# EDGAR Filing Document

**Accession Number:** 0001280776
**File Stem:** 0001193805-26-000516
**Filing Date:** 2026-4
**Character Count:** 122899
**Document Hash:** 92e9fda59756035d6e40ccadc0bc9482
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193805-26-000516.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193805-26-000516

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260424

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMMUNIC, INC.
- **CENTRAL INDEX KEY:** 0001280776
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 562358443
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36201
- **FILM NUMBER:** 26903070

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 AVENUE OF THE AMERICAS
- **STREET 2:** SUITE 200
- **CITY:** NEW YORK
- **STATE:** X1
- **ZIP:** 10036
- **BUSINESS PHONE:** (332) 255-9818

**MAIL ADDRESS:**
- **STREET 1:** 1200 AVENUE OF THE AMERICAS
- **STREET 2:** SUITE 200
- **CITY:** NEW YORK
- **STATE:** X1
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VITAL THERAPIES INC
- **DATE OF NAME CHANGE:** 20040219

?xml version='1.0' encoding='ASCII'?

**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): April 24, 2026**

**IMMUNIC, INC.**

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

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36201** | **56-2358443** |
| **(State or other jurisdiction<br> of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**1200 Avenue of the Americas, Suite 200**

**New York, NY 10036**

**USA**

**(Address of principal executive offices)**

**Registrant's telephone number, including area code: (332) 255-9818**

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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

☐ 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:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock, par value $0.0001 | IMUX | 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 (§ 240.12b2 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. Yes ☐ No ☐

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

*Appointment of Michael A. Panzara, M.D., M.P.H., as Chief Medical Officer*

Effective April 24, 2026 (the "Effective Date"), Immunic, Inc. (the "Company") appointed Michael A. Panzara, M.D., M.P.H., as Chief Medical Officer of the Company, effective immediately.

Michael Panzara, M.D., M.P.H., age 59, served as chief medical officer at Neurvati Neurosciences, Inc., a Blackstone Life Sciences portfolio company, from October 2022 to March 2026. Previously, Dr. Panzara served as chief medical officer and head of therapeutics discovery and development at Wave Life Sciences Ltd., a publicly traded genetic medicines company, from May 2020 to October 2022, where he previously served as chief medical officer from November 2018 to May 2020 and as franchise lead of neurology from July 2016 to November 2018. Prior to joining Wave Life Sciences, Dr. Panzara served in various roles at Sanofi Genzyme, including most recently as head of multiple sclerosis, neurology and ophthalmology therapeutic area for global development. Dr. Panzara has held numerous other positions in the healthcare and biopharmaceutical industries, including vice president and chief medical officer in neurology at Biogen, and instructor in neurology at Harvard Medical School with clinical appointments at Brigham & Women's Hospital and Massachusetts General Hospital. Dr. Panzara has served on the board of directors of LeonaBio, Inc. since March 2022. Dr. Panzara also serves on the board of directors of Cadenza Bio, Inc. Dr. Panzara earned an M.P.H from Harvard School of Public Health in 2002, an M.D. from Stanford University School of Medicine in 1994, and a B.A. in biology from the University of Pennsylvania in 1989.

In connection with his appointment as Chief Medical Officer, Dr. Panzara entered into an employment agreement with the Company, dated as of April 24, 2026 (the "Employment Agreement"). Pursuant to the Employment Agreement, Dr. Panzara will receive a yearly base salary of $600,000, subject to periodic review and adjustments made by the Company, and be eligible for a yearly bonus amount of not less than 50% of the yearly base salary upon achievement of certain individual and company goals. In addition, the Company will pay Dr. Panzara a signing bonus in the aggregate amount of $125,000, $75,000 payable in the first month and $50,000 payable after six months of employment. Dr. Panzara is also entitled to: (i) participate in all employee benefit plans, (ii) reimbursement for certain reasonable business-related or employment-related expenses, and (iii) thirty (30) days paid vacation per year.

Pursuant to the Employment Agreement, if: (i) Dr. Panzara is terminated without "cause" (as such term is defined in the Employment Agreement), (ii) Dr. Panzara resigns for "Good Reason" (as such term is defined in the Employment Agreement), or (iii) the Company elects not to renew the term of Dr. Panzara's employment with the Company, subject to the terms and limitations in the Employment Agreement, and such termination occurs outside of a Change of Control Period (as defined in the Employment Agreement), Dr. Panzara would be entitled to receive (a) a lump sum payment in an amount equal to the sum of Dr. Panzara's earned but unpaid base salary through the date of termination, plus his accrued but unused vacation days at the base salary in effect as of the date of termination, plus any other benefits or rights Dr. Panzara has accrued or earned through the date of termination, in accordance with the terms of the applicable fringe or employee benefit plans and programs of the Company, (b) a lump sum severance payment equal to twelve (12) months of base salary, (c) full acceleration of 100% of unvested equity awards, which would remain exercisable for twelve (12) months, (d) reimbursement of COBRA premiums for twelve (12) months, and (e) accrued but unpaid annual bonus, if any, for the fiscal year ended prior to the date of termination, payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company. If such a termination occurs during the Change of Control Period, Dr. Panzara would be entitled to receive: (a) a lump sum payment in an amount equal to the sum of Dr. Panzara's earned but unpaid base salary through the date of termination, plus his accrued but unused vacation days at the base salary in effect as of the date of termination, plus any other benefits or rights Dr. Panzara has accrued or earned through the date of termination, in accordance with the terms of the applicable fringe or employee benefit plans and programs of the Company, (b) a lump sum severance payment equal to eighteen (18) months of base salary, (c) a lump sum payment equal to 100% of Dr. Panzara's target annual bonus, (d) full acceleration of 100% of unvested equity awards, which would remain exercisable for eighteen (18) months, (e) reimbursement of COBRA premiums for eighteen (18) months, and (f) accrued but unpaid annual bonus, if any, for the fiscal year ended prior to the date of termination, payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company. Receipt of severance benefits in either case is conditioned upon Dr. Panzara's execution and non-revocation of a release of claims in favor of the Company.

