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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) has granted equity awards to 28 newly hired individuals, approved by its Board's Compensation Committee as part of its 2014 Employment Commencement Incentive Plan. This includes options to purchase 36,100 shares at an exercise price of $92.95, matching the market close on July 29, 2022. Vesting occurs over four years, contingent on continued employment. Sarepta focuses on precision genetic medicine for rare diseases, holding a leading position in therapies for Duchenne muscular dystrophy and limb-girdle muscular dystrophies, with over 40 development programs.

Positive

• Granting of equity awards to 28 new hires supports talent acquisition.
• Total of 36,100 stock options and 18,475 RSUs demonstrates commitment to employee retention.
• The exercise price aligns with market value, presenting fair value for employees.

Negative

• None.

CAMBRIDGE, Mass., July 29, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on July 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 28 individuals hired by Sarepta in July 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 36,100 shares of Sarepta's common stock, and in the aggregate 18,475 restricted stock units (“RSUs”). The options have an exercise price of $92.95 per share, which is equal to the closing price of Sarepta's common stock on July 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 did Sarepta Therapeutics announce on July 29, 2022?

On July 29, 2022, Sarepta Therapeutics announced the granting of equity awards to 28 new employees under its 2014 Employment Commencement Incentive Plan.

What are the details of the equity awards granted by Sarepta (SRPT)?

Sarepta granted options for 36,100 shares and 18,475 restricted stock units (RSUs) at an exercise price of $92.95, with vesting over four years.

How does the equity award's exercise price compare to Sarepta's stock price?

The exercise price of $92.95 is equal to the closing price of Sarepta's stock on the grant date.

What position does Sarepta hold in the genetic medicine sector?

Sarepta is a leader in precision genetic medicine for rare diseases, particularly in Duchenne muscular dystrophy and limb-girdle muscular dystrophies.

How many development programs does Sarepta currently have?

Sarepta has over 40 programs in various stages of development.