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

Rhea-AI Summary

Sarepta Therapeutics granted equity awards to 19 new employees on February 28, 2023, under its 2014 Employment Commencement Incentive Plan. This was approved by the Compensation Committee according to Nasdaq Listing Rule 5635(c)(4). The awards include options for 20,100 shares of common stock and 11,000 restricted stock units (RSUs). The options have an exercise price of $122.13 per share, equal to the closing stock price on the grant date. The vesting schedule for both options and RSUs spans four years, dependent on continued employment.

Sarepta focuses on precision genetic medicine for rare diseases, holding a leadership role in DMD and LGMD.

Positive

• Equity awards may enhance employee retention and incentivize performance.
• Sarepta's strategic hiring indicates a commitment to expanding its workforce and capabilities.

Negative

• None.

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on February 28, 2023 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 19 individuals hired by Sarepta in February 2023. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 20,100 shares of Sarepta's common stock, and in the aggregate 11,000 restricted stock units (“RSUs”). The options have an exercise price of $122.13 per share, which is equal to the closing price of Sarepta's common stock on February 28, 2023 (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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006472/en/

Investor:

Ian Estepan, 617-274-4052

iestepan@sarepta.com

Media:

Tracy Sorrentino, 617-301-8566

tsorrentino@sarepta.com

Source: Sarepta Therapeutics, Inc.

FAQ

What equity awards were granted by Sarepta Therapeutics in February 2023?

Sarepta granted options to purchase 20,100 shares and 11,000 RSUs to 19 individuals.

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

The exercise price is $122.13 per share.

When did Sarepta Therapeutics grant equity awards?

The equity awards were granted on February 28, 2023.

What is the vesting schedule for the equity awards at Sarepta?

Options vest over four years, and RSUs vest yearly on each anniversary of the grant date.

Does the grant of equity awards indicate positive growth for Sarepta Therapeutics?

Yes, it suggests a focus on employee retention and growth as the company expands its workforce.