Sarepta (SRPT) CFO Receives 118,875 RSUs; Performance Tranche Vests 2028

Rhea-AI Filing Summary

Ryan Ho-Yan Wong, Chief Financial Officer of Sarepta Therapeutics (SRPT), reported grants of restricted stock units on 09/03/2025. He received 93,875 RSUs that vest 50% on 09/03/2026 and 50% on 09/03/2027, and an additional 25,000 performance-based RSUs that vest 100% on 09/03/2028 only if certain performance criteria are met and he remains in service. The reported price for both grants is $0. Following the 09/03/2025 transactions, the filing shows beneficial ownership totaling 136,203 shares. The Form 4 was signed by an attorney-in-fact on 09/05/2025.

Positive

• Equity alignment: Grants are equity-based (RSUs), aligning the CFOs interests with shareholders through stock ownership.
• Staggered vesting: Time-based vesting over two years helps retention by requiring continued service for value realization.

Negative

• Performance criteria undisclosed: The 25,000 RSUs vest only if performance criteria are met, but those targets are not described in the filing.
• No dilution context: The filing does not disclose total shares outstanding, so the shareholder dilution impact cannot be determined here.

Insights

Corporate Governance Expert

TL;DR: Executive equity grants reinforce retention and alignment but limited detail on performance metrics reduces transparency.

The filing documents time- and performance-based restricted stock units awarded to the companys CFO and reporting person. Time-based vesting over two years for the larger grant aligns managements interests with shareholders by tying value realization to continued service. The performance-based tranche adds conditional alignment, but the filing does not disclose the specific performance targets or measurement periods, which constrains assessment of rigor and investor visibility. Overall, governance practice of equity-based retention is evident, though disclosure could be improved for investor assessment.

Compensation Analyst

TL;DR: Grant sizes are meaningful for a senior officer and use staggered vesting; impact on dilution appears limited but not quantified here.

The CFO received 118,875 RSUs in total on 09/03/2025 (93,875 time-based and 25,000 performance-based). The time-based award vests 50% after one year and 50% after two years, while the performance award vests in three years subject to committee certification. The grants are typical mechanisms to retain senior executives and link pay to future performance, but the filing does not provide information on the total share count or the percentage these awards represent of outstanding shares, so absolute dilution and cost to shareholders cannot be calculated from this document alone.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wong Ryan Ho-Yan

(Last) (First) (Middle)

215 FIRST STREET

(Street)

CAMBRIDGE MA 02142

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sarepta Therapeutics, Inc. [ SRPT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/03/2025		A		93,875(1)	A	$0	111,203	D
Common Stock	09/03/2025		A		25,000(2)	A	$0	136,203	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The Reporting Person was granted restricted stock units ("RSUs"). Each RSU represents the right to receive one share of common stock. 50% of the RSUs will vest on September 3, 2026, and the remaining 50% will vest on September 3, 2027, subject to the Reporting Person's continued service to the Company.

2. The Reporting Person was granted restricted stock units ("RSUs"). Each RSU represents the right to receive one share of common stock. 100% of the RSUs will vest on September 3, 2028, subject to the Reporting Person's continued service to the Company and only if certain performance criteria has been deemed achieved by the Compensation Committee of the Board.

	/s/ Cristin Rothfuss, as Attorney-in-Fact for Ryan Ho-Yan Wong	09/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What did SRPT CFO Ryan Ho-Yan Wong receive on 09/03/2025?

He was granted 93,875 RSUs (time-based) and 25,000 RSUs (performance-based) on 09/03/2025.

When do the RSUs awarded to Ryan Ho-Yan Wong vest?

The 93,875 RSUs vest 50% on 09/03/2026 and 50% on 09/03/2027; the 25,000 RSUs vest 100% on 09/03/2028 subject to performance and continued service.

What price was reported for the RSU grants in the Form 4 (SRPT)?

The reported price for both RSU grants is $0, consistent with restricted stock unit awards.

How many shares does Ryan Wong beneficially own after the reported transactions?

The Form 4 reports 136,203 shares beneficially owned following the 09/03/2025 transactions.

Who signed the Form 4 for Ryan Ho-Yan Wong and when?

The Form 4 was signed by Cristin Rothfuss, as Attorney-in-Fact, on 09/05/2025.