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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the granting of equity awards to 43 newly hired employees on September 30, 2021, under its 2014 Employment Commencement Incentive Plan. The total awards include options for 48,350 shares and 24,900 restricted stock units (RSUs), with an exercise price of $92.48 per share. Vesting for options occurs monthly over four years, while RSUs vest annually, both contingent on continued employment. This initiative aims to enhance employee retention and performance within the precision genetic medicine sector.

Positive

• Equity awards granted to 43 new employees to enhance retention.
• Total of 48,350 stock options and 24,900 RSUs awarded.
• Options exercise price aligns with the market closing price.

Negative

• None.

CAMBRIDGE, Mass., Sept. 30, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on September 30, 2021 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 43 individuals hired by Sarepta in September 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 48,350 shares of Sarepta's common stock, and in the aggregate 24,900 restricted stock units (“RSUs”). The options have an exercise price of $92.48 per share, which is equal to the closing price of Sarepta's common stock on September 30, 2021 (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 recent equity awards were announced by Sarepta Therapeutics (SRPT)?

On September 30, 2021, Sarepta Therapeutics granted equity awards to 43 new employees, which included options for 48,350 shares and 24,900 RSUs.

What is the exercise price for the stock options granted by SRPT?

The exercise price for the stock options granted is $92.48 per share, which matches the closing price on the grant date.

How does the vesting schedule work for the options and RSUs at Sarepta (SRPT)?

The options vest monthly over four years, while the RSUs vest annually, both contingent upon continued employment.

How many shares are involved in the recent equity award at Sarepta Therapeutics (SRPT)?

The recent equity award involves a total of 48,350 options and 24,900 restricted stock units.