Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 8, 2020, the Board of Directors of Sarepta Therapeutics, Inc. (the
"Company") appointed Ian Estepan, the Company's Senior Vice President, Chief of
Staff and Corporate Affairs, as the Company's Chief Financial Officer, effective
as of December 14, 2020. In connection with such appointment, Mr. Estepan was
also designated as the Company's Principal Financial and Accounting Officer.
Joseph Bratica, the Company's Vice President, Corporate Controller, will no
longer serve as the Company's interim Principal Financial and Accounting Officer
effective upon Mr. Estepan's appointment.
Mr. Estepan, age 44, joined the Company in January 2015 as Senior Director,
Corporate Affairs. From October 2016 to December 2017, he served as the
Company's Executive Director, Corporate Affairs, and from January 2018 to
February 2019, he served as the Company's Vice President, Chief of Staff and
Corporate Affairs. Mr. Estepan has served as the Company's Senior Vice
President, Chief of Staff and Corporate Affairs since February 2019. Prior to
joining the Company, Mr. Estepan managed a portfolio on the buyside at Spectra
Financial Group for fifteen years, overseeing a portfolio of pharmaceutical,
biotech and medtech equities. Mr. Estepan holds a Bachelor of Arts in psychology
with a concentration in pre-medicine from Columbia University.
In his position as Chief Financial Officer, Mr. Estepan will receive a base
salary of $525,000 and a target annual bonus equal to 50% of base salary. In
addition, on December 14, 2020, Mr. Estepan will be granted an option to
purchase 25,000 shares of the Company's common stock under the Company's 2018
Equity Incentive Plan. The option award will vest as to twenty-five percent of
the shares on the first anniversary of the grant date and 1/48th of the shares
will vest on each monthly anniversary of the grant date thereafter.
On December 11, 2020, David T. Howton informed the Company of his resignation
from his position as the Company's Executive Vice President, General Counsel and
Corporate Secretary, effective as of December 14, 2020. Mr. Howton will remain a
consultant to the Company through the first quarter of 2021. His decision to
resign did not result from any disagreement with the Company on any matter
relating to the Company's operations, financial statements, internal controls,
policies or procedures. The Company thanks Mr. Howton for his substantial
contributions during a transformational period for the Company and wishes him
well.
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