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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) has granted equity awards to 35 new employees as an inducement to employment, approved by its Board's Compensation Committee. The awards, totaling options for 35,575 shares and 18,350 restricted stock units (RSUs), were made under the 2014 Employment Commencement Incentive Plan. The options have an exercise price of $71.57 per share, aligning with SRPT's closing price on January 31, 2022.

The options and RSUs will vest gradually over four years, contingent upon continued employment.

Positive

• Sarepta granted equity awards to incentivize 35 new hires, fostering growth.
• The equity awards adhere to Nasdaq Listing Rule 5635(c)(4), ensuring compliance.

Negative

• None.

CAMBRIDGE, Mass., Jan. 31, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on January 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 35 individuals hired by Sarepta in January 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 35,575 shares of Sarepta's common stock, and in the aggregate 18,350 restricted stock units (“RSUs”). The options have an exercise price of $71.57 per share, which is equal to the closing price of Sarepta's common stock on January 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 equity awards did Sarepta Therapeutics grant on January 31, 2022?

Sarepta granted options to purchase 35,575 shares and 18,350 restricted stock units (RSUs) to 35 new employees.

What is the exercise price for the options granted by Sarepta on January 31, 2022?

The exercise price for the options is $71.57 per share, which matches the closing price of Sarepta's common stock on the grant date.

How will the equity awards vest for new employees at Sarepta?

The options will vest monthly over four years, while the RSUs will vest annually, subject to continued employment.

How many new employees received equity awards from Sarepta Therapeutics?

A total of 35 new employees received equity awards from Sarepta Therapeutics.

Is Sarepta compliant with Nasdaq rules regarding equity awards?

Yes, the equity awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).