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