ROCKAWAY, NJ—electroCore, Inc. (NASDAQ:ECOR), a medical device company specializing in non-invasive vagus nerve stimulation therapy, has recently made significant changes to its board structure and entered into a consulting agreement with one of its directors, according to a recent SEC filing.
On Monday, the company's board of directors reclassified F. Peter Cuneo from a Class III director to a Class I director, with his term now set to expire at the 2025 Annual Meeting of Stockholders. Mr. Cuneo, who has served on the board of electroCore, will not stand for reelection at that time. This reclassification is in line with the company's certificate of incorporation and bylaws, and it was noted that there were no disagreements leading to this decision.
In conjunction with this board reclassification, electroCore also entered into a consulting agreement with Mr. Cuneo on the same day. Under this agreement, Mr. Cuneo will provide advisory services to the company's Chief Executive Officer for a one-year term starting immediately prior to the 2025 Annual Meeting of Stockholders. For his consulting services, he will be compensated on an hourly or per diem basis. Additionally, Mr. Cuneo has been granted a stock option to purchase 50,000 shares of common stock at $6.43 per share. These shares will vest monthly over the course of a year, with full vesting occurring immediately before the 2025 Annual Meeting or in the event of a Change of Control, provided he continues his service to the company.
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