Sarepta Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
Published: Dec 01, 2016
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a commercial-stage developer of innovative RNA-targeted therapeutics, granted equity awards on November 30, 2016, 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 seven individuals hired by Sarepta in November 2016. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 22,875 shares of Sarepta's common stock. The options have an exercise price of $34.26 per share, which is equal to the closing price of Sarepta's common stock on November 30, 2016. One-fourth of the shares underlying each employee’s option will vest on the one year anniversary of his or her date of hire 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 his or her date of hire, in each case, subject to each such employee’s continued employment with Sarepta on such vesting dates.
About Sarepta Therapeutics
Sarepta Therapeutics is a commercial-stage biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare neuromuscular diseases. The Company is primarily focused on rapidly advancing the development of its potentially disease-modifying DMD drug candidates. For more information, please visit us at www.sarepta.com.
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