Document:

EX-10.18

 Exhibit 10.18 
  

 
 July 18, 2016 

Mr. Joseph P. Errico 
 Dear JP: 

On behalf of ElectroCore, LLC, a Delaware company (the “Company”), we are pleased to confirm in writing the terms of your continued
employment with the Company, effective as of July 15, 2016, as Chief Science & Strategy Officer for the Company. This letter, when countersigned by you, will constitute our agreement (the “Agreement”) concerning your
role as Chief Science & Strategy Officer. 
 1. Duties; Termination. During the term of this Agreement, you hereby agree to
serve in the capacity noted above (or such other capacity as we shall mutually hereafter agree) and to perform such services as are customarily required of such position and as are assigned to you by the Company’s Chief Executive Officer (the
“CEO”) or Board of Managers (the “Board”) consistent with your position. You will work under the general direction of the CEO. During your term of employment with the Company you will devote your full business time
to your duties to the Company hereunder; provided that nothing herein or otherwise shall (i) restrict or prohibit you from managing your personal investments (“Personal Investments”), and (ii) serving as a board member or
manager of companies in connection with the management of your Personal Investments, provided such management or service does not materially detract from your duties to the Company. 

Either party may terminate this Agreement at any time by providing the other with written notice of such termination and subject to any
continuing obligations as specified hereunder. 
 2. Compensation. As full compensation for your service to the Company hereunder and
in consideration for the assignment of the Intellectual Property and restrictive covenants as provided below, you shall receive, subject to customary payroll withholdings: 
  

	 	(i)	a base salary of $350,000 (subject to increase as approved by the Board) per year, paid in accordance with the Company’s customary payroll practices; 

 

	 	(ii)	a performance bonus payable solely at the discretion of the Board based on your performance and the performance of the Company; 

  

	 	(iii)	benefits as may be provided from time to time by the Company to its executive employees generally, which currently include participation in a standard medical benefit plan and self-funded 401k plan; 

	 	(iv)	participation in the Company’s Transaction Bonus Plan in accordance with the Company’s Operating Agreement, as amended from time to time; 

 

	 	(v)	a one-time grant of 1,700,000 Common Units in the Company (approximately 1.0% of the outstanding Units in the Company as of the date hereof). The Company hereby agrees to provide
you with anti-dilution protection for this grant, together with 1,700,000 of Common Units currently owned by you (collectively, the “Anti-Dilution Units”), such that if, as of the Measurement Date (as defined below), the Anti-Dilution
Units represent less than 2% of the total outstanding Units, you will receive a Common Unit “profits interest” grant at the pricing of the applicable financing (or more recent “profits interest grant, if applicable) as necessary so
that the Anti-Dilution Units, together with such additional grant, shall equal 2% of the total outstanding Units. The term “Measurement Date” shall mean the earlier of (i) termination of your employment with the Company, (ii) the
final closing of the Company’s next preferred equity financing (expected to be a Series B financing), and (iii) commencement of a Series C financing or a public offering; and 

 

	 	(vi)	additional equity grants solely at the discretion of the Board in accordance with the Company’s Operating Agreement, including any consents required thereunder. 

All of the Units granted herein will be subject to forfeiture pursuant to a Unit Forfeiture Agreement with the Company in the event of the
termination by either party of your employment with the Company. Such agreement shall provide that the applicable Units shall vest, subject to your continued service to the Company, 25% on the one year anniversary of the grants date and the balance
ratably per quarter thereafter over an additional 3-year period. 
 The parties acknowledge that the
Units granted and to be granted hereunder are intended to constitute “profits interests” for services to be rendered for federal income tax purposes and the provisions of this Agreement shall be interpreted consistently therewith. It is
understood that in connection with the issuance of such Units pursuant to this Agreement, your capital account with the Company (together with the capital accounts of the other members of the Company) will be adjusted in accordance with the
Company’s Operating Agreement based on an estimated value of the Common Units as of the applicable grant date. The effect of this revaluation is that generally, with respect to the granted Units, you will be entitled only to your share of
profit in the Company in excess of the fair market value of the applicable Units as of the date of grant (as thereafter adjusted in accordance with the Company’s Operating Agreement). 

