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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced the grant of inducement equity covering 173,000 shares to 12 new employees on November 10, 2022. This includes inducement stock options for 90,000 shares and restricted stock units (RSUs) for 83,000 shares, granted outside the 2018 Equity Incentive Plan to comply with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $22.11 per share, vesting over four years, while the RSUs will also vest over the same period, contingent on continued service with the company.

SAN DIEGO, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on November 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 173,000 shares of its common stock to 12 new employees, consisting of inducement stock options to purchase an aggregate of 90,000 shares of common stock and inducement restricted stock units, or RSUs, covering an aggregate of 83,000 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 $22.11 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 was announced by Travere Therapeutics on November 10, 2022?

Travere Therapeutics announced the grant of inducement equity covering 173,000 shares to 12 new employees.

What type of equity was granted to new employees at Travere?

The equity granted included inducement stock options for 90,000 shares and restricted stock units (RSUs) for 83,000 shares.

What is the exercise price of the stock options granted?

The exercise price of the stock options is $22.11 per share.

How long is the term for the inducement stock options at Travere?

The inducement stock options have a term of 10 years.

How do the RSUs vest at Travere?

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