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.