On April 23, 2026, effective on the Effective Date, the Compensation Committee of the Company's Board of Directors approved a grant to Dr. Panzara of an initial equity option to purchase 300,000 shares of common stock of the Company (3,000,000 shares of common stock of the Company prior to the Company's 1:10 reverse stock split) under the Immunic, Inc. 2026 Inducement Equity Compensation Plan (the "Options"). The Options were granted as an inducement material to Dr. Panzara's commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4). The Options will be time vested, with one half vesting on the one-year anniversary of the Effective Date and one half vesting in equal monthly installments over a period of twenty-four (24) months following the first anniversary of the Effective Date. The exercise price of the Options is the closing price of the Company's common stock on the date the Options were approved by the Compensation Committee.

There is no relationship or agreement between Dr. Panzara and any other person pursuant to which he was appointed as an officer of the Company and there is no family relationship between Dr. Panzara and any of the Company's directors or executive officers. The Company is not aware of any transaction involving Dr. Panzara which would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act, other than as set forth in this Current Report on Form 8-K. The Company will enter into a customary indemnity agreement with Dr. Panzara, consistent with the form filed as Exhibit 10.7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 31, 2025.

The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

*Resignation of Andreas Muehler, M.D., M.B.A.*

On April 27, 2026, Andreas Muehler, M.D., M.B.A., resigned as the Chief Medical Officer of the Company. The resignation of Dr. Muehler was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Board of Directors and the Company are deeply grateful for Dr. Muehler's service, dedication, and contributions to the Company.

In connection with Dr. Muehler's resignation as Chief Medical Officer, the Company entered into a Transition, Separation, and Consulting Agreement with Dr. Muehler, dated April 27, 2026 (the "Separation Agreement"). Pursuant to the Separation Agreement, Dr. Muehler's employment with the Company as Chief Medical Officer terminated on April 27, 2026, and Dr. Muehler's title was changed to Senior Medical Officer. Dr. Muehler also agreed to resign from the Executive Board of Immunic AG, a wholly owned subsidiary of the Company, on or before April 30, 2026 (the "Separation Date"). Dr. Muehler will serve as Senior Medical Officer through the Separation Date. From the date of the Separation Agreement to the Separation Date, (a) the Company will pay Dr. Muehler all accrued salary earned through the Separation Date, subject to standard payroll deductions and withholdings, and (b) Immunic AG will pay Dr. Muehler all accrued salary earned under the service agreement dated December 18, 2023, by and between Immunic AG and Dr. Muehler (the "Service Agreement"), through the Separation Date, subject to standard payroll deductions and withholdings.

Commencing on the Separation Date, Dr. Muehler will serve as a consultant to the Company for an initial period of ten (10) months, providing consulting services on an as-needed basis for up to twenty (20) hours per month, in exchange for a monthly retainer of $10,000. In addition, the Company agreed to provide Dr. Muehler with severance benefits, including a lump sum payment equal to twelve (12) months of Dr. Muehler's base salary, a pro-rated bonus for fiscal 2026, provided that such bonus will be determined by the Company in the ordinary course and will be paid (to the extent determined to have been earned by the Company) when such bonus is paid to employees of the Company, and a lump sum payment from Immunic AG equal to twelve (12) months of Dr. Muehler's fixed annual salary under the Service Agreement, subject to Dr. Muehler's execution of a release of claims in favor of the Company and compliance with the terms of the Separation Agreement. Additionally, 100% of Dr. Muehler's outstanding equity awards shall vest as of the Separation Date. Dr. Muehler will have three (3) years following Separation Date to exercise any vested equity awards.

The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

On April 28, 2026, the Company issued a press release announcing the appointment of Dr. Panzara as Chief Medical Officer and the departure of Dr. Muehler. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. The information set forth in this Item 7.01 and in Exhibit 99.1 is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01. Financial Statements and Exhibits**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 10.1 | [Employment Agreement, dated April 24, 2026, by and between Immunic, Inc. and Michael A. Panzara.](e665394_ex10-1.htm) |
| 10.2 | [Transition, Separation, and Consulting Agreement, dated April 27, 2026, between Immunic, Inc. and Andreas Rolf Muehler.](e665394_ex10-2.htm) |
| 99.1 | [Press Release dated April 28, 2026.](e665394_ex99-1.htm) |
| 104 | Cover Page to this Current Report on Form 8-K in Inline XBRL. |

---

**SIGNATURES**

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

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| | | |
|:---|:---|:---|
| Dated: April 28, 2026 | **Immunic, Inc.** | **Immunic, Inc.** |
|  | By: | */s/ Daniel Vitt* |
|  |  | Daniel Vitt |
|  |  | Chief Executive Officer |

---

## Exhibit 10.1

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the "***Agreement***") dated as of April 23, 2026 (the "***Effective Date***"), is being entered into by and between **IMMUNIC, INC.**, a Delaware corporation (the "***Company***"), and **Michael Panzara** (the "***Executive***").

