Sarepta Therapeutics, Inc. (NASDAQ:SRPT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On December4, 2017, the Board of Directors (the “Board”) of Sarepta Therapeutics, Inc. (the “Company”) elected Michael W. Bonney to serve as a Group I Director on the Board until the 2018 annual meeting of stockholders, or until his successor is earlier elected. Mr.Bonney will also serve as a member of the Audit Committee of the Board.
In accordance with the Company’s current Non-Employee Director Compensation Policy (the “Policy”), Mr.Bonney will receive cash compensation of $50,000 per year for his service on the Board and an additional fee of $12,500 per year for his service as a member of the Audit Committee, both payable on a quarterly basis at the beginning of the applicable quarter. In addition, according to the Policy, Mr.Bonney received an initial grant of an option to purchase 16,400 shares of the Company’s common stock. The shares underlying such initial option grant will vest over four years of continued service to the Board, with 25% of the total number of shares underlying the option vesting each year on the earlier of (i)the anniversary date of the grant, and (ii)the date of the Annual Meeting of the Company’s stockholders in the year following the date of grant. Mr.Bonney will also be eligible to receive annual grants of equity awards to and in accordance with the Company’s Policy as in effect from time to time.
There are no arrangements or understandings between Mr.Bonney and any other person to which Mr.Bonney was elected to the Board, and there are no relationships between Mr.Bonney and the Company that would require disclosure under Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended.
About Sarepta Therapeutics, Inc. (NASDAQ:SRPT)
Sarepta Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the discovery and development of ribonucleic acid (RNA)-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others. The Company, through its platform technologies, targets a range of diseases and disorders through RNA-targeted mechanisms of action. The Company is also developing therapeutics using its technology for the treatment of drug-resistant bacteria and infectious, rare and other human diseases. The Company’s lead Duchenne Muscular Dystrophy (DMD) product candidate, Eteplirsen, is an antisense phosphorodiamidate morpholino oligomer (PMO) therapeutic in Phase III clinical development for the treatment of individuals with DMD having an error in the gene coding for dystrophin that is amenable to skipping exon 51.