3. At-Will Employment. You acknowledge and agree that your employment with the Company is
“at will,” meaning that either you or the Company (acting through its Board of Managers) may terminate your employment with the Company at any time and for any reason (or no reason) upon notice to the other party, subject to any severance
obligation under Paragraph 6. 
 4. Confidential Information. You shall not use for your personal benefit, or disclose,
communicate or divulge to, or use for the direct or indirect benefit of any person, corporation or other entity, other than the Company, any information (including all derivatives, enhancements and improvements thereto developed by you) regarding

  
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procedures, techniques, computer programs, research or development projects or results, clinical or other data, trade secrets or inventions used or developed by the Company or the Company’s
partners, customers or clients, or any names or addresses of patients, customers or clients, or any data on or relating to past, present or prospective patients, partners, customers or clients, or any other confidential information relating to or
dealing with the business operations or activities of the Company or the Company’s patients, partners, customers or clients, made known to you or learned or acquired by you from or through the Company or in connection with your employment with
the Company. Regardless of the period of time you serve as an employee to the Company, you agree to be bound by this obligation until such time as, and to the extent that, such information is published by the Company or is in or becomes part of the
public domain (other than by reason of your fault or breach of this Agreement). The Company acknowledges that you have investments in other companies not directly in the Company’s Business (as defined below) and you and such companies make a
wide range of investments across many industries, including investments that may be deemed indirectly competitive to the Company’s Business, and the Company agrees that nothing in this Agreement shall restrict you from continuing such
activities; provided that you do not disclose proprietary or confidential information of the Company (until such time as any such information becomes public other than through your breach of this Agreement). 

5. IP Assignment. You hereby transfer, convey and assign all of your right, title, and interest in and to all Intellectual Property,
whether or not such Intellectual Property is reduced to practice, and to all know-how and trade secrets relating thereto, and in and to any and all continuations, continuations-in-part, divisionals, reissues, reexaminations and extensions thereof, and to all international priority rights and all foreign rights relating to each of the foregoing throughout the world,
along with any and all rights of enforcement with respect thereto, including all rights to sue, settle and recover for the past, present and future infringement thereof, and any and all causes of action related thereto The term “Intellectual
Property” shall mean all intellectual property, including, but not limited to, any and all inventions, copyrights, copyright applications or registrations, original works of authorship, software, developments, improvements, patents, patent
applications, trademarks, trademark applications, service marks, service mark applications, trade names or trade secrets, domain names, mask works, information and proprietary rights and processes, whether owned or created solely by you or jointly
with another, heretofore or hereafter developed until such time as you cease to be an employee of the Company hereunder, in the case of all of the foregoing only to the extent related to or arising out of your employment with the Company, developed
on Company time or with Company property or related to the design, development, manufacture and sale of the Company’s actual or proposed products and/or services, including, without limitation, those relating to neurostimulation technologies
for use in innovative and proprietary applications in medicine (the “Company’s Business”). You agree to execute all applications, assignments and other documents, and to take all other steps, necessary to vest in the Company the
right, title and interest in and to the Intellectual Property and in and to any and all Intellectual Property obtainable therefor and/or related thereto in the United States and in foreign countries, and to take all actions as reasonably requested
by the Company, at the Company’s expense, to secure, maintain and enforce all rights of the Company in and to the Intellectual Property. 

6. Restrictive Covenant. During your service as an employee to the Company and so long as you are receiving severance payments
hereunder, you shall not (nor shall you assist, cooperate with, or invest in or with) directly or indirectly, develop, own, manage, operate, control, invent or in any manner participate in the development, ownership,

  
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management, operation, control or invention of, or serve as a partner, employee, principal, agent, consultant or otherwise contract with, or have any financial interest in, or aid or assist any
other person or entity that is directly involved in the Company’s Business; provided that the foregoing shall not restrict you from managing or investing funds in connection with your Personal Investments, provided such management or investment
does not materially detract from your duties to the Company. 
 If a court of competent jurisdiction should declare this Section, or any
provision hereof, unenforceable because of any unreasonable restriction of duration and/or activity, then you hereby acknowledge and agree that such court shall have the express authority to reform this Agreement to provide for reasonable
restrictions and/or grant the Company such other relief, at law or in equity, reasonably necessary to protect the interests of the Company. You specifically acknowledge that a breach of this Section would cause the Company and its Members to suffer
immediate and irreparable harm, which could not be remedied by the payment of money. In the event of a breach or threatened breach by you of any of the provisions of this Agreement, the Company shall be entitled to injunctive relief to end such
breach, without the requirement to post bond, and shall be entitled to recover reasonable attorneys’ fees and expenses. If the Company shall commence an action pursuant to this Agreement and a Court shall make a final determination denying the
injunctive relief sought, you shall be entitled to recover reasonable attorneys’ fees and expenses from the Company in defense of such action if the court determines the Company’s action had no justifiable basis in law. Nothing herein
shall be construed as prohibiting the Company from pursuing any other remedies available to it for such breach or such threatened breach, including the recovery of damages. 

