# EDGAR Filing Document

**Accession Number:** 0001698530
**File Stem:** 0001698530-25-000047
**Filing Date:** 2025-6
**Character Count:** 18369
**Document Hash:** f936bcd3ca32459cc8d21d529fb4889e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698530-25-000047.hdr.sgml**: 20250610

**ACCESSION NUMBER**: 0001698530-25-000047

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250606

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**FILED AS OF DATE**: 20250610

**DATE AS OF CHANGE**: 20250610

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXICURE, INC.
- **CENTRAL INDEX KEY:** 0001698530
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 815333008
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39011
- **FILM NUMBER:** 251037763

**BUSINESS ADDRESS:**
- **STREET 1:** 2430 N. HALSTED ST.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60614
- **BUSINESS PHONE:** 847-673-1707

**MAIL ADDRESS:**
- **STREET 1:** 2430 N. HALSTED ST.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Max-1 Acquisition Corp
- **DATE OF NAME CHANGE:** 20170221

?xml version='1.0' encoding='ASCII'? xcur-20250606

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**____________________**

**FORM 8-K**

**____________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 6, 2025**

**____________________**

**EXICURE, INC.**

**(Exact name of Registrant as specified in its charter)**

**____________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39011** | **81-5333008** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

**400 Seaport Court, Suite 102** 

**Redwood City, CA 94063**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (847) 673-1700**

**____________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | XCUR | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

    

------

**Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers**

***Executive Management Updates***

As of June 6, 2025, the Board of Directors of the Company approved severance packages and adjustments to the annual base salaries of the Company's Chief Executive Officer, Andy Yoo, and its Chief Financial Officer, Seung Ik Baik. Mr. Yoo's salary was increased to $480,000, and Mr. Baik's salary was increased to $300,000. If the Company terminates employment of Mr. Yoo or Mr. Baik without cause, Mr. Yoo's termination will entitle him to receive severance equal to 24 months' base salary, and Mr. Baik's termination will entitle him to receive severance equal to 12 months' base salary. This severance is in addition to any accrued but unpaid wages or benefits owed as of the applicable termination date. All changes to employment agreements are effective as of April 1, 2025. No other changes were made to the compensation or employment agreements of Mr. Yoo or Mr. Baik.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 10.1 | <u>[First Amendment to Employment Agreement between Exicure, Inc. and Andy Yoo, dated as of April 1, 2025](ex101-firstamendmenttoempl.htm)</u> |
| 10.2 | <u>[First Amendment to Employment Agreement between Exicure, Inc. and Seung Ik Baik, dated as of April 1, 2025](ex102-firstamendmenttoempl.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: June 10, 2025 | **EXICURE, INC.** | **EXICURE, INC.** |
|  | By: | /s/ Andy Yoo |
|  |  | Andy Yoo |
|  |  | Chief Executive Officer |

---

## Exhibit 10.1

Exhibit 10.1

**FIRST AMENDMENT TO EMPLOYMENT AGREEMENT**

This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is effective as of the 1<sup>st</sup> day of April 2025 (the "Effective Date"), by and between Andy Yoo ("You" or "Your") and Exicure, Inc. (the "Company"). Each of You and the Company are herein referred to as a "Party," and collectively, the "Parties."

**RECITALS**

WHEREAS, the Company and You entered into that certain Employment Agreement effective as of December 20, 2024 (the "Agreement");

WHEREAS, pursuant Section 21 of the Agreement, the Agreement may not otherwise be amended or modified except in writing signed by both Parties; and

WHEREAS, the Company and You wish to amend the Agreement as set forth in this Amendment and effective as of the Effective Date.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Amendment to Section 3 of the Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Section 3(a) of the Agreement is hereby replaced in its entirety as follows:

"(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Salary</u>. During the Employment Period, the Company shall pay You an annual base salary ("Base Salary") of Four Hundred Eighty Thousand Dollars ($480,000), subject to all applicable withholdings, in accordance with the Company's normal payroll practices. Your Base Salary may be adjusted at the discretion of the Board based upon Your performance and the Company's performance, as determined in the sole and absolute discretion of the Board."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Amendment to Section 6 of the Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Section 6 of the Agreement is hereby replaced in its entirety as follows:

"6. <u>Company's Post-Termination Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation Payment</u>. If this Agreement terminates for any reason, then the Company shall pay You all accrued but unpaid wages through the date of Your "separation from service," as defined in Internal Revenue Code Section 409A ("Separation from Service"), based on Your then current Base Salary, which will be paid in one-time lump sum within five (5) business days following the date of Your Separation from Service (the "Separation Payment"). You acknowledge and agree that the Separation Payment shall constitute the consideration for the release, noted below, and Your post-termination obligations and shall constitute full satisfaction

