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

Rhea-AI Summary

On June 10, 2022, Travere Therapeutics (NASDAQ: TVTX) awarded inducement equity grants to ten new employees, comprising 48,750 restricted stock units (RSUs). These RSUs, granted outside the 2018 Equity Incentive Plan, will vest over four years with 25% vesting each year, contingent on continued employment. This initiative aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract new talent, enhancing the company's capabilities in developing therapies for rare diseases.

Positive

• Inducement grants of 48,750 RSUs to attract new talent.
• RSUs vesting over four years may enhance employee retention.

Negative

• None.

SAN DIEGO, June 14, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on June 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants to ten new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 48,750 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:
Chris Cline, CFA                                 
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879                                        
IR@travere.com       

 

FAQ

What stock symbol is associated with Travere Therapeutics?

The stock symbol for Travere Therapeutics is TVTX.

How many RSUs were granted to new employees by Travere Therapeutics?

Travere Therapeutics granted 48,750 restricted stock units (RSUs) to ten new employees.

What is the vesting period for the RSUs granted by Travere Therapeutics?

The RSUs vest over four years, with 25% vesting each year.

Why were the RSUs granted outside the 2018 Equity Incentive Plan?

The RSUs were granted as inducements material to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

When were the RSUs granted to new employees at Travere Therapeutics?

The RSUs were granted on June 10, 2022.