Company: SRPT
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029973
Chunk: 469

Company: Sarepta Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 9A
Chunk 469
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 during any consecutive 20 trading day period during the Measurement Period reaches certain pre-determined target stock prices. Additionally, the CEO is subject to a one-year post-exercise restriction to sell, transfer or dispose shares acquired upon the exercise of any options that vest after deduction of any shares withheld or sold to pay the applicable aggregate exercise price and/or withholding taxes. The aggregate incremental cost of the modification of the CEO's awards was $123.3 million.During both years ended December 31, 2023 and 2022, respectively, 550,110 options relating to the Unvested Tranche became vested as they met the conditions for vesting and, accordingly, all previously unrecognized expense associated with these options was immediately recognized. For the years ended December 31, 2023 and 2022, the Company recorded $13.4 million and $109.9 million as stock-based compensation expense relating to the CEO’s awards, respectively. As of December 31, 2023, the Unvested Tranche was fully expensed.Excluding the options with market and service conditions granted to the Company’s CEO, the remaining stock options granted during the periods presented in the table have only service-based criteria and vest over four years. 

F-31

Restricted Stock UnitsThe Company grants RSUs to members of its board of directors and employees. The following table summarizes the Company’s RSU activity for the period indicated:   

        For the Year Ended December 31, 2024

        Weighted-Average

        Grant Date

        Shares

        Fair Value

        Grants outstanding at beginning of the period

        2,240,504
         
        (1)
        $
        120.17

        Granted

        1,409,347
         
        (2)
         
        129.31

        Vested

        (734,922
        )

        107.93

        Forfeited

        (197,515
        )

        126.19

        Grants outstanding at end of the period

        2,717,414

        $
        127.78

      (1) Included in RSUs outstanding at the beginning of the year ended December 31, 2024 are 33,000 shares of PSUs (the “March 2022 PSU”) with performance conditions related to regulatory approval of certain of the Company's product candidates and 485,275 shares of PSUs (the “March 2023