On November 30, 2022 Sarepta Therapeutics, Inc. (NASDAQ:SRPT), the leader in precision genetic medicine for rare diseases, granted equity awards on November 30, 2022 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 42 individuals hired by Sarepta in November 2022 (Press release, Sarepta Therapeutics, NOV 30, 2022, View Source [SID1234624637]). The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
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The employees received, in the aggregate, options to purchase 55,000 shares of Sarepta’s common stock, and in the aggregate 28,500 restricted stock units ("RSUs"). The options have an exercise price of $122.81 per share, which is equal to the closing price of Sarepta’s common stock on November 30, 2022 (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.