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 two new employees on February 26, 2021, as per the Compensation Committee's approval. The awards include options for 1,820 shares of common stock at an exercise price of $87.06, equal to the closing price on the grant date, and 680 restricted stock units. Vesting is set to occur over four years, contingent upon continued employment. Sarepta focuses on precision genetic medicine for rare diseases, particularly in Duchenne muscular dystrophy and gene therapies.

Positive

• Equity awards approved for two new employees, enhancing talent acquisition.
• Sarepta remains focused on precision genetic medicine with over 40 development programs.

Negative

• None.

CAMBRIDGE, Mass., Feb. 26, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on Feb. 26, 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 2 individuals hired by Sarepta in February 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 1,820 shares of Sarepta's common stock, and in the aggregate 680 restricted stock units (“RSUs”). The options have an exercise price of $87.06 per share, which is equal to the closing price of Sarepta's common stock on Feb. 26, 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 were granted by Sarepta Therapeutics on February 26, 2021?

Sarepta Therapeutics granted options to purchase 1,820 shares and 680 restricted stock units to two new employees.

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

The exercise price for the stock options is $87.06 per share.

How long will it take for the equity awards to vest at Sarepta?

The awards will vest over four years, with specific vesting schedules for both stock options and RSUs.

What is the significance of the equity awards granted by Sarepta Therapeutics?

The equity awards are intended as a material inducement for employment, highlighting Sarepta's commitment to attracting talent.