January 30, 2019
Mr. Brian Posner
On behalf of ElectroCore, Inc., a Delaware corporation (the Company), I am pleased to offer you a position as Vice President Finance for the Company effective as of March 11, 2019 (the Start Date); provided that effective as of April 1, 2019 you will assume the role of Chief Financial Officer. This offer and your employment are subject to the successful completion of the Companys standard background check. In this role, you will report directly to the Companys Chief Executive Officer.
This letter, when signed by you, will constitute our agreement (the Agreement) concerning your role as an employee of the Company.
1. Duties; Termination. During the term of this Agreement, you hereby agree to serve in the capacities noted above (or such other capacity as we shall mutually hereafter agree) and to perform such services as are customarily required of such positions and as are assigned to you by the Companys Chief Executive Officer or Board of Director.
As of the Start Date, and through the remainder of your term of employment with the Company, you shall devote your full business time to your duties to the Company or its affiliates and you shall not engage in any other business activities without the prior written consent of the Company. Either party may terminate this Agreement at any time by providing the other with written notice of such termination.
2. Compensation. As full compensation for your service to the Company hereunder and in consideration of the other covenants contained herein, you shall receive:
(a) during the term of your employment, an annual salary of $325,000, less applicable withholding taxes and other deductions, paid semi-monthly in accordance with the Companys customary payroll practices (as such amount may be adjusted from time to time at the Companys discretion);
(b) during the term of your employment, an annual target discretionary bonus of 40% of your annual base salary payable at the discretion of the Companys Board of Directors or Compensation Committee thereof. You must be employed with the Company at the time of the payout date in order to receive any such bonus payout;