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 74,900 shares to 11 new employees on October 10, 2021. This includes stock options for 62,100 shares at an exercise price of $26.09 and 12,800 restricted stock units (RSUs). The options have a 10-year term and vest over four years, while the RSUs also vest over four years. These grants comply with Nasdaq Listing Rule 5635(c)(4) and are designed to attract new talent.

SAN DIEGO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on October 10, 2021, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 74,900 shares of its common stock to eleven new employees, consisting of inducement stock options to purchase an aggregate of 62,100 shares of common stock and inducement restricted stock units, or RSUs, covering an aggregate of 12,800 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 $26.09 per share, the closing price of Travere’s common stock on the next trading day following 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 equity grant announcement by Travere Therapeutics (TVTX)?

On October 10, 2021, Travere Therapeutics granted equity awards totaling 74,900 shares to 11 new employees, including stock options and restricted stock units.

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

The stock options have an exercise price of $26.09 per share.

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

Both the stock options and restricted stock units vest over four years, with specific conditions for vesting.

What does the Nasdaq Listing Rule 5635(c)(4) pertain to?

This rule allows companies to grant inducement equity awards to new employees outside of their existing equity incentive plans.

How many shares are covered by the inducement equity grants announced by Travere?

The grants cover an aggregate of 74,900 shares.