Baynes Roy D. 4

What Happened
Roy D. Baynes, a director of Travere Therapeutics (TVTX), exercised 9,750 fully vested stock options on May 1, 2026 (exercise cost $6.82/share; $66,495 total) and sold those 9,750 shares the same day in an open-market transaction at $44.22/share for proceeds of $431,145. The transactions are reported as an option exercise (code M) followed by an open-market sale (code S).

Key Details

• Transaction date: 2026-05-01. Exercise: 9,750 shares @ $6.82 = $66,495. Sale: 9,750 shares @ $44.22 = $431,145.
• Filing date / accession: Form 4 filed 2026-05-04 (timely filing).
• Footnotes: Sale made pursuant to a Rule 10b5-1 trading plan adopted Nov 17, 2025; the stock option was fully vested and exercisable.
• Derivative reporting: a conversion/derivative line shows the option-to-stock conversion (reported at $0 consideration for the derivative instrument).
• Shares owned after transaction: not specified in the provided excerpt (see full Form 4 for post-transaction holdings).

Context
This was an exercise followed by an immediate sale (often called a cashless or simultaneous sale). The use of a 10b5-1 plan indicates the sale was pre-planned rather than an ad hoc decision. Sales are common for liquidity or tax reasons and do not, by themselves, indicate management sentiment about the company’s prospects.