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

Rhea-AI Summary

Sarepta Therapeutics, Inc. (SRPT) granted equity awards to 4 individuals hired in December 2023, in accordance with Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase 3,850 shares of Sarepta's common stock and 1,900 restricted stock units. The options have an exercise price of $96.43 per share, with vesting schedules over a four-year period.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on December 29, 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 4 individuals hired by Sarepta in December 2023. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 3,850 shares of Sarepta's common stock, and in the aggregate 1,900 restricted stock units (“RSUs”). The options have an exercise price of $96.43 per share, which is equal to the closing price of Sarepta's common stock on December 29, 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.

Source: Sarepta Therapeutics, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231229111409/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 is the recent announcement from Sarepta Therapeutics, Inc. (SRPT)?

Sarepta Therapeutics, Inc. (SRPT) granted equity awards to 4 individuals hired in December 2023.

How many shares of Sarepta's common stock were included in the equity awards?

The employees received options to purchase 3,850 shares of Sarepta's common stock.

What is the exercise price of the options granted to the employees?

The options have an exercise price of $96.43 per share.

What is the vesting schedule for the options and restricted stock units?

The options and restricted stock units have vesting schedules over a four-year period, with one-fourth of the shares or units vesting yearly on each anniversary of the Grant Date.

Under what rule were the equity awards approved?

The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).