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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced on January 29, 2021, that it granted equity awards as an inducement for 26 new hires under its 2014 Employment Commencement Incentive Plan. The total options issued amounted to 20,565 shares, with an exercise price of $89.40, applying to the closing stock price on the grant date. Additionally, 7,760 restricted stock units (RSUs) were granted, which will vest over four years. This initiative aims to strengthen recruitment as Sarepta continues to lead in precision genetic medicine for rare diseases.

Positive

• Equity awards granted to 26 new employees enhance recruitment efforts.
• Total options granted: 20,565 shares with a competitive exercise price of $89.40.

Negative

• None.

CAMBRIDGE, Mass., Jan. 29, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on January 29, 2021 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 January 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 20,565 shares of Sarepta's common stock, and in the aggregate, 7,760 restricted stock units (“RSUs”). The options have an exercise price of $89.40 per share, which is equal to the closing price of Sarepta's common stock on January 29, 2021 (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 equity awards did Sarepta grant on January 29, 2021?

Sarepta granted options for 20,565 shares and 7,760 restricted stock units (RSUs) to 26 new employees.

What is the significance of the exercise price set at $89.40 for Sarepta's stock options?

The exercise price of $89.40 equals the closing stock price on the grant date, ensuring alignment with current market value.

How will the equity awards vest for the new hires at Sarepta?

Options vest one-fourth after one year, then monthly over three years; RSUs vest yearly for four years.

Why did Sarepta grant these equity awards?

The equity awards were granted to bolster recruitment efforts under Nasdaq Listing Rule 5635(c)(4).

How many shares were granted as restricted stock units (RSUs) by Sarepta?

Sarepta granted a total of 7,760 restricted stock units (RSUs).