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

Rhea-AI Summary

Sarepta Therapeutics, Inc. granted equity awards to 5 new employees as a material inducement to employment, including options to purchase 0 shares of common stock and 6,300 restricted stock units. The options have an exercise price of $127.90 per share, vesting over four years, while the RSUs vest yearly, subject to continued employment.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on Feb. 29, 2024 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 5 individuals hired by Sarepta in February 2024. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 0 shares of Sarepta's common stock, and in the aggregate 6,300 restricted stock units (“RSUs”). The options have an exercise price of $127.90 per share, which is equal to the closing price of Sarepta's common stock on Feb. 29, 2024 (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 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.

Source: Sarepta Therapeutics, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229124069/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 type of equity awards were granted by Sarepta Therapeutics, Inc.?

Sarepta Therapeutics, Inc. granted options to purchase 0 shares of common stock and 6,300 restricted stock units.

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

The options have an exercise price of $127.90 per share.

How do the options granted by Sarepta Therapeutics, Inc. vest?

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 will vest monthly, fully vesting on the fourth anniversary, subject to continued employment.

How do the RSUs granted by Sarepta Therapeutics, Inc. vest?

One-fourth of the RSUs will vest yearly on each anniversary of the Grant Date, fully vesting on the fourth anniversary, subject to continued employment.