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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the grant of equity awards on October 30, 2020, to 12 new employees as part of its 2014 Employment Commencement Incentive Plan. In total, the employees received options to purchase 20,835 shares and 8,385 restricted stock units (RSUs). The options have an exercise price of $135.91 per share, equal to the closing price on the grant date. Options vest over four years, while RSUs vest annually, contingent upon continued employment.

Positive

• Granting of equity awards reflects the company's commitment to incentivize and retain new talent.
• The option exercise price aligns with market conditions, indicating a strategic approach to employee compensation.

Negative

• None.

CAMBRIDGE, Mass., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on October 30, 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 12 individuals hired by Sarepta in October 2020. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 20,835 shares of Sarepta's common stock, and in the aggregate, 8,385 restricted stock units (“RSUs”). The options have an exercise price of $135.91 per share, which is equal to the closing price of Sarepta's common stock on October 30, 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 on October 30, 2020?

On October 30, 2020, Sarepta Therapeutics granted options to purchase 20,835 shares and 8,385 restricted stock units (RSUs) to 12 new employees.

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

The options granted by Sarepta Therapeutics have an exercise price of $135.91 per share.

When do the options and RSUs vest for the new employees at Sarepta?

The options vest over four years, with one-fourth vesting after one year, and the RSUs vest annually over four years.

What is the significance of the equity awards granted by Sarepta Therapeutics?

The equity awards are intended to attract and retain talent, reflecting Sarepta's strategy in precision genetic medicine.