IRVINE, Calif.--(BUSINESS WIRE)--
Endologix, Inc. (Nasdaq:ELGX) ("Endologix"), a developer and marketer of
innovative treatments for aortic disorders, announced today the grant of
inducement equity awards to its newly appointed Chief Operating
Officer, John Onopchenko. The awards were approved by Endologix's
Compensation Committee on October 26, 2017 as an inducement material to
Mr. Onopchenko's entry into employment with Endologix, as permitted
under NASDAQ Listing Rule 5635(c)(4).
The inducement grants to Mr. Onopchenko consisted of an option to
purchase up to 187,484 shares of the Company's common stock, par value
$0.001 per share ("Common Stock"), at an exercise price of $5.30 per
share, and 56,604 restricted stock units ("RSUs"). The date of grant for
the option and RSUs was October 30, 2017. The exercise price of the
option grant is equal to the closing price per share of Endologix's
Common Stock as reported by NASDAQ on October 30, 2017.
One quarter (25%) of the shares subject to the option grant shall vest
on the first anniversary of the grant date, with the remaining shares
vesting in 36 equal, consecutive, monthly installments as measured from
the first anniversary of the grant date. The RSUs shall vest upon
satisfaction of certain (i) performance milestones, which shall be
determined by Endologix within 90 days of commencement of Mr.
Onopchenko's employment, and (ii) tenure requirements.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive treatments
for aortic disorders. The Company's focus is endovascular stent grafts
for the treatment of abdominal aortic aneurysms (AAA). AAA is a
weakening of the wall of the aorta, the largest artery in the body,
resulting in a balloon-like enlargement. Once AAA develops, it continues
to enlarge and, if left untreated, becomes increasingly susceptible to
rupture. The overall patient mortality rate for ruptured AAA is
approximately 80%, making it a leading cause of death in the U.S. For
more information, visit www.endologix.com.
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Vaseem Mahboob, CFO
Source: Endologix, Inc.
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