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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 10, 2018, the Board of Directors (the “Board”) of Sarepta Therapeutics, Inc. (the “Company”) elected Dr. Mary Ann Gray to serve as a Group I Director on the Board until the 2020 annual meeting of stockholders, or until her successor is earlier elected. Dr. Gray will also serve as a member of the Compensation Committee and the Nominating and Corporate Governance Committee of the Board.
In accordance with the Company’s updated Non-Employee Director Compensation Policy (the “Policy”), Dr. Gray received an initial grant of an option to purchase 5,711 shares of the Company’s common stock (the “Option”) and 2,901 restricted stock units (“RSUs”). The Option has an exercise price of $122.80 per share, which is equal to the closing price of the Company’s common stock on December 10, 2018 (the “Grant Date”). The Option and the RSUs will vest in three equal annual installments beginning December 10, 2019, subject to continued service to the Board. In addition, consistent with the Policy as described in the Company’s Proxy Statement for the Company’s 2018 Annual Meeting of Stockholders, Dr. Gray will receive cash compensation of $50,000 per year for her service on the Board and an additional fee of $9,000 per year for her service as a member of the Compensation Committee, and $6,500 per year for her service as a member of the Nominating and Corporate Governance Committee, payable on a quarterly basis at the beginning of the applicable quarter. Dr. Gray 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 Dr. Gray and any other person to which Dr. Gray was elected to the Board, and there are no relationships between Dr. Gray 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.