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 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.
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.