Document:

EX-10.25

 Exhibit 10.25 
  

 
 October 23, 2012 
 David
Tyronne Howton 
 29 Derby Lane 
 Weston, MA 02493 

Dear Ty: 
 We are pleased to offer you a position as Senior Vice
President, General Counsel at Sarepta Therapeutics, Inc. (the “Company”), reporting to Christopher Garabedian, President and Chief Executive Officer (“CEO”), pursuant to the terms set forth in this letter agreement,
effective on a date agreed to following your acceptance of this offer (“Start Date”). Your employee orientation will begin at 11:00 a.m. on your Start Date at our Cambridge office, 245 First Street, Suite 1800, Cambridge, Massachusetts.

 1. Employment At-Will. 
 If you
accept our offer of employment, you will be an employee at-will, meaning that your employment is of indefinite duration and either you or the Company may terminate our employment relationship at any time for any reason, with or without cause and
with or without advance notice. However, you may be entitled to severance benefits depending on the circumstances of your termination of employment with the Company pursuant to a separate Change in Control and Severance Agreement that you will be
eligible to enter into with the Company. In the event of your resignation, we request that you give the Company at least two weeks’ notice. 

2. Compensation. 
 (a)
Base Salary. The Company will pay you an annual salary of $375,000 as compensation for your services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll
practices and be subject to the usual, required withholdings. Your salary will be subject to review and adjustments will be made based upon the Company’s normal performance review practices. 

(b) Target Bonus. You will be eligible to receive a target annual bonus of thirty-five percent (35%) of your Base Salary, less
applicable withholdings, upon achievement of performance objectives to be determined by the CEO and the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) in their sole
discretion (the “Target Bonus”). The maximum bonus you will be eligible to receive is one hundred fifty percent (150%) of your target bonus. Due to the fact that you are joining the company after September 30, 2012, you
will not be eligible for a 2012 Target Bonus. In forthcoming years, however, your annual Target Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, but in no event
shall the Target Bonus be paid after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of
the Company’s fiscal year in which the Target Bonus is earned or (ii) March 15 following the calendar year in which the Target Bonus is earned. 

  
 

 

 Ty Howton 
 October
23, 2012 
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 (c) Equity
Award. We will recommend to the Compensation Committee after commencement of your employment that you be granted an option to purchase 150,000 shares of the Company’s common stock (the “Option”). The exercise price of the
option will be equal to the closing trading price of the Company’s common stock on the date of grant. Your grant will be subject to the terms, definitions and provisions of the Company’s 2002 Equity Incentive Plan (the “Equity
Plan”), and the stock option agreement by and between you and the Company (the “Option Agreement (together, the “Equity Agreements”), both of which documents are incorporated herein by reference. Twenty-five
percent (25%) of the shares underlying the Option will vest and become exercisable on the first anniversary of the Start Date, and 1/48th of the shares underlying the Option will vest and
become exercisable on each monthly anniversary of the Start Date thereafter, such that the Option will be fully vested and exercisable on the fourth anniversary of the Start Date, subject to your continued employment through any such vesting dates.

 (d) Parking. Onsite parking at the Cambridge location is available through Laz Parking (ww.lazparking.com). If you elect to park
in this lot, you must first fill out the appropriate paperwork and register with Laz Parking. The Company will reimburse your Laz Parking expenses up to a maximum of $130 per month, which is fifty percent (50%) of the current monthly Laz
Parking fee, in accordance with the Company’s expense reimbursement policy. 
 (e) Other Employee Benefits. During your
employment with the Company, you will be entitled to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other executive officers of the Company, including without limitation any
annual equity grants. None of the benefits offered to you by the Company create a right to continue in employment for any particular period of time. Any statements to the contrary that may have been made to you are unauthorized and are superseded
and cancelled by this offer letter. Please also remember that employment terms like your position, hours of work, work location, compensation, the stock option plan, and other employee benefits may change over the course of employment at the
Company’s discretion. 
 3. Severance Benefits. 

