Endologix Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
August 23 2018 - 04:01PM
Business Wire
Endologix, Inc. (Nasdaq: ELGX) (the “Company”), a developer
and marketer of innovative treatments for aortic disorders, today
announced the grant of inducement equity awards to three newly
appointed executives (together, the “Awardees”). The awards were
approved by the Company’s Compensation Committee, which is
comprised of independent Directors, on August 7, 2018, as an
inducement material to the Awardees’ entry into employment with the
Company, as permitted under NASDAQ Listing Rule 5635(c)(4).
The inducement grants to the Awardees consisted of (i) options
(the “Options”) to purchase up to an aggregate of 538,243 shares of
the Company’s common stock, par value $0.001 per share (“Common
Stock”), at an exercise price of (A) $2.74 per share with respect
to 381,601 shares of Common Stock underlying the Options, and (B)
$2.54 per share with respect to 156,642 shares of Common Stock
underlying the Options, and (ii) 185,357 restricted stock units
(the “RSUs”). The dates of grant for the awards were August 13,
2018, with respect to two of the Awardees, and August 20, 2018 with
respect to the third Awardee. The exercise prices of the Options
are equal to the closing price per share of Common Stock as
reported by NASDAQ on August 13, 2018 and August 20, 2018,
respectively.
One-third (33%) of the shares subject to the Options shall vest
on the first anniversary of the respective grant dates, with the
remaining shares vesting in twenty-four (24) equal, consecutive,
monthly installments as measured from the first anniversary of the
respective grant dates. The RSUs shall vest in three equal,
consecutive, annual installments as measured from the respective
grant dates.
About Endologix
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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Endologix, Inc.Vaseem Mahboob, 949-595-7200CFO
Endologix (NASDAQ:ELGX)
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