Company: INMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001213900-25-073077
Chunk: 209

Company: Inmune Bio, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 5
Chunk 209
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Item 5. Other Information

Severance Agreement 

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.

36

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, in exchange for a general release of claims and other customary terms, the Company agreed to provide
Dr. Tesi with a severance payment of $166,000, less applicable taxes and withholdings, payable within 30 days of execution of the Severance
Agreement. The Company also agreed to pay Dr. Tesi $97,128.38 in payment for 48.25 accrued but unused vacation days as of the Effective
Date. In addition, the Company will continue to pay the cost of health insurance coverage for Dr. Tesi and his spouse through December
31, 2025, either by continuing existing coverage or reimbursing COBRA premiums, subject to early termination if Dr. Tesi becomes covered
under another employer’s plan.

Under the terms of the Severance
Agreement, all unvested stock options held by Dr. Tesi as of the Effective Date 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