Following commencement of your employment with the company you will be eligible to enter into the company’s standard Change in Control and Severance
Agreement. This agreement will outline any severance benefits you may be eligible for in the event of certain terminations of your employment. 

4. Proprietary Rights Agreement. 
 As a
condition of your employment, you are required to sign a Confidential Proprietary Rights and Non-Disclosure Agreement (“Confidentiality Agreement”) and you have already done so. For your records, a copy of your fully executed
Confidentiality Agreement is enclosed. We wish to emphasize the importance we place on the proper treatment of all proprietary information, including that which you may have come into contact with in your prior employment. The Company is extending
this offer to you based upon your general skills and abilities, and not your possession of any trade secret, confidential or proprietary information of a former employer. The Company requires that you do not obtain, keep, use for our benefit, or
disclose this type of information from any prior employers to us. By accepting this offer, you will also be affirming to the Company that you are not a party to any agreement with a prior employer that would prohibit your employment with us. 

  
 

 

 Ty Howton 
 October
23, 2012 
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 Moreover, you agree that during
the term of your employment, you will not engage in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your
employment, nor will you engage in any other activities that conflict with your obligations to the Company. 
 5. Background
Investigation/Reference Checks. 
 As a part of the employment process, we reserve the right to conduct background investigations and/or reference checks
on all potential employees to the fullest extent permitted under applicable law. Your job offer, therefore, is contingent upon a clearance of such background investigation and/or reference check. 

6. Eligibility for Employment. 
 The
United States government requires all U.S. employers to verify that employees are eligible to work in the United States. This law applies to citizens and non-citizens. Enclosed is a list of documents that are acceptable for completing the employment
verification (Form I-9) process. Please bring your documentation with you on your first day. The law requires that such documentation be provided within 3 business days of the effective date of your employment, or your employment relationship with
the Company may be terminated. In addition, since the Company is a Federal contractor, please note that we participate in e-Verify (an online work authorization verification system). 

7. Miscellaneous. 
 This letter will be
governed by the laws of the State of Massachusetts. This letter, the Equity Agreements and the Confidentiality Agreement, set forth the terms of your employment with the Company and supersede any prior representations or agreements including, but
not limited to, any representations made during your interviews or relocation negotiations, whether written or oral. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written
agreement signed by the Company CEO or President and you. 
 If you wish to accept employment with Sarepta Therapeutics, please sign this letter and return
one copy to me. This offer will remain open through October 29, 2012. 
 We are pleased to welcome you to Sarepta Therapeutics. If you have any
questions, please give me a call at 617-444-8424 ext 3107. 
 Sincerely, 

/s/ Joan C. Wood 
 Joan C. Wood 

Vice President, Human Resources 

  
 

 

 Ty Howton 
 October
23, 2012 
  Page
 4
 of 4 
  
 AGREED TO AND
ACCEPTED: 
 I accept the above written offer of employment under the terms in this letter. 

 

									
	Signature	 	 /s/ David Tyronne Howton
	 		 	Date: 10/26/2012EX-10.26

 Exhibit 10.26 

SAREPTA THERAPEUTICS, INC. 

EXECUTIVE INDUCEMENT STOCK OPTION AWARD AGREEMENT 

Unless otherwise defined herein, capitalized terms used in this executive inducement stock option agreement and the exhibits hereto (the
“Award Agreement”) shall have the definitions for such terms included in Exhibit B hereto. 
  

