
| Life sciences companies | Legal consultant | 2013–Jun 2014; 2016 | Advisory legal work in industry |
| Anadys Pharmaceuticals, Inc. | Senior Vice President, Legal Affairs, General Counsel & Corporate Secretary | 2001–2012 | Led legal function through Anadys’ acquisition by Roche |
| Cooley LLP; Brobeck, Phleger & Harrison LLP | Attorney | Not disclosed | Foundational corporate/securities legal practice |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| State Bar of California | Member | Not disclosed | Professional credential; supports role as chief legal officer |
Fixed Compensation
| Metric | 2019 | 2020 | 2021 |
|---|---|---|---|
| Base Salary ($) | $391,667 | $413,417 | $427,887 |
| Target Bonus % of Base | 50% (per employment agreement) | 50% (per employment agreement) | 50% (per employment agreement) |
| Non-Equity Incentive Compensation ($) | — | $235,463 | $257,094 |
| Stock Awards – Grant Date Fair Value ($) | $187,500 | $432,880 | $403,200 |
| Option Awards – Grant Date Fair Value ($) | $215,520 | $508,217 | $791,194 |
| All Other Compensation ($) | $10,760 | $11,214 | $11,696 |
| Total Compensation ($) | $1,258,447 | $1,601,191 | $1,891,071 |
Performance Compensation
| Incentive | Metric | Weighting | Target Definition | Actual Outcome | Payout Factor | Vesting/Payment Terms |
|---|---|---|---|---|---|---|
| 2024 Executive Officer Annual Bonus Plan | Revenues & cash management | No formal weightings | Manage cash/budget; achieve FILSPARI revenue goals | Significant growth in net product sales; strong US launch performance | 140% of target (Committee determination) | Must be employee on payment date; payout range 0–150% |
| 2024 Executive Officer Annual Bonus Plan | Pipeline progression | No formal weightings | Full FDA approval of FILSPARI for IgAN in US | Full approval granted | 140% of target | Employment on payout date required |
| 2024 Executive Officer Annual Bonus Plan | Pipeline diversification | No formal weightings | Internal development/regulatory milestones | Submitted sNDA for FSGS in Mar 2025; regulatory engagement | 140% of target | Employment on payout date required |
| 2024 Executive Officer Annual Bonus Plan | Culture & compliance | No formal weightings | Values, DIB, compliance & quality | Maintained culture and compliance focus | 140% of target | Employment on payout date required |
| Equity PSUs (Plan design) | Clinical/regulatory/sales milestones | Milestone-based | Achieve specified milestones (no vesting before 12 months) | Additional 50% shares possible on accelerated timelines (retention-based) | N/A (depends on milestone timing) | PSUs expire 4 years from grant if milestones not achieved |
| Stock Vested (Reed) | 2021 |
|---|---|
| Shares acquired on vesting (RSUs/PSUs) | 22,000 |
| Value realized on vesting ($) | $525,708 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial ownership (as of 3/1/2022) – Shares | 182,644 |
| Beneficial ownership (as of 3/1/2022) – % outstanding | <1% |
| Stock Ownership Guidelines (executives other than CEO) | 1x annual base salary, to be met within five years from April 2022 or appointment; all executive officers met guidelines |
| Clawback Policy | Dodd-Frank compliant incentive compensation recoupment policy implemented |
| Pledging/Hedging | Plan prohibits transfer of Restricted Stock Awards to financial institutions without prior stockholder approval (anti-pledging safeguard) |
Outstanding Equity Awards (as of 12/31/2021)
| Award Type | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | Market Value of Unvested RSUs ($) |
|---|---|---|---|---|---|---|---|
| Stock Option | 1/21/2021 | — | 57,500 | 26.88 | 1/21/2031 | — | — |
| RSU | 1/21/2021 | — | — | — | — | 15,000 | $465,600 |
| Stock Option | 1/31/2020 | 26,354 | 28,646 | 15.46 | 1/31/2030 | — | — |
| RSU (PSU/RSU per table) | 1/31/2020 | — | — | — | — | 5,000 | $155,200 |
| RSU | 1/31/2020 | — | — | — | — | 6,750 | $209,520 |
| Stock Option | 5/9/2019 | 25,833 | 14,167 | 17.96 | 5/9/2029 | — | — |
| RSU | 5/9/2019 | — | — | — | — | 3,000 | $93,120 |
| Stock Option | 5/10/2018 | 37,625 | 4,375 | 25.25 | 5/10/2028 | — | — |
| RSU | 5/10/2018 | — | — | — | — | 1,750 | $54,320 |
| Stock Option | 1/4/2017 | 50,000 | — | 19.08 | 1/4/2027 | — | — |
| RSU | 1/4/2017 | — | — | — | — | 5,000 | $155,200 |
Company Pay-versus-Performance Context (useful for incentive alignment)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return – Value of $100 Invested | $191.94 | $218.59 | $148.10 | $63.31 | $122.68 |
| Peer Group TSR – NASDAQ Biotechnology Index | $126.42 | $126.45 | $113.65 | $118.87 | $118.20 |
| Net Loss ($000s) | $169,431 | $180,091 | $278,482 | $111,399 | $321,545 |
| Net Product Sales ($000s) | $198,321 | $210,776 | $200,528 | $127,537 | $226,707 |
Employment Terms
| Provision | Terms |
|---|---|
| Employment Start | General Counsel & Corporate Secretary since January 2017 |
| Target Bonus | 50% of base salary (executive officer target) |
| Severance (no change-in-control) | Cash equal to base salary + target bonus paid over 12 months; COBRA premiums up to 12 months; equity acceleration equal to 12 months of additional vesting |
| Change-in-Control (double trigger) | If terminated without cause or constructive termination in connection with change-in-control: cash equal to base + target bonus ×1.5 in lump sum; COBRA up to 18 months; full acceleration of all outstanding stock awards |
| Bonus Plan Terms (2024) | Executive officer bonus payout range 0–150%; 2024 payout determined at 140% based on corporate goals; employment at payout date required |
| Clawback | Dodd-Frank-compliant recoupment policy implemented |
| Stock Ownership Guidelines | 1x base salary within 5 years (execs other than CEO); all executive officers met guidelines |
| Anti-Pledging Constraint | No Restricted Stock Award transfers to financial institutions without prior stockholder approval |
Investment Implications
- Pay-for-performance alignment: Reed’s cash compensation included at-risk annual bonus (50% target of base), with 2024 executive officer bonuses paid at 140% based on revenue growth, FDA approvals, and pipeline progress—signals strong linkage to operational milestones rather than purely TSR, which rebounded in 2024 .
- Retention and selling pressure: Reed’s historical equity mix includes multi-year vesting stock options (4-year) and RSUs (4-year annual vesting), with 22,000 shares vesting in 2021; severance terms accelerate one year of vesting on involuntary separation and fully accelerate on double-trigger CoC, which reduces forfeiture risk and may dampen near-term selling pressure tied to vesting events .
- Ownership alignment: Beneficial ownership was <1% as of March 1, 2022, but executive ownership guidelines require 1x salary and are reported as met; clawback and anti-pledging provisions mitigate misalignment risks .
- Change-in-control economics: 1.5x cash multiple plus full acceleration under CoC is moderate for non-PEO NEOs; could marginally increase dilution risk if executed during a transaction but aligns management focus on closing strategic alternatives .
- Performance risk: Bonus plan metrics emphasize revenue and regulatory execution (FILSPARI approvals, sNDA for FSGS), implying compensation sensitivity to commercial uptake and regulatory outcomes rather than EBITDA; investors should monitor net product sales trends and regulatory milestones as primary pay drivers .