ElectroCore, Inc. Enters into a Separation and Release Agreement with Joseph P. Errico, Chief Science & Strategy Officer
June 04, 2019 at 09:16 am EDT
Share
On May 31, 2019, electroCore, Inc. (the “Company”) entered into a separation and release agreement (the “Agreement”) with Joseph P. Errico, the Company’s Chief Science & Strategy Officer. The Agreement provides that Mr. Errico will receive (i) severance of 12 months’ salary and target bonus, aggregating $581,000, payable in seven equal installments through the end of 2019, and (ii) payment of or reimbursement for any COBRA coverage for a period of 12 months. Mr. Errico will continue to serve as a member of the board of directors of the Company (the “Board”). The Agreement will become effective, irrevocable and fully enforceable on June 8, 2019 provided Mr. Errico has not exercised his right to revoke the Agreement as provided thereunder. The Agreement further provides that any unvested options and restricted stock units (“RSUs”) held by Mr. Errico will continue to vest and be exercisable in accordance with the applicable grant agreements until Mr. Errico ceases to be a member of the Board. At such time, all vesting will cease and Mr. Errico’s vested options and RSUs will be exercisable and settled in accordance with the applicable grant agreements. Pursuant to the Agreement and until August 31, 2019, Mr. Errico has also agreed to provide, upon request, up to 10 hours per month of reasonable transition services for no additional compensation. Executive’s last day of employment with the Company will be May 31, 2019.
electroCore, Inc. is a commercial stage bioelectronic medicine and wellness company. It provides non-invasive vagus nerve stimulation (nVNS) technology platform. The Companyâs product categories include Handheld, personal use medical devices for the management and treatment of certain medical conditions such as primary headache, and Handheld, personal use consumer products utilizing nVNS technology to promote general wellness and human performance. Its products include gammaCore, Truvaga and TAC-STIM. Its gammaCore Sapphire, is a prescription medical device that is used for a variety of primary headache conditions. Its Truvaga is a personal use consumer electronics general wellness product that does not require a prescription and is available direct-to-consumer from electroCore at www.truvaga.com. The Companyâs TAC-STIM product is not a medical device and is not intended to diagnose, cure, mitigate, prevent, or treat a disease or condition.