	I.	NOTICE OF STOCK OPTION GRANT  

 Executive Name: Arthur M. Krieg 

You (“Executive”) have been granted an option (the “Option”) to purchase Shares of common stock (“Common Stock”)
of Sarepta Therapeutics, Inc. (the “Company”), subject to the terms and conditions of this Award Agreement, including its exhibits, as follows: 
  

					
	Grant Number	  		  	 275,000 Shares of Common Stock of the Company

			
	Date of Grant	  		  	 January 13, 2014

			
	Vesting Commencement Date	  		  	 January 13, 2014

			
	Exercise Price per Share	  		  	$20.08
			
	Total Number of Options Granted	  		  	 275,000

			
	Total Exercise Price	  		  	$5,522,000
			
	Type of Option:	  		  	Inducement Stock Options under Nasdaq’s Rule 5635(c)(4), Nonstatutory Stock Option (“NSO”)
			
	Term/Expiration Date:	  		  	 January 13, 2024

 Vesting Schedule: 

Subject to any acceleration provisions contained in this Award Agreement, this Option may be exercised, in whole or in part, in accordance with
the following schedule: 
 Twenty-five percent of the Shares of Common Stock subject to the Option shall vest on the one (1) year
anniversary of the Vesting Commencement Date and 1/48th of such shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if
there is no corresponding day, on the last day of the month), subject to Executive continuing to be an employee of the Company through each such date. 

Notwithstanding the foregoing, in the event of Executive’s termination as an employee of the Company (“Employee”) as a result
of death, the vesting of all of the Shares of Common Stock subject to the Option shall be accelerated as to 100% of such Shares of Common Stock as of the date of Executive’s death. 

Termination Period: 
 This
Option will be exercisable for three (3) months after Executive ceases to be an Employee, unless such termination is due to Executive’s death or Disability, in which case this Option will be exercisable for twelve (12) months after
Executive ceases to be an Employee. Notwithstanding the foregoing, in no event may this Option be exercised after the Term/Expiration Date as provided above and may be subject to earlier termination as provided in Section 13 of the Terms and
Conditions of Stock Option Grant attached Exhibit A hereto. 
 By Executive’s signature and the signature of the Company’s
representative below, Executive and the Company agree to the 

 
Option terms described in this Award Agreement, including the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, all of which are made a part of this document.
Executive has reviewed this Award Agreement and its exhibits in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all provisions of this Award Agreement and its
attached exhibits. Executive hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to this Award Agreement, including its exhibits. Executive further agrees to
notify the Company upon any change in the residence address Executive provides to the Company. 
  

					
	EXECUTIVE:	 		 	SAREPTA THERAPEUTICS, INC.
			
	 /s/ Arthur M. Krieg
	 		 	 /s/ Christopher Garabedian

	Signature	 		 	By: Christopher Garabedian
			
	 Arthur M. Krieg
	 		 	 President and Chief Executive Officer

	Print Name	 		 	Title

 EXHIBIT A 

TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1. Grant of Option. The Company hereby grants to the Executive named in the Notice of Grant attached as Part I of this Award Agreement
(the “Executive”) an option (the “Option”) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all
of the terms and conditions in this Award Agreement. 
 This Option does not qualify as an “incentive stock option” under
Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Vesting Schedule. Except as provided
in Section 3, the Option awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not
vest in Executive in accordance with any of the provisions of this Award Agreement, unless Executive will have been continuously an Employee from the Date of Grant until the date such vesting occurs. 

3. Administrator Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of
the balance, of the unvested Option at any time, subject to the terms this Award Agreement. If so accelerated, such Option will be considered as having vested as of the date specified by the Executive. 

4. Exercise of Option. 

(a) Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during
such term only in accordance with the terms of this Award Agreement. 
 (b) Method of Exercise. This Option is exercisable by
delivery of an exercise notice, in the form attached as Exhibit C (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise the Option, the
number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice will be completed by Executive and delivered
to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. This Option will be deemed to be exercised upon receipt by the Company of
such fully executed Exercise Notice accompanied by such aggregate Exercise Price. 
 5. Method of Payment. Payment of the aggregate
Exercise Price will be by any of the following, or a combination thereof, at the election of Executive. 
 (a) cash; 

