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

Rhea-AI Summary

Sarepta Therapeutics (NASDAQ:SRPT) announced the granting of equity awards to 10 new employees as a part of their employment incentives on July 30, 2021. These awards include options to purchase 20,450 shares and 10,400 restricted stock units (RSUs), approved under the 2014 Employment Commencement Incentive Plan and Nasdaq Rule 5635(c)(4). The options have an exercise price of $67.78 per share, and the vesting schedule spans four years. Sarepta continues to lead in precision genetic medicine for rare diseases, with over 40 programs in development.

Positive

• Equity awards granted to 10 new employees may enhance workforce stability and morale.
• Total of 20,450 share options and 10,400 RSUs align employee interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass., July 30, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on July 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 10 individuals hired by Sarepta in July 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received, in the aggregate, options to purchase 20,450 shares of Sarepta's common stock, and in the aggregate 10,400 restricted stock units (“RSUs”). The options have an exercise price of $67.78 per share, which is equal to the closing price of Sarepta's common stock on July 30, 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 were granted by Sarepta Therapeutics on July 30, 2021?

Sarepta Therapeutics granted options to purchase 20,450 shares and 10,400 RSUs to 10 new employees as part of their employment incentives.

What is the exercise price of the options granted to new employees by SRPT?

The exercise price for the options granted on July 30, 2021, is $67.78 per share.

Who approved the equity awards granted by Sarepta on July 30, 2021?

The equity awards were approved by the Compensation Committee of Sarepta's Board of Directors.

How long is the vesting period for the equity awards granted by SRPT?

The vesting period for the equity awards spans four years, with a portion vesting annually.

What is Sarepta's focus in the biotech industry?

Sarepta Therapeutics focuses on precision genetic medicine for rare diseases, with a leadership role in Duchenne muscular dystrophy and limb-girdle muscular dystrophies.