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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the granting of equity awards to 18 new employees as part of its 2014 Employment Commencement Incentive Plan, approved by the Compensation Committee on March 31, 2023. The awards include options to purchase 11,075 shares of common stock at an exercise price of $137.83 per share, and 5,700 restricted stock units (RSUs). The options will vest over four years, while the RSUs will vest yearly on anniversaries of the grant date. Sarepta focuses on precision genetic medicine aimed at rare diseases, with over 40 programs in development.

Positive

• Granting equity awards to new employees may enhance talent acquisition.
• Options and RSUs align employee interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on March 31, 2023 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 18 individuals hired by Sarepta in March 2023. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 11,075 shares of Sarepta's common stock, and in the aggregate 5,700 restricted stock units (“RSUs”). The options have an exercise price of $137.83 per share, which is equal to the closing price of Sarepta's common stock on March 31, 2023 (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

Sarepta is on an urgent mission: engineer precision genetic medicine for rare diseases that devastate lives and cut futures short. We hold leadership positions in Duchenne muscular dystrophy (DMD) and limb-girdle muscular dystrophies (LGMDs), and we currently have more than 40 programs in various stages of development. Our vast pipeline is driven by our multi-platform Precision Genetic Medicine Engine in gene therapy, RNA 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230331005448/en/

Investor Contact:

Ian Estepan, 617-274-4052

iestepan@sarepta.com



Media Contact:

Tracy Sorrentino, 617-301-8566

tsorrentino@sarepta.com

Source: Sarepta Therapeutics, Inc.

FAQ

What equity awards did Sarepta Therapeutics grant on March 31, 2023?

Sarepta granted options to purchase 11,075 shares and 5,700 restricted stock units (RSUs) to 18 new employees.

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

The exercise price for the options is $137.83 per share.

How will the equity awards vest over time?

The options will vest one-fourth after one year, then monthly for 48 months; the RSUs will vest yearly on each anniversary of the grant date.

Under which plan were the equity awards granted?

The equity awards were granted under Sarepta's 2014 Employment Commencement Incentive Plan.

Why did Sarepta grant these equity awards?

The equity awards were granted as a material inducement to employment for the new hires.