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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) has granted equity awards to two new employees as part of its compensation strategy. Approved on June 30, 2021, these awards include options to purchase 2,450 shares and 1,250 restricted stock units (RSUs). The options have an exercise price of $77.74 per share, equivalent to the closing price on the grant date. The vesting schedule includes a one-year cliff, with full vesting over four years, contingent on continued employment. This move aligns with Nasdaq Listing Rule 5635(c)(4) and highlights Sarepta's commitment to attracting top talent.

Positive

• Approval of equity awards demonstrates a strategic effort to attract and retain talent.
• Compliance with Nasdaq Listing Rule 5635(c)(4) indicates proper corporate governance.

Negative

• None.

CAMBRIDGE, Mass., June 30, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on June 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 2 individuals hired by Sarepta in June 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 2,450 shares of Sarepta's common stock, and in the aggregate 1,250 restricted stock units (“RSUs”). The options have an exercise price of $77.74 per share, which is equal to the closing price of Sarepta's common stock on June 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 equity awards were granted by Sarepta Therapeutics on June 30, 2021?

On June 30, 2021, Sarepta Therapeutics granted options to purchase 2,450 shares and 1,250 restricted stock units (RSUs) to two new employees.

What is the exercise price for the options granted to new employees at Sarepta?

The options granted to the new employees have an exercise price of $77.74 per share.

What is the vesting schedule for the equity awards granted by Sarepta?

The options vest one-fourth on the one-year anniversary and thereafter 1/48th monthly, fully vesting in four years. RSUs vest one-fourth yearly over the same period.

How does Sarepta Therapeutics ensure compliance with Nasdaq regulations?

Sarepta's equity awards were approved under Nasdaq Listing Rule 5635(c)(4), ensuring compliance with corporate governance standards.