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 25 new employees as a material inducement for employment, approved by its Compensation Committee on December 31, 2021. The awards included options to purchase 19,175 shares and 9,900 restricted stock units (RSUs). The stock options have an exercise price of $90.05, equal to the closing price on the Grant Date. The vesting schedule for the options and RSUs is structured to encourage long-term employment, with shares fully vesting by December 31, 2025.

Positive

• Equity awards granted as an inducement to 25 new employees, potentially enhancing talent acquisition.
• Stock options and RSUs structured to promote long-term employee retention.

Negative

• None.

CAMBRIDGE, Mass., Dec. 31, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on December 31, 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 25 individuals hired by Sarepta in December 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 19,175 shares of Sarepta's common stock, and in the aggregate 9,900 restricted stock units (“RSUs”). The options have an exercise price of $90.05 per share, which is equal to the closing price of Sarepta's common stock on December 31, 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 equity awards were granted by Sarepta Therapeutics on December 31, 2021?

Sarepta Therapeutics granted options to purchase 19,175 shares and 9,900 restricted stock units (RSUs) to 25 new employees.

What is the exercise price of the stock options granted by Sarepta?

The exercise price of the stock options is $90.05 per share, which matches the closing price on the Grant Date.

How is the vesting schedule structured for Sarepta's equity awards?

The options vest in one-fourth on the first anniversary and the remaining shares vest monthly over the next three years. The RSUs vest one-fourth yearly on each anniversary.

What is the purpose of granting equity awards to new employees at Sarepta?

The equity awards are granted as a material inducement for employment, aimed at attracting and retaining talent.