electroCore Director Receives 26,615 Deferred Stock Units; Holdings 308,016 Shares

Rhea-AI Filing Summary

electroCore, Inc. director Thomas J. Errico reported an award of 26,615 annual deferred stock units (DSUs) granted on 09/02/2025. The DSUs vest in 12 equal monthly installments from the grant date but will vest in full earlier if the holder remains in service until the next annual meeting or upon a change of control. Following the award, Errico beneficially owns 308,016 shares, composed of 217,051 directly owned shares, 1,296 shares held in a family trust, 11,000 held in another trust, and 52,054 shares that vested from prior DSUs. The DSUs carry no purchase price.

Positive

• Director alignment: Grant of DSUs ties director compensation to company equity and aligns interests with shareholders
• No cash cost to director: DSUs granted at $0.00 price, creating incentive without immediate cash payment

Negative

• Potential future dilution: Vesting DSUs may result in issuance of additional shares upon vesting
• Concentration risk: A significant portion of the reported 308,016 shares is held directly or in trusts, increasing insider exposure but potentially limiting liquidity

Insights

Corporate Governance Expert

TL;DR: Director received 26,615 DSUs that vest monthly, increasing reported beneficial ownership to 308,016 shares.

The grant appears to be routine director compensation delivered as annual deferred stock units that vest over one year, with accelerated full vesting tied to continued service or a change of control. This aligns director incentives with shareholder value without immediate cash outlay to the director. The filing is informational and follows standard Section 16 reporting; it does not indicate secondary transactions or sales by the director.

Securities Analyst

TL;DR: Award increases insider's stake modestly, but contains no exercise price and no immediate liquidity event.

From an investor perspective, the DSUs add to the director's economic exposure to the company over the vesting period. The reported total beneficial ownership of 308,016 shares is a sum of direct holdings and previously vested DSU shares. Because the DSUs were granted at $0.00 price and vest over time, there is no current cash impact or dilution from an option exercise, though future share issuance upon vesting could have minor dilutionary effects.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Errico Thomas J.

(Last) (First) (Middle)

200 FORGE WAY, SUITE 205

(Street)

ROCKAWAY NJ 07866

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
electroCore, Inc. [ ECOR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		A		26,615(1)	A	$0.00	308,016(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Annual Deferred Stock Units ("DSUs") award which vests in 12 equal monthly installments from the grant date; provided, however, that the DSUs shall vest in full on the earlier of (i) the close of business one business day prior to the Issuer's next annual stockholder meeting following the grant date, and (ii) the date immediately prior to a change of control, in each case, provided that the Reporting Person ("RP") remains in continuous service with the Issuer or an affiliate through the applicable vesting date.

2. In addition to the DSUs listed in Column 4, consists of 217,051 shares owned directly by the RP; 1,296 shares owned by a trust for the benefit of the RP's family; 11,000 shares owned by a trust for the benefit of the RP; and 52,054 shares that have vested pursuant to previously issued DSUs. All such vested shares were previously reported on Form 4 filings at the time of grant.

	/s/ John L. Cleary, II, attorney-in-fact	09/04/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Thomas J. Errico report on Form 4 for ECOR?

He reported a grant of 26,615 annual deferred stock units (DSUs) on 09/02/2025 and total beneficial ownership of 308,016 shares after the grant.

How do the DSUs awarded to the director vest?

The DSUs vest in 12 equal monthly installments from the grant date, but will vest in full earlier if the director remains in service until the next annual stockholder meeting or upon a change of control.

Did the Form 4 report any cash purchase price for the awarded DSUs?

No. The transaction lists a price of $0.00 for the DSUs.

What comprises the reported 308,016 shares beneficially owned by the reporting person?

It consists of 217,051 shares owned directly, 1,296 shares in a family trust, 11,000 in another trust, and 52,054 shares that vested from previously issued DSUs.