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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced on May 28, 2021, that it granted equity awards to six new employees as part of its 2014 Employment Commencement Incentive Plan. The awards include options to purchase 6,295 shares at an exercise price of $75.65 per share and a total of 2,950 restricted stock units (RSUs). The options will vest over four years, while the RSUs will also fully vest by the fourth anniversary of the grant date. This step aligns with Nasdaq Listing Rule 5635(c)(4), emphasizing Sarepta's commitment to attracting talent in precision genetic medicine for rare diseases.

Positive

• Equity awards granted to attract new talent, enhancing workforce and innovation.
• Options and RSUs structured to incentivize long-term employee retention.

Negative

• No immediate financial metrics or performance indicators related to these awards.
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CAMBRIDGE, Mass., May 28, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on May 28, 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 6 individuals hired by Sarepta in May 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 6,295 shares of Sarepta's common stock, and in the aggregate 2,950 restricted stock units (“RSUs”). The options have an exercise price of $75.65 per share, which is equal to the closing price of Sarepta's common stock on May 28, 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
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.

Source: Sarepta Therapeutics, Inc.

Investor Contact:
Ian Estepan, 617-274-4052
iestepan@sarepta.com

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

FAQ

What equity awards did Sarepta grant on May 28, 2021?

Sarepta granted options to purchase 6,295 shares and 2,950 restricted stock units (RSUs) to six new employees.

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

The exercise price for the options is $75.65 per share, equivalent to the closing price on the grant date.

When will the options and RSUs vest for Sarepta's new employees?

The options will vest over four years, while the RSUs will fully vest by the fourth anniversary of the grant date.

Why did Sarepta grant these equity awards?

The equity awards were granted as a material inducement to employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

What is Sarepta's focus in the biotech industry?

Sarepta specializes in precision genetic medicine for rare diseases, with a strong focus on Duchenne muscular dystrophy (DMD).