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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced on August 31, 2021, the granting of equity awards to 11 new hires as an employment inducement. The awards consisted of options to purchase 10,600 shares and 5,400 restricted stock units (RSUs). The options have an exercise price of $78.12 per share, matching the closing price on the Grant Date. Vesting for the options and RSUs occurs over four years, subject to continued employment. This initiative aligns with Nasdaq rules and reflects the company’s commitment to attracting talent in the rare disease sector.

Positive

• Granting of options and RSUs signals strong recruitment strategy.
• Equity awards may enhance employee retention and motivation.

Negative

• None.

CAMBRIDGE, Mass., Aug. 31, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on August 31, 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 11 individuals hired by Sarepta in August 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 10,600 shares of Sarepta's common stock, and in the aggregate 5,400 restricted stock units (“RSUs”). The options have an exercise price of $78.12 per share, which is equal to the closing price of Sarepta's common stock on August 31, 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 did Sarepta Therapeutics grant to employees on August 31, 2021?

Sarepta granted options to purchase 10,600 shares and 5,400 restricted stock units (RSUs) on August 31, 2021.

What is the exercise price for the options granted by Sarepta on the Grant Date?

The exercise price for the options is $78.12 per share, equal to the closing price on August 31, 2021.

How long will it take for the options and RSUs to vest for Sarepta's new hires?

The options and RSUs will vest over four years, with specific annual vesting schedules.

Under what plan were the equity awards granted to new hires at Sarepta?

The equity awards were granted under Sarepta’s 2014 Employment Commencement Incentive Plan.