(b) check; 
 (c) consideration
received by the Company under a formal cashless exercise program adopted by the Company; or 
 (d) surrender of other Shares which have a
Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to the
Company. 
 6. Withholding Taxes. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the
Shares will be issued to Executive, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Executive with respect to the payment of income, employment and other taxes which the Company determines must
be withheld with respect to such Shares. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise
deliverable to Executive. If Executive fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time of the Option exercise, Executive acknowledges and agrees that the Company may refuse to
honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 
 7. Rights as
Shareholder. Neither Executive nor any person claiming under or through Executive will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing
such Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Executive. After such issuance, recordation and delivery, Executive will have all the rights of a shareholder of the
Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 8. No Guarantee of Continued
Service. EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN AT WILL EMPLOYEE OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING EXECUTIVE) AND

 
NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. EXECUTIVE FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH EXECUTIVE’S
RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING EXECUTIVE) TO TERMINATE EXECUTIVE’S RELATIONSHIP AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE. 

9. Address for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company
at Sarepta Therapeutics, Inc., 215 First Street, Suite 7, Cambridge, MA 02142, or at such other address as the Company may hereafter designate in writing. 

10. Non-Transferability of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Executive only by Executive. 
 11. Binding Agreement. Subject to the
limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

12. Additional Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing,
registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to
Executive (or his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. The Company will
make all reasonable efforts to meet the requirements of any such state or federal law or securities exchange and to obtain any such consent or approval of any such governmental authority. Assuming such compliance, for income tax purposes the
Exercised Shares will be considered transferred to Executive on the date the Option is exercised with respect to such Exercised Shares. 

13. Termination. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares occurs, the Administrator, will adjust the number and class of Shares that may be delivered under this Award Agreement and/or the number, class, and price of Shares covered by this Option. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify
Executive as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, the Option will terminate immediately prior to the consummation of such proposed action. 

(c) Change in Control. In the event of a merger or Change in Control, the Option will be treated as the Administrator determines
without Executive’s consent, including, without limitation, that (i) the Option will be assumed, or substantially equivalent to the Option will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with
appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to the Executive, that the Executive’s Option will terminate upon or immediately prior to the consummation of such merger or Change in
Control; (iii) outstanding Shares under the Option will vest and become exercisable, realizable, or payable, or restrictions applicable to the Option will lapse, in whole or in part prior to or upon consummation of such merger or Change in
Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger of Change in Control; (iv) (A) the termination of the Option in exchange for an amount of cash and/or
property, if any, equal to the amount that would have been attained upon the exercise of such Option or realization of the Executive’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the
date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Option or realization of the Executive’s rights, then such Option may be terminated by the
Company without payment), or (B) the replacement of such Option with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this
subsection (c), the Administrator will not be obligated to treat all awards, all awards held by the Executive, or all awards of the same type, similarly. 

In the event that the successor corporation does not assume or substitute for the Option (or portion thereof), the Participant will fully vest
in and have the right to exercise all of his or her outstanding Option (or portion thereof) that is not assumed or substituted for. In addition, if the Option is not assumed or substituted for in the event of a Change in Control, the Administrator
will notify the Participant in writing or electronically that the Option will be fully vested and exercisable for a period of time determined by the Administrator in its sole discretion, and the Option will terminate upon the expiration of such
period. 
 For the purposes of this subsection (c), the Option will be considered assumed if, following the Change in Control, the Option is
given the right to purchase or receive, for each Share subject to the Option immediately prior to the Change in Control, the 

 
consideration (whether stock, cash, or other securities or property) or the fair market value of the consideration received in the merger or Change in Control by holders of Common Stock for each
Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration
received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the
Option for each Share subject to the Option (or in the case were the Option or a portion thereof is settled in cash, the number of implied shares determined by dividing the value of the Option by the per share consideration received by holders of
Common Stock in the Change in Control), to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Change in Control. 

14. Administrator Authority. The Administrator will have the power to interpret this Award Agreement (including, but not limited to,
the determination of whether or not any Shares subject to the Option have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Executive, the Company and all
other interested persons. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to this Award Agreement. 

15. Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Option by electronic means
or request Executive’s execution of such documents to be by electronic means. Executive hereby consents to receive such documents by electronic delivery and agrees to use any electronic system established and maintained by the Company or
another third party designated by the Company for purposes of administering the Option and this Award Agreement. 
 16. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement. 

