Company: INMB
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001213900-25-073077
Chunk: 87

Company: Inmune Bio, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 87
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 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 officers and directors. The Severance Agreement also reaffirms
Dr. Tesi’s right to indemnification under Nevada law, the Company’s articles of incorporation and bylaws, as amended and in
effect as of the date hereof, and provides for contribution rights in the event indemnification is unavailable.

The Severance Agreement includes
mutual releases of claims, as well as customary provisions relating to confidentiality, non-disparagement, cooperation, and return of
Company property. 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”).

The foregoing summary of the
Severance Agreement is qualified in its entirety by reference to the full text of the Severance Agreement, which is filed as Exhibit 10.4
hereto and incorporated herein by reference.

Appointment of New Chairman

On August 4, 2025, the Board
appointed J. Kelly Ganjei, an existing member of the Board, as Chairman of the Board, effective as of the Effective Date. Mr. Ganjei has
served on the