Endologix granted approval to implement key employee incentive plan

By Caroline Salls

Pittsburgh, Aug. 21 – Endologix, Inc. received court approval to implement a key employee incentive plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

The KEIP pays a minimum of $700,000 and a maximum of $2.9 million to eight company executives, based on the level to which the participants exceed target challenges.

As previously reported, the company also received approval to implement a key employee retention plan that will award bonuses to 28 non-executive key employees.

The maximum total pool for the KEIP is $778,500. In addition, the retention plan incorporates a discretionary pool of $150,000 to $200,000, which will be used for future allocations to non-executive employees deemed critical to Endololgix’s reorganization.

Irvine, Calif.-based Endologix develops and manufactures minimally invasive treatments for aortic disorders. The company filed bankruptcy on July 5 under Chapter 11 case number 20-31840.

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