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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on May 10, 2022, the grant of inducement restricted stock units (RSUs) to 15 new employees, covering a total of 91,000 shares. This grant was made outside the 2018 Equity Incentive Plan to encourage new hires, aligning with Nasdaq Listing Rule 5635(c)(4). The RSUs will vest over four years, with 25% vesting each year, contingent on the employees' continued service. This move underscores Travere's commitment to attracting talent as it focuses on developing treatments for rare diseases.

Positive

• Inducement RSUs granted to new employees could enhance talent acquisition and retention.
• The RSUs cover 91,000 shares, indicating potential for employee engagement and alignment with shareholder interests.

Negative

• None.

SAN DIEGO, May 11, 2022 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on May 10, 2022, the Compensation Committee of its Board of Directors granted inducement equity grants to 15 new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 91,000 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 is the significance of the RSUs granted by Travere Therapeutics on May 10, 2022?

The RSUs were granted to attract and retain talent, aligning employee interests with shareholder value.

How many shares were involved in the inducement RSUs granted by Travere?

A total of 91,000 shares were covered by the inducement RSUs granted to 15 new employees.

What are the vesting terms of the RSUs granted by Travere Therapeutics?

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

What is Nasdaq Listing Rule 5635(c)(4) related to Travere's RSU grants?

It permits inducement grants to new employees to encourage hiring outside of existing equity incentive plans.