Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
30 September 2017 - 8:30AM
Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a commercial-stage
biopharmaceutical company focused on the discovery and development
of precision genetic medicines to treat rare neuromuscular
diseases, granted equity awards on September 25, 2017, that were
approved by the Compensation Committee of its Board of Directors,
under Sarepta’s 2014 Employment Commencement Incentive Plan (the
“Plan”), as a material inducement to employment to Guriqbal “Guriq”
S. Basi, Ph.D. in connection with his appointment as Sarepta’s
senior vice president and chief scientific officer. Dr. Basi’s
equity award was approved in accordance with Nasdaq Listing Rule
5635(c)(4).
Dr. Basi received as an inducement award options
to purchase 100,000 shares of the Company’s common stock (the
“Options”). The Options have an exercise price of $43.90 per share,
which is equal to the closing price of Sarepta's common stock on
September 25, 2017. 1/4th of the shares underlying Dr. Basi’s
Options will vest on the one year anniversary of his date of hire
and thereafter 1/48th of the shares underlying the Options will
vest monthly, such that the shares underlying the Options will be
fully vested on the fourth anniversary of his date of hire, in each
case, subject to his continued employment with Sarepta on such
vesting dates.
In addition to the above described award to Dr. Basi, Sarepta
granted equity awards on September 29, 2017, 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 five individuals hired by
Sarepta in September 2017. These equity awards were also approved
in accordance with Nasdaq Listing Rule 5635(c)(4). The employees
received, in the aggregate, options to purchase 22,363 shares of
Sarepta's common stock. The options have an exercise price of
$45.36 per share, which is equal to the closing price of Sarepta's
common stock on September 29, 2017. 1/4th of the shares underlying
each employee’s options 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 options will vest monthly, such that the
shares underlying the options 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
TherapeuticsSarepta Therapeutics is a commercial-stage
biopharmaceutical company focused on the discovery and development
of precision genetic medicines to treat rare neuromuscular
diseases. The Company is primarily focused on rapidly advancing the
development of its potentially disease-modifying Duchenne muscular
dystrophy (DMD) drug candidates. For more information, please visit
www.sarepta.com.
Internet Posting of InformationWe 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.
Media and Investors: Sarepta Therapeutics, Inc. Ian Estepan,
617-274-4052 iestepan@sarepta.com or W2O Group Brian Reid,
212-257-6725 breid@w2ogroup.com
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