17. Agreement Severable. In the event that any provision in this Award Agreement will be held invalid or unenforceable, such provision
will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. 

18. Modifications to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered.
Executive expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of Executive, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Code Section 409A in connection to this Option. 

19. Reserved.  
 20.
Governing Law. This Award Agreement will be governed by the laws of the State of Delaware, without giving effect to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Award
Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Delaware, and agree that such litigation will be conducted in the state courts of Delaware, or the federal courts for the United States for the District of
Delaware, and no other courts, where this Option is made and/or to be performed. 

 EXHIBIT B 

DEFINED TERMS 
  

	 	(a)	“Administrator” means the board of directors of the Company or the Compensation Committee. 

  

	 	(b)	“Change in Control” means the occurrence of any of the following events: 

  

	 	(i)	Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership
of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the
acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control; or 

 

	 	(ii)	Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on
the date that a majority of members of the board of directors (the “Board”) of the Company is replaced during any twelve (12) month period by a member of the Board whose appointment or election is not endorsed by a majority of the
members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same
Person will not be considered a Change in Control; or 

  

	 	(iii)	Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has
acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the
total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a
substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s shareholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a shareholder of
the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by
the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total
value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the
assets being disposed of, determined without regard to any liabilities associated with such assets. 

 For
purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

Further and for the avoidance of doubt, a transaction shall not constitute a Change in Control if: (i) its sole purpose
is to change the state of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that shall be owned in substantially the same proportions by the persons who held the Company’s securities immediately
before such transaction. 
  

	 	(c)	“Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or Treasury Regulation 

 

	 	(d)	“Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its
discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time. 

 

	 	(e)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

	 	(f)	“Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 

  

	 	(i)	If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, its Fair
Market Value shall be the closing sales price for such stock (or, if no closing sales price was reported on that date, as applicable, on the last trading date such closing sales price is reported) as quoted on such exchange or system on the day of
determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

  

	 	(ii)	If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid and low asked prices for the Common Stock on
the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks are reported); or 

  

	 	(iii)	In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator. 

 

	 	(g)	“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code. 

 

	 	(h)	“Share(s)” means a share or shares of the Common Stock, as adjusted in accordance with Section 13(a) of Exhibit A of the Award Agreement (Terms and Conditions of Stock Option Grant”).

  

	 	(i)	“Subsidiary” means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 

 EXHIBIT C 

SAREPTA THERAPEUTICS, INC. 

EXERCISE NOTICE 
 Sarepta Therapeutics,
Inc. 
 215 First Street 
 Suite 415 

Cambridge, MA 02142 
 1. Exercise of
Option. Effective as of today,             ,              , the undersigned (“Purchaser”) hereby elects to purchase
                shares (the “Shares”) of the Common Stock of Sarepta Therapeutics, Inc. (the “Company”) under and pursuant to the Stock Option Award
Agreement dated              between the Purchaser and the Company (the “Award Agreement”). The purchase price for the Shares will be
$        , as required by the Award Agreement. 
 2. Delivery of Payment. Purchaser herewith
delivers to the Company the full purchase price of the Shares and any required tax withholding to be paid in connection with the exercise of the Option. 

3. Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Award Agreement and agrees
to abide by and be bound by their terms and conditions. 
 4. Rights as Shareholder. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Shares subject to the
Option, notwithstanding the exercise of the Option. The Shares so acquired will be issued to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior
to the date of issuance, except as provided in Section 13 of the Award Agreement. 
 5. Tax Consultation. Purchaser understands
that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 
 6. Entire Agreement;
Governing Law. The Award Agreement is incorporated herein by reference. This Exercise Notice and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all
prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This
agreement is governed by the internal substantive laws, but not the choice of law rules, of the State of Delaware. 
  

					
	Submitted by:	  		  	Accepted by:
			
	PURCHASER:	  		  	SAREPTA THERAPEUTICS, INC.
			
	  
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 Date Received

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