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 nine newly hired employees (the “Awardees”).
The awards were approved by the Company’s Compensation Committee, which is comprised of independent Directors, on March 13, 2019, as an inducement 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 consisted of options (the “Options”) to purchase up to an aggregate of 46,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at an exercise price of $6.76 per share. The date of grant for the awards was March 13, 2019. The exercise price of the Options is equal to the closing price per share of the Company’s Common Stock as reported by NASDAQ on March 13, 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.