Endologix reports inducement grants under Nasdaq listing rule
Endologix announced the grant of inducement equity awards to a newly hired executive. 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 options to purchase up to an aggregate of 250,000 shares of the Company's common stock, par value $0.001 per share, at an exercise price of 64c per share, and 150,000 restricted stock units. 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 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 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.