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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced on May 31, 2024, the issuance of equity awards as a material inducement for employment under Nasdaq Listing Rule 5635(c)(4). The awards were given to nine newly hired employees, granting a total of 8,975 restricted stock units (RSUs). The RSUs will vest in four equal installments annually over four years, subject to continuous employment. The awards were part of Sarepta's 2024 Employment Commencement Incentive Plan and approved by the Compensation Committee of the Board of Directors. No stock purchase options were granted.

Positive

• Granted equity awards to nine new employees, incentivizing talent acquisition.
• Compliance with Nasdaq Listing Rule 5635(c)(4) ensures regulatory adherence.
• Gradual vesting of RSUs over four years encourages long-term employee retention.

Negative

• No stock purchase options granted, which might limit employee stock participation.
• The value of RSUs is tied to stock performance, which can be volatile and uncertain.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on May 31, 2024 (the “Grant Date”) that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2024 Employment Commencement Incentive Plan, as a material inducement to employment to 9 individuals hired by Sarepta in May 2024. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received in the aggregate 8,975 restricted stock units (“RSUs”). 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. Employees did not receive options to purchase shares of Sarepta’s common stock.

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 LinkedIn, X (formerly Twitter), 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/20240531542977/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 did Sarepta Therapeutics announce on May 31, 2024?

Sarepta Therapeutics announced the issuance of equity awards to nine new employees as a material inducement for employment.

How many restricted stock units did Sarepta grant on May 31, 2024?

Sarepta Therapeutics granted a total of 8,975 restricted stock units.

What is the vesting schedule for Sarepta's RSUs granted in May 2024?

The RSUs will vest yearly over four years, with one-fourth vesting on each anniversary of the Grant Date.

Did the employees receive options to purchase shares of Sarepta’s common stock?

No, the employees did not receive options to purchase shares of Sarepta’s common stock.

Under which rule were the equity awards approved?

The equity awards were approved under Nasdaq Listing Rule 5635(c)(4).