Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2017
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
2 Musick, Irvine, CA
(Address of principal executive offices)
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 1, 2017, the Compensation Committee (the “Committee”) of the Board of Directors of Endologix, Inc., a Delaware corporation (the “Company”), adopted a cash bonus plan (the “Bonus Plan”) pursuant to which certain of the Company’s employees, including the named executive officers of the Company, are eligible to receive performance-based cash bonus compensation based on the achievement of certain corporate performance objectives in 2017. Under the Bonus Plan, each named executive officer of the Company is eligible to receive a target bonus calculated by multiplying his or her annual base salary by a percentage value assigned to such named executive officer by the Committee. The actual bonus amounts for the named executive officers of the Company will be determined based upon the achievement of corporate performance objectives, including global sales, gross margin, cash flow, quality, risk management, and functional performance objectives. The Committee established a sliding scale for the fiscal year 2017 targets and will determine bonus payouts in the first quarter of 2018 based on actual fiscal 2017 performance.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.