Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ: SRPT) announced the grant of equity awards to 26 newly hired employees on June 30, 2020. This action, approved by the Board of Directors, includes options to purchase 27,315 shares and 13,680 restricted stock units (RSUs). The options are priced at $160.34, reflecting the stock's closing price on the grant date. Vesting for the options occurs over four years, while RSUs vest annually for the same period, contingent on continued employment. Sarepta focuses on developing precision genetic medicine for rare diseases, with over 40 programs in various stages.

Positive

• Equity awards to 26 new hires may improve employee retention and motivation.
• Company has over 40 programs focused on rare diseases, indicating strong research and development potential.

Negative

• None.

CAMBRIDGE, Mass., June 30, 2020 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on June 30, 2020 that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2014 Employment Commencement Incentive Plan, as a material inducement to employment to 26 individuals hired by Sarepta in June 2020. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 27,315 shares of Sarepta's common stock, and in the aggregate, 13,680 restricted stock units (“RSUs”). The options have an exercise price of $160.34 per share, which is equal to the closing price of Sarepta's common stock on June 30, 2020 (the “Grant Date”). One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of the Grant Date and thereafter 1/48th of the shares underlying each employee’s option will vest monthly, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to each such employee’s continued employment with Sarepta on such vesting dates.

One-fourth of the RSUs will vest yearly on each anniversary of the Grant Date, such that the RSUs granted to each employee will be fully vested on the fourth anniversary of the Grant Date, in each case, subject to each such employee’s continued employment with Sarepta on such vesting date.

About Sarepta Therapeutics
At Sarepta, we are leading a revolution in precision genetic medicine and every day is an opportunity to change the lives of people living with rare disease. The Company has built an impressive position in Duchenne muscular dystrophy (DMD) and in gene therapies for limb-girdle muscular dystrophies (LGMDs), mucopolysaccharidosis type IIIA, Charcot-Marie-Tooth (CMT), and other CNS-related disorders, with more than 40 programs in various stages of development. The Company’s programs and research focus span several therapeutic modalities, including RNA, gene therapy and gene editing. For more information, please visit www.sarepta.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

Internet Posting of Information

We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us. 

Source: Sarepta Therapeutics, Inc.

Sarepta Therapeutics, Inc.
Investors:
Ian Estepan, 617-274-4052
iestepan@sarepta.com

Media:
Tracy Sorrentino, 617-301-8566
tsorrentino@sarepta.com

FAQ

What were the details of the equity awards granted by Sarepta Therapeutics on June 30, 2020?

Sarepta granted equity awards to 26 new employees, including options for 27,315 shares and 13,680 RSUs.

What is the exercise price for the stock options granted by Sarepta?

The exercise price for the stock options is $160.34 per share.

When will the stock options and RSUs vest for the new employees at Sarepta?

Options vest 25% after one year, then monthly for 48 months; RSUs vest 25% annually over four years.

How many programs is Sarepta Therapeutics working on for rare diseases?

Sarepta has over 40 programs in development targeting various rare diseases.

Under what plan were the equity awards at Sarepta approved?

The equity awards were approved under the 2014 Employment Commencement Incentive Plan.