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 11 new employees as part of its 2014 Employment Commencement Incentive Plan, approved by its Compensation Committee. A total of options for 4,525 shares and 1,720 restricted stock units (RSUs) were awarded, with options priced at $170.49 per share, reflecting the stock's closing price on the grant date (Dec 31, 2020). The options and RSUs will vest over a four-year period, contingent on continued employment. This move aims to attract talent in the field of precision genetic medicine.

Positive

• Equity awards granted to 11 new hires enhance talent acquisition.
• Options and RSUs linked to company performance can align employee interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass., Dec. 31, 2020 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on December 31, 2020 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 11 individuals hired by Sarepta in December 2020. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 4,525 shares of Sarepta's common stock, and in the aggregate, 1,720 restricted stock units (“RSUs”). The options have an exercise price of $170.49 per share, which is equal to the closing price of Sarepta's common stock on December 31, 2020 (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
At Sarepta, we are leading a revolution in precision genetic medicine and every day is an opportunity to change the lives of people living with rare disease. The Company has built an impressive position in Duchenne muscular dystrophy (DMD) and in gene therapies for limb-girdle muscular dystrophies (LGMDs), mucopolysaccharidosis type IIIA, Charcot-Marie-Tooth (CMT), and other CNS-related disorders, with more than 40 programs in various stages of development. The Company’s programs and research focus span several therapeutic modalities, including RNA, gene therapy 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.

Sarepta Therapeutics, Inc.
Investors:
Ian Estepan, 617-274-4052, iestepan@sarepta.com

Media:
Tracy Sorrentino, 617-301-8566, tsorrentino@sarepta.com

FAQ

What equity awards were granted by Sarepta Therapeutics (SRPT) on December 31, 2020?

Sarepta granted options to purchase 4,525 shares and 1,720 restricted stock units (RSUs) to 11 new employees.

What is the exercise price of the options granted by Sarepta Therapeutics (SRPT)?

The exercise price of the options is $170.49 per share.

How will the equity awards vest for Sarepta Therapeutics employees?

Options will vest one-fourth on the first anniversary and monthly thereafter, while RSUs will vest annually over four years.

What is the purpose of the equity awards granted by Sarepta Therapeutics (SRPT)?

The awards serve as a material inducement to employment for new hires, supporting the company's talent acquisition strategy.