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

Rhea-AI Summary

Travere Therapeutics has announced the grant of inducement equity awards to five new employees, with a total of 30,000 restricted stock units (RSUs) issued on April 10, 2023. These RSUs, which are part of the 2018 Equity Incentive Plan, are specifically intended to attract new talent in accordance with Nasdaq Listing Rule 5635(c)(4). The vesting schedule for these RSUs spans four years, with 25% vesting on each anniversary, contingent upon the employees maintaining their service with the company.

Travere Therapeutics is dedicated to developing therapies for rare diseases, focusing on patient needs and community involvement to improve treatment outcomes.

Positive

• Inducement equity grants could attract and retain talented employees, which is crucial for company growth.
• The RSUs vest over four years, promoting employee retention and long-term commitment.

Negative

• None.

SAN DIEGO, April 13, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on April 10, 2023, the Compensation Committee of its Board of Directors granted inducement equity grants to five new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 30,000 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

Media:
Nivi Nehra
Vice President, Corporate Communications
888-969-7879                        
mediarelations@travere.com

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

FAQ

What company announced the equity grants on April 10, 2023?

Travere Therapeutics announced the equity grants on April 10, 2023.

How many restricted stock units were granted by Travere Therapeutics?

Travere Therapeutics granted a total of 30,000 restricted stock units.

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

The RSUs vest over four years, with 25% vesting each year.

Why were the RSUs granted outside the 2018 Equity Incentive Plan?

The RSUs were granted as inducements material to the new employees entering into employment with Travere.

What is the significance of Nasdaq Listing Rule 5635(c)(4) in this grant?

This rule allows companies to grant inducement awards to attract new employees.