In the event that (i) your employment is terminated by the Company, other than for Cause, or (ii) you terminate your employment for
Good Reason, then you shall be entitled to receive, in equal monthly installments as salary continuation for a period of twelve months following any such termination of your employment, an amount equal to the sum of (A) your then current
monthly base salary, and (B) the cost to you of your medical and/or dental coverage elected under COBRA (until you become eligible for comparable coverage from another employer), less applicable tax and other payroll withholding amounts. 

For purposes of this Agreement, “Cause” shall mean (i) your gross negligence or willful misconduct in the performance of
your duties to the Company; (ii) the conviction of, or plea of guilty or nolo contendere to, the commission of a felony by you; (iii) the commission by you of an act of fraud or embezzlement against the Company; or (iv) your breach of
any material provision of this Agreement, subject to prior written notice to you and a reasonable cure period. For purposes of this Agreement, “Good Reason” shall mean (i) a material adverse change in your position, duties,
responsibilities, or status with the Company, (ii) a material breach by the Company of any provision of this Agreement, including without limitation, any reduction in your base salary other than in connection with an across the board salary
reduction by the Company for senior management due to material cash flow problems; or (iii) without your consent, relocation of your principal business location by the Company outside of the northern New Jersey/New York metropolitan area. 

7. Representations and Warranties. You represent that your execution of this Agreement and your performance of your services hereunder
do not and will not breach any other agreement, arrangements, understanding, obligation of confidentiality or employment relationship to which you are a party or by which you are bound and that during the term of this Agreement or any extensions
thereof, you will not enter into any agreement, either written or oral, in conflict herewith. 

  
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 8. Miscellaneous. This Agreement, together with the documents referred to herein, contains
the entire agreement of the parties with respect to the subject matter hereof and supersedes and merges all prior written or oral agreements between us relating to the subject matter herein, , including your Offer Letter dated March 28, 2013.
This Agreement may be amended only by a written instrument signed by you and another officer of the Company authorized by the Board to do so. Because of the personal nature of the services to be rendered by you under this Agreement, you may not
assign this Agreement without the prior written consent of the Company. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

9. Governing Law; Jurisdiction. This Agreement shall be governed in accordance with the law of the State of New Jersey. The parties
hereto consent to the jurisdiction of the courts of the State of New Jersey for all disputes arising pursuant to this Agreement. 
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Remainder of Page Left Intentionally Blank ] 

  
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 If you are in agreement with the foregoing terms, please indicate such agreement by signing the
enclosed duplicate original of this letter in the space provided and returning it to the Company. 
  

			
	Very truly yours,
	  
 ELECTROCORE, LLC

	  
 By:
	 	 /s/ Frank Amato

		 	    Name: Frank Amato
		 	    Title: Chief Executive Officer

  

	
	ACCEPTED AND AGREED TO:
	  
 /s/ Joseph P. Errico

	Joseph P. Errico

  
 -6-EX-10.19

 Exhibit 10.19 
  

 
 May 1, 2017 

Dr. Peter Staats, M.D. 
 Dear Dr. Staats: 

On behalf of ElectroCore, LLC, a Delaware company (the “Company”), I am pleased to offer you a position as Chief Medical Officer effective as of the
date of this letter or such later date as we shall mutually agree. In this role, you will report to Frank Amato, 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 capacity noted above (or such other capacity as we shall mutually hereafter agree) and to perform such services as are customarily required of such position and as
are assigned to you by the Company’s Chief Executive Officer, or other authorized senior executives. 
 As of your start date and through the remainder
of your term of employment with the Company, you shall devote 2 (two) days weekly to your duties to the Company or its affiliates and you shall have the right to engage in other business activities with 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 for the assignment of the Intellectual Property (as provided below), you shall receive: 