WHEREAS, the Company has appointed the Executive to be an officer of the Company effective as of the Effective Date; and

WHEREAS, the Company desires that the Executive join the Company to serve in the capacity of Chief Medical Officer of the Company, and the Executive has agreed to serve in such position in accordance with the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and for other valuable consideration, the Company and the Executive hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Certain Definitions</u>. The following terms, as used herein, have the following meanings:

&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) "***Cause***" means one or more of the following: (i) the Executive's willful failure to perform his duties hereunder or the lawful directives of the Company's Board of Directors or nominees thereof (other than as a result of illness or injury), (ii) the conviction of, or plea of *nolo contendere* by, the Executive to, a felony or a crime involving moral turpitude, (iii) the Executive's commission of any willful acts of personal dishonesty in connection with his responsibilities as an employee of the Company that could reasonably be expected to materially impair or damage the property, goodwill, reputation, business or finances of the Company, (iv) the Executive's willful and material violation of the Company's policies regarding ethics or conduct (including sexual harassment and other similar policies) that could reasonably be expected to impair or damage the property, goodwill, reputation, business or finances of the Company or its affiliates or (v) the Executive's breach of his obligations under the Confidentiality 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;(b) "***Change of Control***" means the occurrence of any of the following events: (i) a change in the ownership of the Company which occurs on the date that any one person or entity, or more than one person or entity acting as a group (collectively, a "***Person***" for purposes of this definition), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; (ii) a change in the effective control of the Company which occurs on the date that a majority of members of the Company's Board of Directors is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Company's Board of Directors prior to the date of the appointment or election; or (iii) change in the ownership of a substantial portion of the Company's assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this <u>Section 1(b)(iii)</u>, the following will not constitute a change in the ownership of a substantial portion of the Company's assets: (A) a transfer to an entity that is controlled by the Company's stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company's stock, or (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company. For purposes of this <u>Section 1(b)(iii)</u>, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. Further and for the avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.

&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) "***Change of Control Period***" means the twelve (12) month period following a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Date of Termination***" means the date specified in a written notice of termination delivered pursuant to <u>Section 6</u>, or the Executive's last date as an active employee of the Company before a termination of employment due to his death or Non-Renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***Disabled***" or "***Disability***" means a mental or physical condition that renders the Executive substantially incapable of performing his duties and obligations under this Agreement, after taking into account provisions for reasonable accommodation, as determined by a medical doctor (such doctor to be mutually determined in good faith by the parties) for four (4) or more consecutive months or for a total of four (4) months during any twelve (12) consecutive months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Good Reason***" means, unless the Executive has consented in writing thereto, the occurrence of any of the following: (i) the assignment to the Executive of any duties materially inconsistent with the Executive's position, including any change in status, title, authority, reporting relationship, duties or responsibilities or any other action which results in material diminution in such status, title, authority, duties or responsibilities, (ii) a reduction in the Executive's Base Salary by the Company, except for across-the-board salary reductions implemented by the Company affecting all similarly situated executives, (iii) the relocation of the Executive's office to a location more than fifty (50) miles from his Primary Work Location (as defined below), or (iv) the Company's failure to provide the Equity Award within sixty (60) days of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Employment</u>. The terms and conditions set forth in this Agreement will commence on the Effective Date and end on the earlier of: (a) December 31, 2027 (subject to extension as provided in the following sentence) and (b) the Executive's Date of Termination (such period, including any extension as provided below, shall be referred to as the "***Term of Employment***"). This Agreement and the Term of Employment shall be automatically extended for successive additional one (1)-year terms, unless either party provides written notice of non-renewal at least ninety (90) days before the end of then-current Term of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Executive's Duties and 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) <u>Duties</u>. The Executive shall serve as the Chief Medical Officer. The Executive shall be responsible for all duties customarily associated with the Chief Medical Officer of a publicly-traded company. The Executive shall report to the Chief Executive Officer of the Company and shall be subject to reasonable policies established by such Chief Executive Officer or the Company's Board of Directors (the "***Board***").

&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) <u>Location of Employment</u>. It is understood that the Executive's primary work location will be a hybrid/remote work model under which the Executive will be based from the Executive's home and coming into the Company's offices in New York periodically ("***Primary Work Location***"). In addition, the Executive acknowledges and agrees that the performance by the Executive of the Executive's duties shall require travel including, without limitation, overseas travel from time to time.

&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) <u>Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement</u>. In consideration of the covenants contained herein, the Executive has executed and agrees to be bound by the Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement (the "***Confidentiality Agreement***") attached to this Agreement as **<u>Exhibit A</u>**. The Executive shall comply at all times with the covenants (including covenants not to compete or solicit employees, consultants and independent contractors) and other terms and conditions of the Confidentiality Agreement and all other reasonable policies of the Company governing its confidential and proprietary information. The Executive's obligations under the Confidentiality Agreement shall survive the Term of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Devotion of Time to the Company's Business; Participation in Board Meetings</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) During the Term of Employment, the Executive shall devote substantially all of his business time, attention and effort to the affairs of the Company, excluding any periods of disability, vacation, or sick leave to which the Executive is entitled, and shall use his reasonable best efforts to perform the duties properly assigned to him hereunder and to promote the interests of the Company Notwithstanding the foregoing, Executive shall be entitled to continue his existing board and consulting activities with LeonaBio, Cadenza Bio, National Multiple Sclerosis Society, Ranvier Capital, to the extent such activities do not interfere with the performance of the Executive's duties and responsibilities hereunder. The Executive shall further be entitled to serve on corporate (with the prior written approval of the Company), civic, charitable, educational, religious, public interest or public service boards, in each case to the extent such activities do not interfere with the performance of the Executive's duties and responsibilities hereunder.

