Travere Therapeutics Announces Equity Grants for New Hires
Inducement Grants at Travere Therapeutics
Travere Therapeutics, Inc. (NASDAQ: TVTX) is making strides to enhance its team by granting inducement equity grants. These grants are aimed at incentivizing new employees to join their mission of transforming the lives of individuals affected by rare diseases. This initiative underscores the company's commitment to building a skilled workforce that is passionate about its mission.
Details of the Inducement Equity Grants
The recent grant, announced on March 10, encompasses a total of 77,200 shares of common stock allocated to five newly hired employees. This includes stock options for 36,000 shares and restricted stock units (RSUs) for 41,200 shares. The inducement stock options, crucial for attracting top talent, were issued outside of Travere's established 2018 Equity Incentive Plan. Such grants are vital for the new employees and are in line with Nasdaq Listing Rule 5635(c)(4), facilitating their smooth entry into the company.
Understanding the Stock Options
These stock options come with an exercise price set at $17.87 per share, aligning with Travere's common stock closing price on the grant date. As non-qualified stock options, they boast a generous 10-year term and hinge their vesting on a four-year timeline. Notably, 25% of these shares will vest on the anniversary of the grant date, while the remaining shares will vest monthly over the next three years, contingent upon the employee's continued service.
The Importance of Restricted Stock Units
The RSUs play a significant role as well, also vesting over a four-year period. Similar to the stock options, 25% of these shares will become available each year on the anniversary date. This structured vesting is designed to encourage long-term commitment from the employees, fostering a stable and motivated team within Travere.
About Travere Therapeutics
Travere Therapeutics stands at the forefront of biopharmaceutical innovation with a deep commitment to rare disease communities. The company prides itself on its dedicated global workforce, all united with a common goal: to enhance the lives of patients and their families living with rare conditions. Travere is actively developing solutions that address the urgent need for effective treatments, engaging with patients, caregivers, and healthcare professionals to build therapies that ultimately make a significant difference.
Contact Information
For media inquiries, Travere has established channels for communication. Media representatives can reach out to the team at 888-969-7879 or contact them via email at mediarelations@travere.com. Additionally, investors can also connect with the company at 888-969-7879 or via email at IR@travere.com. These contact points ensure stakeholders stay informed and engaged with the company's progress and initiatives.
Frequently Asked Questions
What are the inducement equity grants provided by Travere Therapeutics?
The inducement equity grants are stock options and RSUs granted to new employees to incentivize them as they join the company.
How many shares were granted to the new employees?
A total of 77,200 shares were allocated, including 36,000 stock options and 41,200 RSUs.
What is the exercise price for the stock options?
The exercise price for the stock options is set at $17.87 per share.
What is the vesting schedule for the stock options?
The stock options vest over four years, with 25% vesting after the first year and the rest vesting in monthly installments over the following three years.
What is Travere Therapeutics' mission?
Travere Therapeutics aims to develop therapies that address urgent needs in the rare disease community, working closely with patients, families, and caregivers.
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