IRVINE, Calif.--(BUSINESS WIRE)--Dec. 10, 2019--
Endologix, Inc. (Nasdaq: ELGX) (the “Company”), a developer and marketer of innovative treatments for aortic disorders, announced today the grant of an inducement equity award to a newly hired employee (the “Awardee”). The award was approved by the Company’s Compensation Committee, which is comprised of independent directors, on December 3, 2019 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 grant to the Awardee consists of options (“Options”) to purchase up to an aggregate of 2,210 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at an exercise price of $2.30 per share. The grant date for the Options was December 3, 2019. The exercise price of the Options is equal to the closing price per share of Common Stock, as reported by NASDAQ, on December 3, 2019.
One-third (33%) of the shares subject to the Options will vest on the first anniversary of the grant date, with the remaining shares vesting in 24 equal, consecutive, monthly installments as measured from the first anniversary of the grant date.
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