ENDOLOGIX, INC. | |||
(Exact name of registrant as specified in its charter) | |||
Delaware | 000-28440 | 68-0328265 | |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
2 Musick, Irvine, CA | 92618 | ||
(Address of principal executive offices) | (Zip Code) | ||
Registrant’s telephone number, including area code: (949) 595-7200 | |||
N/A | |||
(Former name or former address, if changed since last report) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
• | Executive’s base salary has been increased from $600,000 to $640,000, effective January 1, 2019; |
• | Executive will receive a $100,000 cash bonus award related to Executive’s performance for fiscal year 2018, to be paid out immediately; |
• | Executive will receive a cash bonus award for fiscal year 2019 equal to 100% of Executive’s base salary, for retention purposes during a period of significant management transition and critical business plan implementation; and |
• | Executive will receive 400,000 incentive stock options exercisable for shares of the Company’s Common Stock, which will have a fair market value equal to the closing price of the Company’s Common Stock on the Nasdaq Global Market on the Grant Date, and will vest over three years, with one third (1/3) of the options vesting on February 13, 2020, and the remaining options vesting in twenty-four (24) equal monthly installments thereafter, subject to Executive’s continued employment with the Company. |
ENDOLOGIX, INC. | ||
Date: February 20, 2019 | /s/ Vaseem Mahboob | |
Vaseem Mahboob | ||
Chief Financial Officer |