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 29 employees, as previously approved by the Compensation Committee. The awards, totaling 22,900 stock options and 11,750 restricted stock units (RSUs), were made as inducements for employment. The options have an exercise price of $109.38, equal to the stock's closing price on the grant date, August 31, 2022. Both options and RSUs will vest over four years, contingent on continued employment. This initiative reflects Sarepta's continued commitment to attract top talent in the precision genetic medicine sector.

Positive

• Granted equity awards to 29 new employees, enhancing talent acquisition.
• Total of 22,900 stock options and 11,750 RSUs awarded, aligning employee interests with company performance.
• Options priced at $109.38 per share, reflecting market value on grant date.

Negative

• None.

CAMBRIDGE, Mass., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on August 31, 2022 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 29 individuals hired by Sarepta in August 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 22,900 shares of Sarepta's common stock, and in the aggregate 11,750 restricted stock units (“RSUs”). The options have an exercise price of $109.38 per share, which is equal to the closing price of Sarepta's common stock on August 31, 2022 (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 are the details of the equity awards granted by Sarepta Therapeutics (SRPT)?

Sarepta granted equity awards on August 31, 2022, totaling 22,900 stock options and 11,750 RSUs to 29 employees, as a material inducement for employment.

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

The stock options have an exercise price of $109.38 per share, which matches the closing price of Sarepta's stock on the grant date.

When will the equity awards granted by Sarepta (SRPT) vest?

The options will vest over four years, with one-fourth vesting on the first anniversary of the grant date and the remainder vesting monthly thereafter. The RSUs will also vest over four years, one-fourth annually.

Why did Sarepta Therapeutics (SRPT) grant equity awards?

The equity awards were granted as inducements for employment, reflecting Sarepta's strategy to attract and retain top talent in the field of precision genetic medicine.