Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on February 10, 2023, that its Compensation Committee granted inducement equity grants to six new employees, totaling 17,700 restricted stock units (RSUs). These RSUs, part of Travere's 2018 Equity Incentive Plan, were awarded outside the plan as an inducement for the new hires, as per Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over four years, with 25% vesting annually, contingent on the employees’ continued service with the company.

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• Inducement equity grants of 17,700 RSUs provided to six new employees, enhancing talent acquisition.

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• None.

SAN DIEGO, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on February 10, 2023, the Compensation Committee of its Board of Directors granted inducement equity grants to six new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 17,700 shares of its common stock. These inducement RSUs are subject to the terms of Travere’s 2018 Equity Incentive Plan (“2018 Plan”) but were granted outside of the 2018 Plan and were granted as inducements material to the new employees entering into employment with Travere in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSUs vest over four years, with 25% of the shares vesting on each anniversary of the grant date, subject to the new employee’s continued service relationship with Travere through the applicable vesting dates.

About Travere Therapeutics

At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com

FAQ

What is the significance of the RSUs granted by Travere Therapeutics on February 10, 2023?

The RSUs are inducement grants for new employees, aimed at attracting talent as part of Travere's strategy.

How many restricted stock units were granted to employees by Travere Therapeutics?

A total of 17,700 restricted stock units were granted to six new employees.

What is the vesting schedule for the RSUs granted by Travere Therapeutics?

The RSUs vest over four years, with 25% vesting on each anniversary of the grant date.

What rule did Travere Therapeutics follow for granting the RSUs?

The RSUs were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What was the purpose of granting RSUs to new hires at Travere Therapeutics?

The RSUs were granted as an inducement for new employees to join the company.