&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) The Executive will be invited to attend, and will be required to attend (absent good cause including without limitation serious illness), all meetings of Board, including all in-person, telephonic and special meetings. Notwithstanding the prior sentence, the Company will require the Executive to recuse himself from executive sessions or portions of meetings when it is appropriate to avoid a conflict of interest (as reasonably determined by the Chairperson of the Board, based on the advice of the Company's in-house or outside counsel). The Executive will included in Board discussions where employee Directors are present (excluding discussions with respect to the Executive or the applicable employee Director) and given access to all materials sent to the Board when such materials are sent to members of the Board (with limited redactions that are needed to avoid a conflict of interest (as reasonably determined by the Chairperson of the Board, based on the advice of the Company's in-house or outside counsel)). The Executive will work closely with Board members responsible for the selection of the Company's Chief Executive Officer. The Executive will work closely with the Company's Chief Executive Officer and be included in strategic discussions to jointly prepare materials for meetings of the Board, which will be used to guide the Company's long term strategy and key decisions.

&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) The Company will in good faith consider adding the Executive to the Board in the future if the Company determines that the addition of an executive member to the Board will not compromise the Company's ability to remain in compliance with SEC and Nasdaq independence requirements without the need to add additional independent members to the Board and accounting for contingency planning in the case of an unexpected opening to a Board seat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation and Benefits</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) <u>Signing Bonus</u>. The Company shall pay to the Executive a cash bonus of seventy-five thousand dollars ($75,000) within one month of the Effective Date. In addition, and provided that the Executive is an employee of the Company in good standing on October 31, 2026, the Company shall pay to the Executive an additional cash bonus of fifty-thousand dollars ($50,000), which shall be paid in connection with the first ordinary payroll after such date.

&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) <u>Base Salary</u>. The Company shall pay to the Executive in accordance with its normal payroll practices (but not less frequently than monthly) an initial annual salary at a rate of six hundred thousand dollars ($600,000) per annum ("***Base Salary***"). The Executive's Base Salary shall be reviewed annually for the purpose of determining increases, if any, based on the Executive's performance, the performance of the Company, then prevailing salary scales for comparable positions, inflation and other relevant factors. Effective as of the date of any increase in the Executive's Base Salary, Base Salary as so increased shall be considered the new Base Salary for all purposes of this Agreement and may not thereafter be reduced. Any increase in Base Salary shall not limit or reduce any other obligation of the Company to the Executive under this 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;(c) <u>Annual Bonus</u>. During the Term of Employment, the Executive shall be eligible to receive an annual cash incentive award ("***Annual Bonus***") pursuant to the bonus plan then in effect for employees of the Company (the "***Bonus Plan***"). All Annual Bonuses are subject to the terms and conditions of then-current Bonus Plan adopted by the Company. If the Executive achieves his target performance goals for a fiscal year, which goals shall be determined by the Compensation Committee of the Company's Board of Directors (the "***Compensation Committee***") on an annual or more frequent basis, the Annual Bonus shall be not less than fifty percent (50%) of the Executive's Base Salary. To be eligible to receive an Annual Bonus, or any portion thereof, the Executive must be actively employed by the Company at the time the Annual Bonus, if any, is paid, except as otherwise provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Equity Awards</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to approval of the Compensation Committee of the Company's Board of Directors (the "***Compensation Committee***"), the Executive shall receive a grant of equity-based compensation in the form of a nonqualified stock option grant (the "***Equity Award***") under the Immunic, Inc. 2026 Inducement Equity Compensation Plan (the "***Equity Plan***"). The terms and conditions of the Equity Award shall be documented in a corresponding nonqualified stock option equity award agreement between the Company and the Executive. The Equity Award will provide an option to acquire up to three million (3,000,000) shares of the Company's common stock (subject to adjustment for any forward or reverse stock split or similar recapitalization implemented after the date of this 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Equity Award will vest over three years with fifty percent (50%) of the Equity Award vesting on the one year anniversary of the Effective Date and the remaining fifty percent (50%) of the Equity Award vesting on a monthly basis in twenty-four (24) equal installments. The exercise price of the Equity Award shall be the closing price of the Company's common stock on the date the award is approved by the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From time to time, the Executive may receive additional equity incentive awards under any equity incentive plan adopted by the Company and subject to such terms and conditions as the Compensation Committee, in its sole discretion, may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benefits</u>. During the Term of Employment, the Executive shall be entitled to participate in all employee benefit plans, programs and arrangements made available generally to the Company's senior employees or to other full-time employees on substantially the same basis that such benefits are provided to such senior employees of a similar level or to other full-time employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Vacations</u>. During the Term of Employment, the Executive shall be entitled to thirty (30) days paid vacation per year, or such greater amount as may be earned under the Company's standard vacation policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Reimbursement of Expenses</u>. During the Term of Employment, the Executive shall be entitled to receive prompt reimbursement for all reasonable business-related or employment-related expenses incurred by the Executive upon the receipt by the Company of reasonable documentation in accordance with standard practices, policies and procedures applicable to other senior employees of 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;(h) <u>Liability Insurance</u>. The Company shall maintain directors' and officers' liability insurance covering the Executive during the Term of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Termination of Employment</u>. The Term of Employment shall be automatically terminated upon the first to occur of the following:

&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) <u>Death</u>. The Executive's employment shall terminate immediately upon the Executive's death.

&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) <u>Disability</u>. If the Executive is Disabled, either party may terminate the Executive's employment due to such Disability upon delivery of written notice to the other party. The effective date of such termination of employment will be the Date of Termination set forth in such written notice or immediately upon delivery of such written notice if no effective date is specified in the written notice. For avoidance of doubt, if the Executive's employment is terminated pursuant to this <u>Section 6(b)</u>, his employment will not constitute a termination of employment by the Company without Cause or by the Executive for Good Reason.

