IRVINE, Calif.--(BUSINESS WIRE)--Jan. 11, 2019--
Endologix, Inc. (Nasdaq: ELGX) (the “Company”), a developer and marketer
of innovative treatments for aortic disorders, announced today the grant
of inducement equity awards to a newly hired executive (the “Awardee”).
The awards were approved by the Company’s Compensation Committee, which
is comprised of independent Directors, on December 10, 2018, as an
inducement material to the Awardee’s entry into employment with the
Company, as permitted under NASDAQ Listing Rule 5635(c)(4).
The inducement grants to the Awardee consisted of (i) options (the
“Options”) to purchase up to an aggregate of 250,000 shares of the
Company’s common stock, par value $0.001 per share (“Common Stock”), at
an exercise price of $0.64 per share, and (ii) 150,000 restricted stock
units (the “RSUs”). The date of grant for the awards was January 7,
2019. The exercise price of the Options is equal to the closing price
per share of Common Stock as reported by NASDAQ on January 7, 2019.
One-third (33%) of the shares subject to the Options shall vest on the
first anniversary of the grant date, with the remaining shares vesting
in twenty-four (24) equal, consecutive, monthly installments as measured
from the first anniversary of the grant date. The RSUs shall vest in
three equal, consecutive, annual installments as measured from the grant
Endologix, Inc. develops, manufactures, markets and sells innovative
medical devices for the treatment of aortic disorders. The Company's
products are intended for the minimally invasive endovascular treatment
of abdominal aortic aneurysms (AAA). AAA occurs when a portion of the
abdominal aorta bulges into an aneurysm because of a weakening of the
vessel wall, which may result in life threatening internal bleeding upon
rupture. The overall patient mortality rate for ruptured AAA is
approximately 80%, making it among the leading causes of death in
the United States. For more information, visit www.endologix.com.
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Source: Endologix, Inc.
Vaseem Mahboob, CFO