Company: INMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001213900-25-073077
Chunk: 25

Company: Inmune Bio, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 aggregate, will not have a material adverse impact in the Company’s
consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may
change in the future.

NOTE 12 – SUBSEQUENT EVENTS

On August 4, 2025, Dr. Raymond
J. Tesi informed the Company of his intention to retire and resign from his roles as President, Chief Executive Officer, Chief Medical
Officer, Chairman of the Board of Directors (the “Board”) and all positions from the Company and its subsidiaries, effective
on the Effective Date (as defined below). Dr. Tesi’s resignation is not the result of any dispute or disagreement with the Company
or the Board on any matter relating to the Company’s operations, policies or practices.

In connection with Dr. Tesi’s retirement,
Dr. Tesi and the Company entered into a Separation Agreement and Mutual Release, dated August 4, 2025 (the “Severance Agreement”),
pursuant to which, the Company agreed to pay Dr. Tesi $166,000 of severance within thirty days, pay Dr. Tesi for accrued but unused vacation
days, and pay the cost of health insurance coverage for Dr. Tesi and his spouse through December 31, 2025. The Severance Agreement is
subject to a seven-day revocation period following execution and shall become effective on August 12, 2025, if not revoked before (the
“Effective Date”).

Under the terms of the Severance
Agreement, all unvested stock options held by Dr. Tesi will remain outstanding and continue to vest in accordance with their original
terms, provided that Dr. Tesi remains in compliance with the Severance Agreement. All vested stock options will remain exercisable for
the later of five years following the Effective Date or their original expiration date. The agreement also imposes resale limitations
on Dr. Tesi’s beneficial ownership of Company securities, restricting him from selling more than 25% of his beneficially owned shares
of common stock in any calendar month during the 18-month period following the Effective Date.

The Company further agreed
to maintain directors’ and officers’ liability insurance for Dr. Tesi for a period of at least three years following the Effective
Date on terms no less favorable than those applicable to its then-serving officers and directors. The Severance Agreement also reaffirms
Dr. Tesi’s right to indemnification under Nevada law, the Company