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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced the granting of inducement equity grants totaling 71,350 shares to five new employees on December 10, 2021. This includes stock options for 58,500 shares and restricted stock units (RSUs) for 12,850 shares, granted outside the 2018 Equity Incentive Plan. The stock options have an exercise price of $26.76, vesting over four years, while RSUs also vest over four years, contingent on continued employment. These grants are part of the company’s strategy to attract talent within the biopharmaceutical sector.

Positive

• Inducement equity grants of 71,350 shares signal strong hiring and retention strategy.
• Stock options have a favorable exercise price of $26.76 per share, aligning employee interests with company performance.

Negative

• None.

SAN DIEGO, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on December 10, 2021, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 71,350 shares of its common stock to five new employees, consisting of inducement stock options to purchase an aggregate of 58,500 shares of common stock and inducement restricted stock units, or RSUs, covering an aggregate of 12,850 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 $26.76 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 is the recent inducement equity grant by Travere Therapeutics (TVTX)?

On December 10, 2021, Travere Therapeutics granted inducement equity grants covering 71,350 shares to five new employees.

What are the details of the stock options granted by Travere Therapeutics (TVTX)?

The stock options granted have an exercise price of $26.76 per share, vest over four years, and have a 10-year term.

How many restricted stock units (RSUs) did Travere Therapeutics (TVTX) grant?

Travere Therapeutics granted a total of 12,850 restricted stock units (RSUs) as part of the inducement equity grants.

What is the significance of the inducement equity grants for Travere Therapeutics (TVTX)?

These grants are intended to attract and retain key talent within the company, essential for its growth in the biopharmaceutical sector.