IRVINE, Calif.--(BUSINESS WIRE)--Aug 23, 2018--Endologix, Inc. (Nasdaq: ELGX) (the “Company”), a developer and marketer of innovative treatments for aortic disorders, today announced the grant of inducement equity awards to three newly appointed executives (together, the “Awardees”). The awards were approved by the Company’s Compensation Committee, which is comprised of independent Directors, on August 7, 2018, 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 (i) options (the “Options”) to purchase up to an aggregate of 538,243 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), at an exercise price of (A) $2.74 per share with respect to 381,601 shares of Common Stock underlying the Options, and (B) $2.54 per share with respect to 156,642 shares of Common Stock underlying the Options, and (ii) 185,357 restricted stock units (the “RSUs”). The dates of grant for the awards were August 13, 2018, with respect to two of the Awardees, and August 20, 2018 with respect to the third Awardee. The exercise prices of the Options are equal to the closing price per share of Common Stock as reported by NASDAQ on August 13, 2018 and August 20, 2018, respectively.

One-third (33%) of the shares subject to the Options shall vest on the first anniversary of the respective grant dates, with the remaining shares vesting in twenty-four (24) equal, consecutive, monthly installments as measured from the first anniversary of the respective grant dates. The RSUs shall vest in three equal, consecutive, annual installments as measured from the respective grant dates.

About Endologix

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.

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CONTACT: Endologix, Inc.

Vaseem Mahboob, 949-595-7200

CFO

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SURGERY HEALTH CARDIOLOGY MEDICAL DEVICES PROFESSIONAL SERVICES FINANCE

SOURCE: Endologix, Inc.

Copyright Business Wire 2018.

PUB: 08/23/2018 04:01 PM/DISC: 08/23/2018 04:01 PM

http://www.businesswire.com/news/home/20180823005677/en