(a) For three calendar months beginning May 1, 2017, a base salary of $140,000 annually, less applicable withholding taxes, paid
semi-monthly in accordance with the Company’s customary payroll practices; 

 

 
  

 (b) beginning August 1, 2017, a base salary of $280,000 for 4 days per week, less
applicable withholding taxes, paid semi-monthly in accordance with the Company’s customary payroll practices (as such amount may be adjusted from time to time at the Company’s discretion, however, the Company shall undertake a review of
your salary 6 months after your hire date); 
 (c) an annual discretionary bonus based on your individual performance as well as the
performance of the Company. Such bonus shall be paid, if at all, at the discretion of the Company’s Board of Managers and you must be employed with the Company on the bonus payment date to receive any such bonus; 

(d) the Company agrees to reimburse you for CME continuing education credits and associated expenses, providing you maintain your Accreditation
in good standing during your employment; 
 (e) benefits as may be provided from time to time by the Company to its employees generally; 

(f) a one-time grant of 1,500,000 Units in the Company. Such Units will be subject to forfeiture
pursuant to a Unit Forfeiture Agreement with the Company in the event of the termination by either party of your employment with the Company. Such agreement provides that such Units shall vest, subject to your continued service to the Company, 25%
of the units on the one year anniversary of the date of your employment start date, with the balance ratably per quarter thereafter over an additional 3-year period. The parties acknowledge and agree that the
foregoing grant is intended to constitute a grant of “profits interests” for services to be rendered for federal income tax purposes and the provisions of this agreement shall be interpreted consistently therewith. It is understood that in
connection with the issuance of such profits interests pursuant to this Agreement, your capital account with the Company (together with the capital accounts of the other members of the Company) will be adjusted in accordance with the Company’s
Operating Agreement based on an estimated value of the Company of the 2016 per Unit amount. The effect of this revaluation is that generally, with respect to such grant, you will be entitled only to your share of profit in the Company in excess of
the fair market value of the Company as of the date of such grant (as hereinafter adjusted in accordance with the Company’s Operating Agreement); and 

Simultaneous herewith, the Company is delivering to you a copy of a Unit Forfeiture Agreement and the Operating Agreement of each applicable
company with respect to 

  

 

 
  

 
each of the foregoing grants. If you wish to accept these terms of employment, please sign this Agreement, each Unit Forfeiture Agreement and each Operating Agreement where indicated and return
one fully-executed original of each to us. You should retain a copy for your records. 
 3. At-Will
Employment. You acknowledge and agree that your employment with the Company is “at will,” meaning that either you or the Company (acting through its Board of Managers or an officer expressly authorized to so act) may terminate your
employment with the Company at any time and for any reason (or no reason) upon notice to the other party. 
 4. Confidential Information. You shall
not use for your personal benefit, or disclose, communicate or divulge to, or use for the direct or indirect benefit of any person, corporation or other entity, other than the Company or its affiliates, any information (including all derivatives,
enhancements and improvements thereto developed by you) regarding procedures, techniques, computer programs, research or development projects or results, trade secrets or inventions used or developed by the Company, or its respective customers or
clients, or any names or addresses of customers or clients, or any data on or relating to past, present or prospective customers or clients, or any other confidential information relating to or dealing with the business operations or activities of
the Company, or its respective customers or clients, made known to you or learned or acquired by you from or through the Company or in connection with your employment with the Company or the provision of services hereunder. Regardless of the period
of time you serve as an employee to the Company, you agree to be bound by this obligation until such time as, and to the extent that, such information is published by the Company or is in or becomes part of the public domain (other than by reason of
your fault or breach of this Agreement). 
 5. IP Assignment. You hereby transfer, convey and assign all of your right, title, and interest in and to
all Inventions, whether or not such Inventions are reduced to practice, and to all know-how and trade secrets relating thereto, and in and to any and all continuations,
continuations-in-part, divisions, reissues, reexaminations and extensions thereof, and to all international priority rights and all foreign rights relating to each of
the foregoing throughout the world, along with any and all rights of enforcement with respect thereto, including all rights to sue, settle and recover for the past, present and future infringement thereof, and any and all causes of action related
thereto (the “Intellectual Property”). The term “Inventions” shall mean all intellectual property, including, but not limited to, any and all inventions, copyrights, copyright applications or registrations, original works of
authorship, developments, improvements, patents, patent applications, trademarks, trademark applications, trade names or trade secrets, whether owned or created solely by you or jointly with another hereafter developed until such