------

of the Company's post-termination obligations under this Agreement in the event of termination of this Agreement for any reason other than termination of Your employment by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severance Payment</u>. If the Company terminates Your employment without cause, You shall be entitled to receive severance pay equal to twenty-four (24) months of Your then current Base Salary, payable in accordance with the Company's regular payroll practices and subject to applicable withholding and deductions (the "Severance Payment"). The Severance Payment shall be made in addition to any Separation Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Condition to Payment</u>. The Company's obligation to pay the Separation Payment or the Severance Payment to You shall be conditioned upon: Your execution and non-revocation of a reasonable release agreement in a form prepared by the Company in its sole and absolute discretion and in which You release the Company (including the Company's parents, subsidiaries, affiliates, and all related companies, as well as each of their respective officers, directors, shareholders, employees, agents and any other representatives, any employee benefits plan of the Company, and any fiduciary of those plans) from any and all liability and claims of any kind whatsoever, regardless whether such claims are known at the time of the release."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Continuing Obligations**. You will continue to abide by Company rules and policies and other agreements between You and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Acknowledgement**. You confirm that You have read this Amendment, understand the terms hereof and have had sufficient opportunity to obtain independent legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**General**. The Agreement, and its exhibits, along with this Amendment, set forth the entire understanding between the Parties with regard to the subject matter hereof and supersedes any prior oral discussions or written communications and agreements. This Amendment cannot be modified or amended except in writing signed by You and an authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**No Other Changes**. Other than as provided above, no other changes or edits are made hereby to the Agreement, which shall remain in full force and effect as amended hereby.

[*Signature page follows*]

------

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

Exicure, Inc.

By: __<u>_/s/_Seung Ik Baik</u>______________________

Seung Ik Baik

Chief Financial Officer

Andy Yoo:

______<u>/s/ Andy Yoo</u>___________________________

Andy Yoo

Chief Executive Officer

Signature Page to

First Amendment to

Employment Agreement

## Exhibit 10.2

Exhibit 10.2

**FIRST AMENDMENT TO EMPLOYMENT AGREEMENT**

This FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is effective as of the 1<sup>st</sup> day of April 2025 (the "Effective Date"), by and between Seung (Louis) Ik Baik ("You" or "Your") and Exicure, Inc. (the "Company"). Each of You and the Company are herein referred to as a "Party," and collectively, the "Parties."

**RECITALS**

WHEREAS, the Company and You entered into that certain Employment Agreement effective as of December 20, 2024 (the "Agreement");

WHEREAS, pursuant Section 21 of the Agreement, the Agreement may not otherwise be amended or modified except in writing signed by both Parties; and

WHEREAS, the Company and You wish to amend the Agreement as set forth in this Amendment and effective as of the Effective Date.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

**AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Amendment to Section 3 of the Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Section 3(a) of the Agreement is hereby replaced in its entirety as follows:

"(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Salary</u>. During the Employment Period, the Company shall pay You an annual base salary ("Base Salary") of Three Hundred Thousand Dollars ($300,000), subject to all applicable withholdings, in accordance with the Company's normal payroll practices. Your Base Salary may be adjusted at the discretion of the Board based upon Your performance and the Company's performance, as determined in the sole and absolute discretion of the Board."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Amendment to Section 6 of the Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Section 6 of the Agreement is hereby replaced in its entirety as follows:

"6. <u>Company's Post-Termination Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation Payment</u>. If this Agreement terminates for any reason, then the Company shall pay You all accrued but unpaid wages through the date of Your "separation from service," as defined in Internal Revenue Code Section 409A ("Separation from Service"), based on Your then current Base Salary, which will be paid in one-time lump sum within five (5) business days following the date of Your Separation from Service (the "Separation Payment"). You acknowledge and agree that the Separation Payment shall constitute the consideration for the release, noted below, and Your post-termination obligations and shall constitute full satisfaction

------

of the Company's post-termination obligations under this Agreement in the event of termination of this Agreement for any reason other than termination of Your employment by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severance Payment</u>. If the Company terminates Your employment without cause, You shall be entitled to receive severance pay equal to twelve (12) months of Your then current Base Salary, payable in accordance with the Company's regular payroll practices and subject to applicable withholding and deductions (the "Severance Payment"). The Severance Payment shall be made in addition to any Separation Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Condition to Payment</u>. The Company's obligation to pay the Separation Payment or the Severance Payment to You shall be conditioned upon Your execution and non-revocation of a reasonable release agreement in a form prepared by the Company in its sole and absolute discretion and in which You release the Company (including the Company's parents, subsidiaries, affiliates, and all related companies, as well as each of their respective officers, directors, shareholders, employees, agents and any other representatives, any employee benefits plan of the Company, and any fiduciary of those plans) from any and all liability and claims of any kind whatsoever, regardless whether such claims are known at the time of the release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Continuing Obligations**. You will continue to abide by Company rules and policies and other agreements between You and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Acknowledgement**. You confirm that You have read this Amendment, understand the terms hereof and have had sufficient opportunity to obtain independent legal advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**General**. The Agreement, and its exhibits, along with this Amendment, set forth the entire understanding between the Parties with regard to the subject matter hereof and supersedes any prior oral discussions or written communications and agreements. This Amendment cannot be modified or amended except in writing signed by You and an authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**No Other Changes**. Other than as provided above, no other changes or edits are made hereby to the Agreement, which shall remain in full force and effect as amended hereby.

[*Signature page follows*]

------

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.

Exicure, Inc.

By: ____<u>/s/ Andy Yoo</u>_________________________

Andy Yoo

Chief Executive Officer

Seung Ik Baik:

_______<u>/s/ Seung Ik Baik</u>__________________________

Seung Ik Baik

Chief Financial Officer

Signature Page to

First Amendment to

Employment Agreement