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 November 30, 2021, as part of its 2014 Employment Commencement Incentive Plan. These awards serve as a material inducement to the hiring of 35 employees. In total, the company granted options for 42,225 shares and 21,675 restricted stock units (RSUs). The options have an exercise price of $80.81 per share and vest over a four-year period. Sarepta focuses on precision genetic medicine for rare diseases, particularly Duchenne muscular dystrophy, and currently supports over 40 development programs.

Positive

• Sarepta granted equity awards to 35 new employees, potentially boosting talent acquisition and retention.
• The equity awards include options for 42,225 shares and 21,675 RSUs, demonstrating commitment to employee performance.
• The exercise price of $80.81 aligns with the current market price, reflecting a stable valuation.

Negative

• None.

CAMBRIDGE, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on November 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 35 individuals hired by Sarepta in November 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 42,225 shares of Sarepta's common stock, and in the aggregate 21,675 restricted stock units (“RSUs”). The options have an exercise price of $80.81 per share, which is equal to the closing price of Sarepta's common stock on November 30, (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 did Sarepta Therapeutics grant on November 30, 2021?

Sarepta granted options to purchase 42,225 shares and 21,675 restricted stock units (RSUs) to 35 newly hired employees.

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

The options granted by Sarepta have an exercise price of $80.81 per share.

How does the vesting schedule for the equity awards work?

The options vest over four years, with one-fourth vesting on the first anniversary, followed by monthly vesting, while RSUs vest yearly.

What is the significance of the equity awards for Sarepta Therapeutics?

These equity awards serve as a material inducement to attract and retain talent, which is crucial for Sarepta's growth in precision genetic medicine.