Joshua Lev
electroCoreAbout Joshua Lev
Joshua S. Lev, age 40, is Chief Financial Officer of electroCore (ECOR) since October 2024 after serving as Chief Strategy Officer from January 2022 and Vice President of Business Development, Strategy & Financial Planning since February 2020; he holds an MBA from UNC Kenan-Flagler and a BS in Business & Management from Yeshiva University . During 2022–2024, ECOR’s TSR rose 85% and net loss improved 46% (from $(22.2)M in 2022 to $(11.9)M in 2024), framing compensation alignment with shareholder outcomes despite largely discretionary bonus design . Lev signed SOX 302/906 certifications on March 12, 2025 as Principal Financial and Accounting Officer, underscoring his accountability for financial reporting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| electroCore, Inc. | VP, Business Development, Strategy & Financial Planning | Feb 2020–Jan 2022 | Led capital raising, M&A, strategic transactions, and FP&A initiatives supporting growth strategy . |
| electroCore, Inc. | Chief Strategy Officer | Jan 2022–Oct 2024 | Drove corporate strategy; prepared for CFO transition and aligned initiatives with shareholder value . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wellfleet Partners, Inc. | Director of Business Development | 2011–Feb 2020 | Focused on capital raising, M&A, strategic transactions, and institutional client relations for emerging growth companies . |
| Aracle Capital, LLC | Co-founder | Mar 2014–Feb 2020 | Early-stage/emerging-growth investing; informs capital markets and investor alignment at ECOR . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $384,728 | $408,165 |
| Target Bonus (% of Base) | Not disclosed | Up to 40% effective Oct 4, 2024 |
| Actual Bonus Paid ($) | $130,000 | $170,000 |
| Current Annual Salary (from Oct 4, 2024) | — | $415,000 |
Performance Compensation
Annual Bonuses (discretionary)
| Metric | 2023 | 2024 |
|---|---|---|
| Bonus design | Discretionary; based on individual/company priorities and peer data as deemed appropriate | Discretionary; based on individual/company priorities and peer data as deemed appropriate |
| Target (%) | Not disclosed | Up to 40% of base (effective Oct 4, 2024) |
| Payout ($) | $130,000 | $170,000 |
| Performance metrics, weighting, target/actual | Not disclosed | Not disclosed |
Equity Awards (grants and vesting)
| Grant Date | Type | Shares | Vesting | CIC Treatment |
|---|---|---|---|---|
| Jan 12, 2024 | RSU | 16,000 | 1/3 on each of 1st, 2nd, 3rd anniversaries (Jan 12, 2025/2026/2027), service-based | Double-trigger acceleration under Executive Severance Policy |
| Jan 15, 2025 | RSU | 10,000 | 1/3 on each of 1st, 2nd, 3rd anniversaries (Jan 15, 2026/2027/2028), service-based | Double-trigger acceleration under Executive Severance Policy |
| Jan 14, 2022 | Stock Options | 4,444 exercisable; 2,222 unexercisable | Standard vesting (portion exercisable at 12/31/2024) | Double-trigger: equity accelerates; option exercise window extended to earlier of 150 days post-termination or original expiry |
| Jul 31, 2023 | Stock Options | 13,333 unexercisable | As of 12/31/2024 not yet exercisable | Double-trigger acceleration; exercise window extension as above |
| Aug 9, 2024 | Option Relinquishment | — | Lev voluntarily relinquished options granted Feb 3, 2020 | — |
Outstanding equity at 12/31/2024 (market values based on $16.21 close)
| Instrument | Exercisable | Unexercisable | Strike ($) | Grant | Expiration | Unvested Units | Market Value ($) |
|---|---|---|---|---|---|---|---|
| Options (2022) | 4,444 | 2,222 | 11.55 | 1/14/2022 | 1/14/2032 | — | — |
| Options (2023) | — | 13,333 | 4.50 | 7/31/2023 | 7/30/2033 | — | — |
| RSU (2021) | — | — | — | 2/29/2021 | — | 333 | $5,398 |
| RSU (2024) | — | — | — | 1/12/2024 | — | 16,000 | $259,360 |
Equity Ownership & Alignment
| As-of Date | Beneficial Ownership (Shares) | % Outstanding | Notes |
|---|---|---|---|
| Mar 6, 2025 | 18,999 | * (less than 1%) | Ownership includes instruments exercisable within 60 days . |
| Jul 10, 2025 | 25,665 | * (less than 1%) | Per DEF 14A ownership table; address c/o ECOR, Rockaway NJ . |
- Insider trading policy prohibits hedging (e.g., collars, swaps); no pledging practices disclosed for executives .
- Section 16(a) compliance: all required filings made in FY2024 .
Employment Terms
| Term | Details |
|---|---|
| Employment status | At-will; governed by offer letter and Executive Severance Policy . |
| Current salary | $415,000 per annum effective Oct 4, 2024 . |
| Target bonus | Up to 40% of base salary, discretionary; must be employed on payment date . |
| Benefits | Eligible for healthcare, 401(k), PTO per company policies . |
| Severance (no CIC) | If terminated without cause or resigns for good reason: severance equal to 12 months base salary (Lev-specific enhancement), accrued prior-year bonus, pro-rated current-year bonus (if employed >6 months), COBRA reimbursement during severance period . |
| Severance (within 2 years post-CIC; double trigger requirement) | Lump sum equal to one year base salary; COBRA reimbursement; acceleration of all outstanding equity; option/SAR exercise window extended to earlier of 150 days post-termination or original expiry . |
| Good reason definition | Material compensation reduction, material diminution of duties/title, or relocation >30 miles, subject to policy terms . |
| Clawback | Nasdaq-compliant compensation recovery policy for restatements, covering 3 completed fiscal years; applies to executive officers . |
| Non-compete / non-solicit | Not disclosed in proxy/10-K/8-K excerpts reviewed . |
Investment Implications
- Pay-for-performance alignment: Bonuses are discretionary and informed by individual/company priorities and peer data; equity is service-vested RSUs and options with double-trigger acceleration on CIC—alignment exists via equity exposure but absence of explicit quantitative bonus targets reduces transparency for performance pacing .
- Retention and severance economics: Lev’s severance period increased to 12 months and Severance Multiple to 1.0, with pro-rated bonus eligibility and full equity acceleration post-CIC, lowering near-term exit risk and incentivizing stability through deal cycles .
- Insider selling pressure: RSUs vest on Jan 12, 2025/2026/2027 and Jan 15, 2026/2027/2028, creating scheduled supply; options from 2022 are partially exercisable and 2023 options unexercisable through year-end 2024, with potential future unlocks; Lev voluntarily relinquished 2020 options in Aug 2024, modestly reducing overhang .
- Governance risk mitigants: Robust clawback policy and hedging prohibition reduce misalignment; no tax gross-ups, repricing, or related-party transactions involving Lev disclosed, and Section 16 compliance was maintained in 2024—overall low governance red flags .
- Performance backdrop: TSR up 85% and net loss improved 46% from 2022 to 2024, supporting equity value creation under Lev’s strategy/CFO roles; however, bonus determination remains discretionary without quantitative targets, requiring qualitative assessment of execution .