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 44 newly hired individuals on April 29, 2022. The awards, part of the 2014 Employment Commencement Incentive Plan, include options for 48,525 shares and 24,875 restricted stock units (RSUs). The options have an exercise price of $72.32, aligning with the company's stock closing price on the Grant Date. Vesting will occur over four years, contingent on continued employment. Sarepta continues to lead in precision genetic medicine, focusing on rare diseases like Duchenne muscular dystrophy.

Positive

• The granting of equity awards could enhance employee retention and motivation.
• Sarepta maintains a strong position in the rare disease market, particularly in DMD.

Negative

• None.

CAMBRIDGE, Mass., April 29, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on April 29, 2022 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 44 individuals hired by Sarepta in April 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 48,525 shares of Sarepta's common stock, and in the aggregate 24,875 restricted stock units (“RSUs”). The options have an exercise price of $72.32 per share, which is equal to the closing price of Sarepta's common stock on April 29, 2022 (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 were granted by Sarepta Therapeutics on April 29, 2022?

Sarepta Therapeutics granted options to purchase 48,525 shares and 24,875 restricted stock units (RSUs) to 44 new employees.

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

The exercise price for the options is $72.32 per share, equal to the closing price on the Grant Date.

How will the equity awards vest for Sarepta employees?

The options vest over four years, with one-fourth vesting on the first anniversary and then monthly thereafter, conditional on continued employment.

How many individuals received equity awards from Sarepta in April 2022?

A total of 44 individuals were granted equity awards by Sarepta Therapeutics in April 2022.