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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the grant of equity awards on May 31, 2022, as part of its 2014 Employment Commencement Incentive Plan. The company provided options to purchase 90,900 shares and 46,625 restricted stock units (RSUs) to 70 new employees. The options have an exercise price of $72.82 per share, equal to the stock's closing price on the grant date. Vesting occurs over four years for both options and RSUs, subject to continued employment.

Positive

• Grant of equity awards to 70 new employees signals growth and expansion.
• Implementation of compensation incentives may enhance employee retention.

Negative

• None.

CAMBRIDGE, Mass., May 31, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on May 31, 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 70 individuals hired by Sarepta in May 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 90,900 shares of Sarepta's common stock, and in the aggregate 46,625 restricted stock units (“RSUs”). The options have an exercise price of $72.82 per share, which is equal to the closing price of Sarepta's common stock on May 31, 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 is the recent equity award grant by Sarepta Therapeutics (SRPT)?

On May 31, 2022, Sarepta Therapeutics granted equity awards to 70 new employees, including options for 90,900 shares and 46,625 RSUs.

What is the exercise price for the options granted by Sarepta Therapeutics (SRPT)?

The exercise price for the options granted on May 31, 2022, is $72.82 per share.

How long will it take for employees to fully vest in their stock options from Sarepta Therapeutics (SRPT)?

Employees will fully vest in their stock options over four years, with one-fourth vesting annually and the remainder vesting monthly.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) for Sarepta Therapeutics (SRPT)?

Sarepta's equity awards were approved under Nasdaq Listing Rule 5635(c)(4), which pertains to stock option grants to new employees.