Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Travere Therapeutics, Inc. (NASDAQ: TVTX) granted 51,600 inducement equity grants to four new employees on March 10, 2024. The grants include 25,000 stock options and 26,600 restricted stock units outside the 2018 Equity Incentive Plan. The stock options have an exercise price of $7.99 per share, a 10-year term, and vest over four years. The RSUs also vest over four years, with 25% of shares vesting on each anniversary of the grant date.
03/13/2024 - 05:00 PM
SAN DIEGO, March 13, 2024 (GLOBE NEWSWIRE) -- Travere Therapeutics, Inc. (NASDAQ: TVTX) today announced that on March 10, 2024, the Compensation Committee of its Board of Directors granted inducement equity grants covering an aggregate of 51,600 shares of its common stock to four 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 26,600 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 $7.99 per share, the closing price of Travere’s common stock on the next trading day following 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.
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How many shares were granted to new employees by Travere Therapeutics, Inc.?
Travere Therapeutics, Inc. granted a total of 51,600 shares of its common stock to four new employees.
What is the exercise price of the stock options granted by Travere Therapeutics, Inc.?
The stock options granted by Travere Therapeutics, Inc. have an exercise price of $7.99 per share.
How do the stock options vest for the new employees at Travere Therapeutics, Inc.?
The stock options granted to new employees at Travere Therapeutics, Inc. vest over four years, with 25% of the shares vesting on the one-year anniversary of the grant date and the remaining 75% vesting monthly over the following 36 months.
What is the term of the stock options granted by Travere Therapeutics, Inc.?
The stock options granted by Travere Therapeutics, Inc. have a 10-year term.
What is the nature of the stock options granted by Travere Therapeutics, Inc.?
The stock options granted by Travere Therapeutics, Inc. are non-qualified stock options.
How do the restricted stock units (RSUs) vest for the new employees at Travere Therapeutics, Inc.?
The RSUs granted to new employees at Travere Therapeutics, Inc. vest over four years, with 25% of the shares vesting on each anniversary of the grant date.
