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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on January 10, 2023, that its Compensation Committee granted inducement equity grants to three new employees.

The grants include stock options for 25,000 shares and restricted stock units (RSUs) for 23,000 shares. The stock options have an exercise price of $20.38 and a 10-year term, vesting over four years, while RSUs also vest over four years. These grants comply with Nasdaq Listing Rule 5635(c)(4) and are designed to attract new talent.

Positive

• Inducement equity grants of 48,000 shares show commitment to attracting new talent.
• Stock options and RSUs vesting over four years may enhance employee retention.

Negative

• None.

SAN DIEGO, Jan. 12, 2023 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on January 10, 2023, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 48,000 shares of its common stock to three 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 23,000 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 $20.38 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:
Naomi Eichenbaum
Vice President, Investor Relations
IR@travere.com
888-969-7879

FAQ

What were the details of the inducement equity grants by Travere Therapeutics (TVTX)?

On January 10, 2023, Travere Therapeutics granted inducement equity grants covering 48,000 shares, including stock options for 25,000 shares and RSUs for 23,000 shares.

What is the exercise price for the stock options granted by Travere Therapeutics (TVTX)?

The stock options have an exercise price of $20.38 per share, which was the closing price on the grant date.

How long is the vesting period for the inducement stock options of Travere Therapeutics (TVTX)?

The inducement stock options vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the next 36 months.