Sarepta (SRPT) Form 4: Time-Based and Performance RSUs Awarded to COO

Rhea-AI Filing Summary

Ian Michael Estepan, Chief Operating Officer of Sarepta Therapeutics (SRPT), reported two 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. He also received 50,000 performance-based RSUs that vest 100% on 09/03/2028 subject to service and performance committee approval. Following the grants his beneficial ownership increased to 156,487 shares and then to 206,487 shares. The Form 4 was signed by an attorney-in-fact on 09/05/2025. All RSUs are at $0 reported price because they are awards, not purchases.

Positive

• Clear retention structure: 93,875 RSUs vesting over 2026–2027 supports multi-year retention
• Performance alignment: 50,000 RSUs vesting in 2028 contingent on committee-determined performance
• Increased insider ownership: Beneficial ownership increases to 206,487 shares after grants

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Executive received time-based and performance-based RSUs that extend retention through 2028, increasing beneficial ownership.

The grants combine time-based vesting across 2026–2027 and a performance-conditioned tranche vesting in 2028, which aligns executive retention with multi-year company objectives. The increase to 206,487 beneficially owned shares is material for insider alignment but not a cash transaction. Disclosure follows Section 16 reporting requirements and shows a standard compensation structure for senior executives.

Compensation Analyst

TL;DR: The award structure mixes immediate multi-year retention with a performance award, typical for executive pay programs.

The 93,875 RSUs vesting 50% in 2026 and 50% in 2027 provide time-based retention. The 50,000 RSUs are fully performance-vested in 2028 contingent on committee certification, indicating targeted incentives. Both grants are reported at $0 price as equity awards rather than market purchases; further details on performance metrics are not included in this filing.

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

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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^*

Estepan Ian Michael

(Last) (First) (Middle)

215 FIRST STREET

SUITE 415

(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 Operating 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	156,487	D
Common Stock	09/03/2025		A		50,000(2)	A	$0	206,487	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 Ian Michael Estepan	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 COO Ian Estepan receive on 09/03/2025?

He was granted 93,875 time-based RSUs and 50,000 performance-based RSUs according to the Form 4.

When do the RSUs vest for Ian Estepan?

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

How many shares does Ian Estepan beneficially own after these transactions?

The filing reports beneficial ownership of 156,487 shares after the first grant and 206,487 shares after the second grant.

Was there any cash paid for these shares?

No. The Form 4 reports a $0 price for these items because they are equity awards (RSUs), not purchases.

Who signed the Form 4 for Ian Estepan?

The Form 4 was signed by Cristin Rothfuss as attorney-in-fact for Ian Michael Estepan on 09/05/2025.