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

Rhea-AI Summary

On March 10, 2023, Travere Therapeutics (NASDAQ: TVTX) announced that its Board of Directors' Compensation Committee granted inducement equity grants to four new employees. The grants include restricted stock units (RSUs) totaling 17,250 shares, designed to attract new talent under Nasdaq Listing Rule 5635(c)(4). These RSUs will vest over four years, with 25% vesting annually, contingent upon the employees' continued service. Travere is focused on developing therapies for rare diseases, emphasizing the urgency of treatment options for affected patients.

Positive

• Inducement RSUs granted to attract new employees.
• Total of 17,250 shares granted to enhance workforce.

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• None.

SAN DIEGO, March 14, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on March 10, 2023, the Compensation Committee of its Board of Directors granted inducement equity grants to four new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 17,250 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.

Contact:
Naomi Eichenbaum                                 
Vice President, Investor Relations
IR@travere.com
888-969-7879       

FAQ

What is the purpose of the RSUs granted by Travere Therapeutics?

The RSUs are intended to attract new employees as part of their compensation package.

How many shares were granted in the inducement RSU grant?

A total of 17,250 shares were granted.

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

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

What rule allows Travere to grant these inducement RSUs?

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

When was the RSU grant announced by Travere Therapeutics?

The RSU grant was announced on March 14, 2023.