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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ: SRPT), a leader in precision genetic medicine, announced equity awards granted as material inducement for employment to 19 new hires in July 2024.

On July 31, 2024, the Compensation Committee approved these awards under the 2024 Employment Commencement Incentive Plan, aligning with Nasdaq Listing Rule 5635(c)(4).

The awards consist of an aggregate of 14,495 restricted stock units (RSUs) that will vest annually over four years, contingent on continuous employment. No stock purchase options were granted.

Positive

• Equity awards granted to 19 new employees, indicating growth.
• 14,495 RSUs issued, encouraging employee retention.

Negative

• No stock purchase options granted, potentially less attractive to new hires.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on July 31, 2024 (the “Grant Date”) that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2024 Employment Commencement Incentive Plan, as a material inducement to employment to 19 individuals hired by Sarepta in July 2024. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received in the aggregate 14,495 restricted stock units (“RSUs”). 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. Employees did not receive options to purchase shares of Sarepta’s common stock.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731742607/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 did Sarepta Therapeutics announce on July 31, 2024?

Sarepta announced the granting of equity awards to 19 new hires under the 2024 Employment Commencement Incentive Plan.

How many restricted stock units (RSUs) were granted by Sarepta Therapeutics?

Sarepta granted a total of 14,495 restricted stock units (RSUs).

What is the vesting schedule for the RSUs granted by Sarepta Therapeutics?

The RSUs will vest annually over four years, subject to continuous employment.

Did Sarepta Therapeutics grant stock purchase options with the RSUs?

No, Sarepta did not grant any stock purchase options with the RSUs.

What does Nasdaq Listing Rule 5635(c)(4) relate to?

Nasdaq Listing Rule 5635(c)(4) pertains to equity awards granted as inducements for employment.