&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) <u>Termination by the Executive Without Good Reason</u>. The Executive may terminate his employment for any reason other than Good Reason upon his delivery of written notice to the Company at least thirty (30) days prior to his Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Executive for Good Reason</u>. The Executive may terminate his employment for Good Reason if (i) not later than ninety (90) days after the occurrence of any act or omission that constitutes Good Reason, the Executive provides the Company with a written notice setting forth in reasonable detail the acts or omissions that constitute Good Reason, (ii) the Company fails to correct or cure the acts or omissions within thirty (30) days after it receives such written notice, and (iii) the Executive terminates his employment with the Company after the expiration of such cure period but not later than thirty (30) days after the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by the Company Without Cause</u>. The Company may terminate the Executive's employment without Cause upon delivery of written notice to the Executive at least thirty (30) days prior to his Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination Upon Non-Renewal</u>. Unless otherwise agreed to by the parties, the Executive's employment shall terminate on the last day of then-current Term of Employment if either the Company or the Executive provides the other party with a written notice of non-renewal of this Agreement in accordance with <u>Section 2</u> and the parties do not enter into a new employment agreement prior to the expiration of this Agreement ("***Non-Renewal***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Termination by the Company for Cause</u>. Upon the occurrence of any act or omission that constitutes Cause under clauses (i), (iii), (iv) and (v) of the definition of Cause, the Company may terminate the Executive's employment upon delivery of written notice to the Executive at least thirty (30) days prior to his Date of Termination, unless the Executive cures, if curable, such acts or omissions constituting Cause to the satisfaction of the Company prior to the expiration of such period. Upon the occurrence of any act or omission that constitutes Cause under clause (ii) of the definition of Cause, the Company may terminate the Executive's employment upon delivery of written notice to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation and Benefits Payable Upon of Termination of Employment Unrelated to a Change of Control</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) <u>Payment of Accrued But Unpaid Compensation and Benefits</u>. Upon the Executive's termination of employment for any reason outside of the Change of Control Period, the Executive (or his Beneficiary following the Executive's death) shall receive (i) a lump sum payment on the Date of Termination in an amount equal to the sum of the Executive's earned but unpaid Base Salary through his Date of Termination plus his accrued but unused vacation days at the Executive's Base Salary in effect as of his Date of Termination; plus (ii) any other benefits or rights the Executive has accrued or earned through his Date of Termination in accordance with the terms of the applicable fringe or employee benefit plans and programs of the Company. Except as provided in <u>Section 7(b)</u> or <u>Section 7(c)</u> below or as expressly provided pursuant to the terms of any employee benefit plan, the Executive will not be entitled to earn or accrue any additional compensation or benefits for any period following his Date of Termination.

&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) <u>Termination of Employment Due to Death or Disability</u>. In addition to the compensation and benefits payable under <u>Section 7(a)</u> above, if the Executive's employment is terminated due to his death or Disability outside of the Change of Control Period, the Executive (or his Beneficiary following the Executive's death) shall receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company pursuant to the terms of the Bonus Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement of the COBRA premiums, if any, paid by the Executive's spouse and dependents for continuation coverage for the Executive's spouse and dependents under the Company's group health, dental and vision plans for a six (6) month period from the Date of Termination.

&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) <u>Termination of Employment by the Company Without Cause, by the Executive for Good Reason or Upon Non-Renewal by the Company</u>. In addition to the compensation and benefits payable under <u>Section 7(a)</u> above, if the Executive's employment is terminated by the Company without Cause, by the Executive for Good Reason or upon Non-Renewal where it is the Company that provided written notice of non-renewal of this Agreement in accordance with <u>Section 2</u>, and such termination occurs outside of the Change of Control Period, and the Executive returns an executed Release to the Company, which becomes final, binding and irrevocable within sixty (60) days following the Executive's Date of Termination in accordance with <u>Section 10</u>, the Executive (or his Beneficiary following the Executive's death) shall receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination payable at the same time annual bonuses for such fiscal year are paid to other key employees of the Company pursuant to the terms of the Bonus Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one hundred percent (100%) of the Executive's outstanding unvested Equity Awards as of the Date of Termination will be fully vested and remain exercisable for twelve (12) months thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a severance payment payable in a single lump sum within five (5) business days after the Executive's Release becomes final, binding and irrevocable in accordance with <u>Section 10</u>, in an amount equal to twelve (12) months of Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reimbursement of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, his spouse and dependents under the Company's group health, dental and vision plans for a twelve (12) month period from the Date of Termination.

Notwithstanding the foregoing, if the Executive materially breaches this Agreement or the Executive's Confidentiality Agreement, then the Company's continuing obligations under this <u>Section 7(c)</u> shall cease as of the date of the breach and the Executive shall be entitled to no further payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Termination of Employment by the Company Without Cause, by the Executive for Good Reason or Upon Non-Renewal by the Company in Connection with a Change of Control</u>. In addition to the compensation and benefits payable under <u>Section 7(a)</u> above, if the Executive's employment is terminated by the Company without Cause, by the Executive for Good Reason or upon Non-Renewal where it is the Company that provided written notice of non-renewal of this Agreement in accordance with <u>Section 2</u>, and such termination occurs during the Change of Control Period, and the Executive returns an executed Release to the Company, which becomes final, binding and irrevocable within sixty (60) days following the Executive's Date of Termination in accordance with <u>Section 10</u>, the Executive (or his Beneficiary following the Executive's death) shall receive:

&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) a single lump sum within five (5) business days after the Executive's Release becomes final, binding and irrevocable in accordance with <u>Section 10</u>, equal to the Executive's accrued but unpaid Annual Bonus, if any, for the fiscal year ended prior to his Date of Termination;

