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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced the grant of inducement equity awards totaling 58,000 shares to eight new employees. The grant includes 25,000 stock options and 33,000 restricted stock units (RSUs), aimed to attract talent in accordance with Nasdaq regulations. The stock options have an exercise price of $25.42 and will vest over four years, while the RSUs will also vest in four annual installments. This strategic move underscores Travere’s commitment to building its workforce to advance rare disease therapies.

Positive

• Grant of 58,000 shares demonstrates commitment to attracting talent.
• Stock options granted at a competitive exercise price of $25.42.
• Vesting over four years encourages long-term employee retention.

Negative

• None.

SAN DIEGO, March 14, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on March 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 58,000 shares of its common stock to eight new employees, consisting of inducement stock options to purchase an aggregate of 25,000 shares of common stock and inducement restricted stock units, or RSUs, covering an aggregate of 33,000 shares of its common stock. These inducement stock options and 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 stock options have an exercise price of $25.42 per share, the closing price of Travere’s common stock on the date of grant, are non-qualified stock options, have a 10-year term and vest over four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remaining 75% of the shares vesting in equal monthly installments over the following 36 months, subject to the new employee’s continued service relationship with Travere through the applicable vesting dates.

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:
Chris Cline, CFA
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879
IR@travere.com

FAQ

What was announced by Travere Therapeutics on March 10, 2022?

On March 10, 2022, Travere Therapeutics announced the granting of inducement equity awards totaling 58,000 shares to eight new employees.

What type of stock options were granted by Travere on March 10, 2022?

Travere granted non-qualified stock options to purchase an aggregate of 25,000 shares of common stock.

What is the exercise price for the stock options granted by Travere?

The exercise price for the stock options is $25.42 per share.

How long is the vesting period for the stock options granted by Travere?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remaining 75% in equal monthly installments.