IRVINE, Calif.--(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.
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.