Endologix Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
July 11 2019 - 4:01PM
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 three newly hired
employees (together, the “Awardees”). The awards were approved by
the Company’s Compensation Committee, which is comprised of
independent directors, on June 12, 2019 and July 3, 2019,
respectively, as inducements 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 consist of options
(“Options”) to purchase shares of the Company’s common stock, par
value $0.001 per share (“Common Stock”) and restricted stock units
(“RSUs” and together with the Options, the “Awards”). An aggregate
of up to 42,614 shares of Common Stock are issuable upon exercise
of the Options and settlement of the RSUs. The respective dates of
grant for the Awards were July 1, 2019, with respect to the RSUs,
and July 3, 2019, with respect to the Options. The exercise prices
of the Options and issuance price of the RSUs are equal to the
closing price per share of Common Stock, as reported by NASDAQ, on
their respective dates of grant.
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. The RSUs
will vest upon satisfaction of certain (i) performance milestones
to be determined by the Company, and (ii) tenure requirements.
About Endologix
The Company develops and manufactures minimally invasive
treatments for aortic disorders. The Company's focus is in
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 an 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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INVESTOR Endologix, Inc. Vaseem Mahboob, CFO (949) 595-7200
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