&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) a single lump sum within five (5) business days after the Executive's Release becomes final, binding and irrevocable in accordance with <u>Section 10</u>, equal to one hundred percent (100%) of the Executive's target bonus as in effect for the fiscal year in which the Executive's termination of employment occurs; provided that, for avoidance of doubt, the amount paid to the Executive pursuant to this <u>Section 8(b)</u> will not be prorated based on the actual amount of time the Executive is employed by the Company during the fiscal year (or the relevant performance period if something different than a fiscal year) during which the termination occurs;

&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) one hundred percent (100%) of the Executive's outstanding unvested Equity Awards as of the Date of Termination will be fully vested and remain exercisable for eighteen (18) months thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a severance payment payable in a single lump sum within five (5) business days after the Executive's Release becomes final, binding and irrevocable in accordance with <u>Section 10</u>, in an amount equal to eighteen (18) months of Base Salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reimbursement of the COBRA premiums, if any, paid by the Executive for continuation coverage for the Executive, his spouse and dependents under the Company's group health, dental and vision plans for a eighteen (18) month period from the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Terminations Within Sixty (60) Days Prior to a Change of Control</u>. If (a) the Executive incurred a termination prior to a Change of Control that qualifies the Executive for severance payments under <u>Section 7(c)</u> and (b) a Change of Control occurs within sixty (60) days following the Executive's termination of employment, then upon the Change of Control, the Executive shall be entitled to a lump-sum payment of the amount calculated under this <u>Section 8</u>, less amounts already paid under <u>Section 7(c)</u>, subject to compliance with <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Release</u>. As a condition of receiving the compensation and benefits described in <u>Section 7(c)</u> or <u>Section 8</u>, the Executive must execute a release of claims arising out of the Executive's employment with the Company or the Executive's separation from such employment (including, without limitation, claims relating to age, disability, sex or race discrimination to the extent permitted by law), excepting (i) claims for benefits under any employee benefit plan in accordance with the terms of such employee benefit plan, (ii) any right to exercise Equity Awards that are vested on the Date of Termination pursuant to the terms of such Equity Awards (as modified by the Employment Agreement), (iii) claims based on breach of the Company's obligations to pay the compensation and benefits described in <u>Section 5</u> and <u>Section 7(a)</u>, <u>Section 7(c)</u> or <u>Section 8</u> of this Employment Agreement, (iv) claims arising under the Age Discrimination in Employment Act after the date the Executive signs such release, and (v) any right to indemnification by the Company or to coverage under directors and officers liability insurance to which the Executive is otherwise entitled in accordance with this Agreement and the Company's articles of incorporation or by laws or other agreement between the Executive and the Company (the "***Release***"). Such Release shall be in a form tendered to the Executive by the Company within five (5) business days following the termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason, which shall comply with any applicable legislation or judicial requirements, including, but not limited to, the Older Workers Benefit Protection Act, and shall be substantially in the form of release attached as **<u>Exhibit B</u>**. The compensation and benefits described in <u>Section 7(c)</u> or <u>Section 8</u> will not be paid to the Executive if the Executive fails to execute the Release within the time frame specified in such Release, if the Executive revokes the Release within the applicable revocation period set forth in such Release or if the revocation period expires more than sixty (60) days following the Executive's Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Excess Parachute Excise Tax</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) Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that any payment, award, benefit or distribution (including any acceleration) by the Company or any entity which effectuates a transaction described in Section 280G(b)(2)(A)(i) of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder (the "***Code***") to or for the benefit of the Executive (whether pursuant to the terms of this Agreement or otherwise, but determined before application of any reductions required pursuant to this <u>Section 11</u>) (a "***Payment***") would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred with respect to such excise tax by the Executive (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the "***Excise Tax***"), the Company will automatically reduce such Payments to the extent, but only to the extent, necessary so that no portion of the remaining Payments will be subject to the Excise Tax, unless the amount of such Payments that the Executive would retain after payment of the Excise Tax and all applicable Federal, state and local income taxes without such reduction would exceed the amount of such Payments that the Executive would retain after payment of all applicable Federal, state and local taxes after applying such reduction. Unless otherwise elected by the Executive, to the extent permitted under Code Section 409A, such reduction shall first be applied to any severance payments payable to the Executive under this Agreement, then to the accelerated vesting on any Equity Awards.

&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) All determinations required to be made under this <u>Section 11</u>, including the assumptions to be utilized in arriving at such determination, shall be made by the Company's independent auditors or such other certified public accounting firm of national standing reasonably acceptable to the Executive as may be designated by the Company (the "***Accounting Firm***") which shall provide detailed supporting calculations both to the Company and the Executive within fifteen (15) business days of the receipt of notice from the Executive that there has been a Payment, or such earlier time as is requested by either the Company or the Executive. All fees and expenses of the Accounting Firm shall be borne solely by the Company. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Executive with a written opinion to such effect. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Legal Fees</u>. The Company will reimburse the Executive for all legal fees associated with the negotiation and execution of this agreement, up to a maximum amount of five thousand dollars ($5,000 USD). All reasonable legal fees and related expenses (including costs of experts, evidence and counsel) paid or incurred by the Executive pursuant to any claim, dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Company if the Executive is successful on the merits pursuant to a legal judgment or arbitration. Each party shall be responsible for its own legal fees and expenses in connection with any claim or dispute relating to this Agreement except as otherwise provided herein or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Beneficiary</u>. If the Executive dies prior to receiving all of the amounts payable to him in accordance with the terms of this Agreement, such amounts shall be paid to one or more beneficiaries (each, a "***Beneficiary***") designated by the Executive in writing to the Company during his lifetime, or if no such Beneficiary is designated, to the Executive's estate. Such payments shall be made in accordance with the terms of this Agreement. The Executive, without the consent of any prior Beneficiary, may change his designation of Beneficiary or Beneficiaries at any time or from time to time by a submitting to the Company a new designation in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, email or mailed within the continental United States by first class certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Company:

Immunic, Inc.

c/o Immunic AG

Lochhamer Schlag 21

82166 Gräfelfing, Germany

Attn: Chief Executive Officer

If to the Executive:

To the address on file with the records of the Company.

