Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
January 11 2019 - 8:00AM
Business Wire
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 date.
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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INVESTORS:Endologix, Inc.Vaseem Mahboob, CFO(949) 595-7200
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