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

Rhea-AI Summary

Travere Therapeutics (NASDAQ: TVTX) announced on June 11, 2024, that its Compensation Committee granted inducement equity grants to three new employees on June 10, 2024. These grants, consisting of 10,500 inducement restricted stock units (RSUs), are part of the company's efforts to attract new talent. The RSUs are governed by the terms of Travere's 2018 Equity Incentive Plan but were granted outside of this plan as inducements material to the new hires. The RSUs will vest over four years, with 25% vesting each year, contingent upon the employees' continued service with the company.

Positive

• Inducement grants are aimed at attracting new talent, potentially strengthening the company's workforce.
• The RSUs vest over four years, encouraging long-term commitment from new employees.

Negative

• Inducement grants could lead to stock dilution, affecting existing shareholders.
• If the new hires do not stay for the full vesting period, the RSUs may not fully vest, potentially impacting employee retention.

SAN DIEGO, June 11, 2024 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc., (NASDAQ: TVTX) today announced that on June 10, 2024, the Compensation Committee of its Board of Directors granted inducement equity grants to three new employees, consisting of inducement restricted stock units, or RSUs, covering an aggregate of 10,500 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 Info Media: 888-969-7879                                         mediarelations@travere.com

Investors: 888-969-7879                                         IR@travere.com

FAQ

What did Travere Therapeutics announce on June 11, 2024?

Travere Therapeutics announced inducement equity grants to three new employees on June 10, 2024, totaling 10,500 inducement restricted stock units (RSUs).

What is the vesting schedule for the inducement RSUs granted by Travere Therapeutics?

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

How many shares are covered by the inducement RSUs granted to new employees at Travere Therapeutics?

The inducement RSUs cover an aggregate of 10,500 shares of common stock.

Under which rule were the inducement RSUs granted by Travere Therapeutics?

The inducement RSUs were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

Are the inducement RSUs granted by Travere Therapeutics part of their 2018 Equity Incentive Plan?

While the RSUs are subject to the terms of Travere’s 2018 Equity Incentive Plan, they were granted outside of this plan.