  

 

 
  

 
time as you cease to be an employee of the Company hereunder, in the case of all of the foregoing to the extent developed in connection with your employment with the Company or related to the
design, development, manufacture or sale of the Company’s products or services. You agree to execute all patent applications, assignments and other documents, and to take all other steps, necessary to vest in the Company or its assigns the
right, title and interest in and to the Intellectual Property and in and to any and all patents obtainable therefor and/or related thereto in the United States and in foreign countries, and to take all actions as reasonably requested by the Company,
at the Company’s expense, to secure and maintain all rights of the Company or its assigns in and to the Intellectual Property. 
 6. Restrictive
Covenant; Severance. During the term of your employment by the Company and for a period of six months after the termination of this Agreement, you shall not (nor shall you assist, cooperate with, invest in or with, or permit any of your
affiliates or relatives to), directly or indirectly, develop, own, manage, operate, control, invent or in any manner participate in the development, ownership, management, operation, control or invention of, or serve as a partner, employee,
principal, agent, consultant or otherwise contract with, or have any financial interest in, or aid or assist any other person or entity that is involved in the development, ownership, management operation, control or invention of technologies
directly competitive with the Company’s proposed products or services. 
 If a court of competent jurisdiction should declare this Section, or any
provision hereof, unenforceable because of any unreasonable restriction of duration and/or activity, then you hereby acknowledge and agree that such court shall have the express authority to reform this Agreement to provide for reasonable
restrictions and/or grant the Company such other relief, at law or in equity, reasonably necessary to protect the interests of the Company. By signing below, you specifically acknowledge that a breach of this Section would cause the Company and its
Members to suffer immediate and irreparable harm, which could not be remedied by the payment of money. In the event of a breach or threatened breach by you of any of the provisions of this Section, the Company and its Members shall be entitled to
injunctive relief to prevent or end such breach, without the requirement to post bond, and shall be entitled to recover reasonable attorneys’ fees and expenses. Nothing herein shall be construed as prohibiting the Company from pursuing any
other remedies available to it for such breach or such threatened breach, including the recovery of damages. 
 7. Representations and Warranties.
You represent that (i) your execution of this Agreement and your performance of your services hereunder do not and will not breach any other agreement, arrangements, understanding, obligation of confidentiality or employment relationship to
which you are a party or by which you are bound and that during the term of 

  

 

 
  

 
this Agreement or any extensions thereof, you will not enter into any agreement, either written or oral, in conflict herewith, and (ii) you have such knowledge and experience in financial,
business and tax matters that you are capable of adequately evaluating and analyzing the merits and risks relating to your investment in the Units granted hereunder and that you are an “accredited investor” within the meaning of Rule 50 I
of Regulation D of the Securities Act of 1933, as amended. 
 8. Miscellaneous. This Agreement, together with the documents referred to herein,
contains the entire agreement of the parties with respect to the subject matter hereof and may be amended only by a written instrument signed by you and the Company. Because of the personal nature of the services to be rendered by you under this
Agreement, you may not assign this agreement without the prior written consent of the Company. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 

9. Governing Law; Jurisdiction. This Agreement shall be governed in accordance with the laws of the State of New Jersey. The parties hereto consent to
the jurisdiction of the courts of the State of New Jersey for all disputes arising pursuant to this Agreement. 
 If you are in agreement with the foregoing
terms, please indicate such agreement by signing the enclosed duplicate original of this letter in the space provided and returning it to the Company. 
  

			
	Very truly yours,
	  
 ElectroCore, LLC

	  
 By:
	 	 /s/ Francis Amato

		 	Name: Francis Amato
		 	Title: Chief Executive Officer

  

	
	Acknowledged and Agreed:
	  
 /s/ Dr. Peter Staats,
M.D.

	Dr. Peter Staats, M.D.

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