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 8 new employees on May 29, 2020, in accordance with its 2014 Employment Commencement Incentive Plan. The awards included options to purchase 8,015 shares of common stock and 4,015 restricted stock units (RSUs). The options have an exercise price of $152.27 per share, matching the closing price on the grant date. Vesting schedules for both options and RSUs are set to complete over four years, contingent on continued employment.

Positive

• Issuance of equity awards may attract talent to strengthen the workforce.
• The exercise price of options aligns with market value, indicating potential upside.

Negative

• None.

CAMBRIDGE, Mass., May 29, 2020 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on May 29, 2020 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 8 individuals hired by Sarepta in May 2020. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 8,015 shares of Sarepta's common stock, and in the aggregate, 4,015 restricted stock units (“RSUs”). The options have an exercise price of $152.27 per share, which is equal to the closing price of Sarepta's common stock on May 29, 2020 (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 May 29, 2020?

Sarepta Therapeutics granted options to purchase 8,015 shares and 4,015 restricted stock units (RSUs) on May 29, 2020.

What is the exercise price of the options granted by Sarepta Therapeutics?

The exercise price of the options is $152.27 per share.

What vesting schedule is in place for the equity awards from Sarepta Therapeutics?

The options vest over four years, with one-fourth vesting on the first anniversary, followed by monthly vesting. RSUs vest fully after four years.

How many individuals received equity awards from Sarepta on May 29, 2020?

Eight individuals received equity awards from Sarepta Therapeutics.

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

The equity awards are intended as an inducement for employment, which can help attract and retain talent within the company.