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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on September 10, 2022, that its Board of Directors granted inducement restricted stock units (RSUs) covering 79,600 shares to 16 new employees. These RSUs, awarded outside the 2018 Equity Incentive Plan, are part of an effort to attract talent in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs vest over four years, with 25% vesting annually based on continued service with the company.

Positive

• Inducement RSUs awarded to 16 new employees signify company growth and attracting talent.
• Grant aligns with Nasdaq Listing Rule 5635(c)(4), enhancing corporate governance.

Negative

• None.

SAN DIEGO, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on September 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants to 16 new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 79,600 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:
Investor Relations
888-969-7879                        
IR@travere.com

FAQ

What did Travere Therapeutics announce on September 10, 2022?

Travere Therapeutics announced inducement equity grants for 16 new employees, totaling 79,600 shares in restricted stock units (RSUs).

How many shares did Travere grant as inducement RSUs?

Travere granted a total of 79,600 shares in inducement restricted stock units (RSUs).

What are the vesting terms for the RSUs granted by Travere?

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

What is the purpose of granting inducement RSUs by Travere?

The inducement RSUs were granted to attract new employees and comply with Nasdaq regulations.