Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
January 29, 2021 at 20:30 PM EST
CAMBRIDGE, Mass., Jan. 29, 2021 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on January 29, 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 26 individuals hired by Sarepta in January 2021. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 20,565 shares of Sarepta's common stock, and in the aggregate, 7,760 restricted stock units (“RSUs”). The options have an exercise price of $89.40 per share, which is equal to the closing price of Sarepta's common stock on January 29, 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.
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Source: Sarepta Therapeutics, Inc.
Sarepta Therapeutics, Inc.