Sarepta Therapeutics, Inc., has granted equity awards to 23 new hires as a material inducement to their employment. These awards, previously approved by the Compensation Committee of Sarepta’s Board of Directors under the company’s 2024 Employment Commencement Incentive Plan, align with Nasdaq Listing Rule 5635(c)(4).
The newly employed individuals received a combined total of 5,100 stock options and 19,980 restricted stock units (RSUs). The stock options have an exercise price of $158.00 per share, matching the closing price of Sarepta’s common stock on the grant date, June 28, 2024. The vesting schedule for the stock options requires one-fourth of the shares to vest on the first anniversary of the grant date, with an additional 1/48th of the shares vesting monthly thereafter, resulting in full vesting by the fourth anniversary, contingent on continued employment.
Similarly, the RSUs will vest in equal annual installments over four years, with one-fourth vesting on each anniversary of the grant date, subject to the employees’ ongoing employment with Sarepta.
These equity awards represent Sarepta’s commitment to attracting and retaining top talent in the field of genetic medicine, ensuring alignment with company goals and long-term success.