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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on February 10, 2022, that its Compensation Committee granted inducement equity grants totaling 70,600 shares to seven new employees. This includes stock options for 25,000 shares and restricted stock units (RSUs) for 45,600 shares, pursuant to its 2018 Equity Incentive Plan. The stock options have an exercise price of $27.42 and vest over four years, with the RSUs also vesting over the same period. These grants are intended to incentivize new hires and are compliant with Nasdaq rules.

Positive

• Inducement equity grants of 70,600 shares enhance employee retention.
• Stock options priced at $27.42 align with current market value.

Negative

• None.

SAN DIEGO, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on February 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 70,600 shares of its common stock to seven 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 45,600 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 $27.42 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:
Chris Cline, CFA
Senior Vice President, Investor Relations & Corporate Communications
888-969-7879
IR@travere.com

FAQ

What inducement equity grants were announced by Travere Therapeutics on February 10, 2022?

Travere Therapeutics announced inducement equity grants totaling 70,600 shares, including stock options and restricted stock units, to seven new employees.

What is the exercise price and vesting schedule for the stock options granted by Travere?

The stock options have an exercise price of $27.42 and vest over four years, with 25% vesting after the first year.

How many shares were granted as restricted stock units (RSUs) by Travere Therapeutics?

Travere Therapeutics granted a total of 45,600 shares as restricted stock units (RSUs) to new employees.

What is the purpose of the inducement grants by Travere Therapeutics?

The inducement grants are designed to attract and retain new employees in accordance with Nasdaq rules.