Addresses may be changed by written notice sent to the other party at the last recorded address of that party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Withholding</u>. The Company shall be entitled to withhold from payments due hereunder any required federal, state or local withholding or other taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Arbitration</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) If the parties are unable to resolve any dispute or claim relating directly or indirectly to this agreement or any dispute or claim between the Executive and the Company or its officers, directors, agents, or employees (a "***Dispute***"), then either party may require the matter to be settled by final and binding arbitration by sending written notice of such election to the other party clearly marked "Arbitration Demand." Thereupon such Dispute shall be arbitrated in accordance with the terms and conditions of this <u>Section 16</u>. Notwithstanding the foregoing, either party may apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction, or other equitable relief to preserve the status quo or prevent irreparable harm or to enforce the terms of the Confidentiality 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;(b) The Dispute shall be resolved by a single arbitrator in an arbitration administered by the American Arbitration Association in accordance with its Employment Arbitration Rules and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The decision of the arbitrator shall be final and binding on the parties, and specific performance giving effect to the decision of the arbitrator may be ordered by any court of competent jurisdiction.

&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) Nothing contained herein shall operate to prevent either party from asserting counterclaim(s) in any arbitration commenced in accordance with this Agreement, and any such party need not comply with the procedural provisions of this <u>Section 16</u> in order to assert such counterclaim(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The arbitration shall be filed with the office of the American Arbitration Association ("***AAA***") located in New York or such other AAA office as the parties may agree upon (without any obligation to so agree). The arbitration shall be conducted pursuant to the Employment Arbitration Rules of the AAA as in effect at the time of the arbitration hearing, such arbitration to be completed in a sixty (60)-day period. In addition, the following rules and procedures shall apply to the arbitration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The arbitrator shall have the sole authority to decide whether or not any Dispute between the parties is arbitrable and whether the party presenting the issues to be arbitrated has satisfied the conditions precedent to such party's right to commence arbitration as required by this <u>Section 16</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;(f) The decision of the arbitrator, which shall be in writing and state the findings, the facts and conclusions of law upon which the decision is based, shall be final and binding upon the parties, who shall forthwith comply after receipt thereof. Judgment upon the award rendered by the arbitrator may be entered by any competent court. Each party submits itself to the jurisdiction of any such court, but only for the entry and enforcement to judgment with respect to the decision of the arbitrator hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The arbitrator shall have the power to grant all legal and equitable remedies (including, without limitation, specific performance) and award compensatory and punitive damages if authorized by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise provided in <u>Section 12</u> or by law, the parties shall bear their own costs in preparing for and participating in the resolution of any Dispute pursuant to this <u>Section 16</u>, and the costs of the arbitrator(s) shall be equally divided between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in the last sentence of <u>Section 16(a)</u>, the provisions of this <u>Section 16</u> shall be a complete defense to any suit, action or proceeding instituted in any federal, state or local court or before any administrative tribunal with respect to any Dispute arising in connection with this Agreement. Any party commencing a lawsuit in violation of this <u>Section 16</u> shall pay the costs of the other party, including, without limitation, reasonable attorney's fees and defense costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Recoupment</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) <u>Policy</u>. Any incentive-based compensation received by the Executive including Annual Bonus and Equity Awards, whether pursuant to this Agreement or otherwise, that is granted, earned or vested based in any part on attainment of a financial reporting measure, shall be subject to the terms and conditions of the Company's Claw Back Compensation Policy (the "***Recoupment Policy***"), and any other policy of recoupment of compensation as shall be adopted from time to time by the Company's Board of Directors or the Compensation Committee as it deems necessary or appropriate to comply with the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 304 of the Sarbanes-Oxley Act of 2002, and any implementing rules and regulations of the U.S. Securities and Exchange Commission and applicable listing standards of a national securities exchange adopted in accordance with any of the foregoing. The terms and conditions of the Recoupment Policy, including any changes to the Recoupment Policy adopted from time to time by the Company, are hereby incorporated by reference into this 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;(b) <u>Non-Indemnification and Advancement for Recoupment</u>. The Company shall not be obligated to indemnify or advance funds to the Executive for any payment or reimbursement by the Executive to the Company of any bonus or other incentive-based or equity-based compensation previously received by the Executive or payment of any profits realized by the Executive from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934 or under the rules of the stock exchange on which the common stock of the Company is listed (including any such payments or reimbursements under Section 304 and 306 of the Sarbanes-Oxley Act of 2002, or pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing rules and regulations of the U.S. Securities and Exchange Commission and applicable listing standards of a national securities exchange adopted in accordance with any of the foregoing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Miscellaneous</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) <u>Governing Law</u>. This Agreement shall be interpreted, construed, governed and enforced according to the laws of the State of New York without regard to the application of choice of law rules.

&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) <u>Entire Agreement</u>. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all other prior agreements, promises, understandings and representations regarding the Executive's employment, compensation, severance or other payments contingent upon the Executive's termination of employment, whether written or otherwise.

