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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) granted equity awards to 34 new employees on October 31, 2022. The awards include options for 31,125 shares and 16,075 restricted stock units (RSUs). The options have an exercise price of $114.02 per share, matching the closing price on the grant date. Options will vest over four years, with one-fourth vesting after one year and the rest vesting monthly. RSUs will vest annually over the same timeframe. This initiative was approved under Nasdaq Listing Rule 5635(c)(4) as an inducement for employment.

Positive

• Sarepta hired 34 new employees, indicating business growth.
• Equity awards align employee incentives with company performance.

Negative

• None.

CAMBRIDGE, Mass., Oct. 31, 2022 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on October 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 34 individuals hired by Sarepta in October 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 31,125 shares of Sarepta's common stock, and in the aggregate 16,075 restricted stock units (“RSUs”). The options have an exercise price of $114.02 per share, which is equal to the closing price of Sarepta's common stock on October 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

When did Sarepta grant equity awards to employees?

Sarepta granted equity awards on October 31, 2022.

What is the total number of shares granted to Sarepta's new employees?

Sarepta granted options for 31,125 shares and 16,075 restricted stock units (RSUs).

What is the exercise price for the options granted by Sarepta?

The exercise price for the options is $114.02 per share.

How will the options and RSUs vest for Sarepta employees?

Options vest 25% after one year and monthly thereafter; RSUs vest annually over four years.

Under which Nasdaq rule were the equity awards approved?

The equity awards were approved under Nasdaq Listing Rule 5635(c)(4).