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

Rhea-AI Summary

Sarepta Therapeutics, Inc. (NASDAQ:SRPT) announced on January 31, 2023, the granting of equity awards to 40 newly hired employees. This decision was made by the Compensation Committee under the 2014 Employment Commencement Incentive Plan. A total of 41,125 stock options and 22,100 restricted stock units (RSUs) were awarded, with options priced at $124.97 per share, aligning with the closing stock price on the grant date. Vesting for options occurs monthly over four years, while RSUs vest annually. Sarepta focuses on developing precision genetic medicine for rare diseases, including Duchenne muscular dystrophy.

Positive

• 40 new employees hired, indicating company growth.
• Equity awards may enhance employee retention and motivation.
• Compliance with Nasdaq Listing Rule 5635(c)(4) ensures corporate governance.

Negative

• None.

CAMBRIDGE, Mass., Jan. 31, 2023 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on January 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 40 individuals hired by Sarepta in January 2023. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 41,125 shares of Sarepta's common stock, and in the aggregate 22,100 restricted stock units (“RSUs”). The options have an exercise price of $124.97 per share, which is equal to the closing price of Sarepta's common stock on January 31, 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.

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 new employee equity awards were granted by Sarepta Therapeutics on January 31, 2023?

Sarepta granted options to purchase 41,125 shares and 22,100 restricted stock units (RSUs) to 40 new employees.

What is the exercise price for the stock options granted by SRPT?

The exercise price for the stock options is $124.97 per share.

How will the stock options and RSUs vest for Sarepta employees?

Stock options vest monthly over four years, while RSUs vest annually over four years.

What is the significance of the equity awards granted by Sarepta?

The equity awards are intended as a material inducement to employment, helping to attract and retain talent.