Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 649

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 649
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718. The assumptions Cara uses in calculating the grant date fair value of stock options are substantially similar to those set forth in Note 15 to Cara’s unaudited condensed financial statements for the quarter ended September 30, 2024 included elsewhere in this proxy statement/prospectus. These amounts do not reflect the actual economic value that may be realized by the non-employee director. (3) The following table sets forth the aggregate number of unvested RSUs and the aggregate number of shares underlying stock options held by Cara’s non-employee directors held as of December 31, 2024 by each non-employee director who was serving as of December 31, 2024:

| Director               | ​ | ​ | RSUs |   |        |   | ​ | ​ | Number ofSharesUnderlyingOptions |   |        |   | ​ |
| Jeffrey L. Ives, Ph.D. | ​ | ​ | ​    | ​ | 12,553 | ​ | ​ | ​ | ​                                | ​ | 26,712 | ​ | ​ |
| Martin Vogelbaum       | ​ | ​ | ​    | ​ | 25,107 | ​ | ​ | ​ | ​                                | ​ | 52,300 | ​ | ​ |
| Lisa von Moltke        | ​ | ​ | ​    | ​ | 12,553 | ​ | ​ | ​ | ​                                | ​ | 23,816 | ​ | ​ |
| Susan Shiff, Ph.D.     | ​ | ​ | ​    | ​ | 12,553 | ​ | ​ | ​ | ​                                | ​ | 25,478 | ​ | ​ |
| Helen M. Boudreau      | ​ | ​ | ​    | ​ | 12,553 | ​ | ​ | ​ | ​                                | ​ | 29,228 | ​ | ​ |

Mr. Posner is also a member of Cara’s Board but does not receive any additional compensation for his service as a director. Mr. Posner’s compensation as an executive officer is set forth above under “Executive Compensation.”

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TABLE OF CONTENTS

The Cara Board has adopted a non-employee director compensation policy. Under Cara’s non-employee director compensation policy, Cara pays each of its non-employee directors a cash retainer for service on the Cara Board and for service on each committee on which the director is a member. These retainers are payable in arrears in four equal quarterly