&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) <u>Amendments</u>. No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing and signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Severability</u>. If one or more provisions of this Agreement are held to be invalid or unenforceable under applicable law, such provisions shall be construed, if possible, so as to be enforceable under applicable law, or such provisions shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the beneficiaries, heirs and representatives of the Executive (including the Beneficiary) and the successors and assigns of the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation, or otherwise) to all or substantially all of its assets, by agreement in form and substance satisfactory to the Executive, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform this Agreement if no such succession had taken place. Regardless whether such agreement is executed, this Agreement shall be binding upon any successor of the Company in accordance with the operation of law and such successor shall be deemed the Company for purposes of this 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;(f) <u>Successors and Assigns; Non-alienation of Benefits</u>. Except as provided in <u>Section 18(e)</u> in the case of the Company, or to the Beneficiary in the case of the death of the Executive, this Agreement is not assignable by any party. Compensation and benefits payable to the Executive under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, prior to actually being received by the Executive or a Beneficiary, as applicable, and any such attempt to dispose of any right to benefits payable hereunder shall be void and no payment to be made hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or other charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Remedies Cumulative; No Waiver</u>. No remedy conferred upon either party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity. No delay or omission by either party in exercising any right, remedy or power hereunder or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in such party's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Survivorship</u>. Notwithstanding anything in this Agreement to the contrary, all terms and provisions of this Agreement that by their nature extend beyond the Date of Termination shall survive termination of this 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;(i) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute one document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>No Contract of Employment</u>. Except as otherwise provided herein, nothing contained in this Agreement will be construed as a right of the Executive to be continued in the employment of the Company, or as a limitation of the right of the Company to discharge the Executive with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Section 409A of the Code</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) The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be construed and interpreted in accordance with such intent. The Executive's termination of employment (or words to similar effect) shall not be deemed to have occurred for purposes of this Agreement unless such termination of employment constitutes a "separation from service" within the meaning of Code Section 409A and the regulations and other guidance promulgated thereunder.

&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) Notwithstanding any provision in this Agreement to the contrary, if the Executive is deemed on the date of the Executive's separation from service to be a "specified employee" within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification methodology selected by the Company from time to time, or if none, the default methodology set forth in Code Section 409A, then with regard to any payment or the providing of any benefit that constitutes "non-qualified deferred compensation" pursuant to Code Section 409A and the regulations issued thereunder that is payable due to the Executive's separation from service, to the extent required to be delayed in compliance with Code Section 409A(a)(2)(B), such payment or benefit shall not be made or provided to the Executive prior to the earlier of (i) the expiration of the six (6)-month period measured from the date of the Executive's separation from service, and (ii) the date of the Executive's death. On the first day of the seventh (7<sup>th</sup>) month following the date of the Executive's separation from service or, if earlier, on the date of the Executive's death, all payments delayed pursuant to this <u>Section 20</u> shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due to the Executive under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

&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) To the extent any reimbursement of costs and expenses (including reimbursement of COBRA premiums pursuant to <u>Section 7(c)(iv)</u>) provided for under this Agreement constitutes taxable income to the Executive for Federal income tax purposes, such reimbursements shall be made as soon as practicable after the Executive provides proper documentation supporting reimbursement but in no event later than December 31 of the calendar year next following the calendar year in which the expenses to be reimbursed are incurred. With regard to any provision herein that provides for reimbursement of expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If under this Agreement, any amount is to be paid in two (2) or more installments, each such installment shall be treated as a separate payment for purposes of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Executive Acknowledgement</u>. The Executive hereby acknowledges that the Executive has read and understands the provisions of this Agreement, that the Executive has been given the opportunity for the Executive's legal counsel to review this Agreement, that the provisions of this Agreement are reasonable and that the Executive has received a copy of this Agreement.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Employment Agreement to be executed as of the 24<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **IMMUNIC, INC.** | **IMMUNIC, INC.** |
| By: | /s/ Daniel Vitt |
| Name: Daniel Vitt | Name: Daniel Vitt |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **EXECUTIVE** | **EXECUTIVE** |
| /s/ Michael Panzara | /s/ Michael Panzara |
| Michael Panzara | Michael Panzara |

---

**EXHIBIT A**

**CONFIDENTIAL INFORMATION, ASSIGNMENT OF RIGHTS,<br> NON-SOLICITATION AND NON-COMPETITION AGREEMENT**

[SEE ATTACHED]

**EXHIBIT B**

**<u>WAIVER AND RELEASE</u>**

This is a Waiver and Release ("***Release***") between Michael Panzara (the "***Executive***") and Immunic, Inc. (the "***Company***"). The Company and the Executive agree that they have entered into this Release voluntarily, and that it is intended to be a legally binding commitment between them.

In consideration for and contingent upon the Executive's right to receive the benefits described in the Employment Agreement between the Company and the Executive (the "***Employment Agreement***") and this Release, the Executive hereby agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Waiver and Release</u>. Except as provided in Paragraph (e) below, the Executive and any person acting through or under the Executive hereby release, waive and forever discharge the Company, its past and present subsidiaries and affiliates, and their respective successors and assigns, and their respective past and present officers, trustees, directors, shareholders, employees and agents of each of them, from any and all claims, demands, actions, liabilities and other claims for relief and remuneration whatsoever (including without limitation attorneys' fees and expenses), whether known or unknown, absolute, contingent or otherwise (each, a "***Claim***"), arising or which could have arisen up to and including the date of his execution of this Release, including without limitation those arising out of or relating to the Executive's employment or cessation and termination of employment, or any other written or oral agreement, any change in the Executive's employment status, any benefits or compensation, any tortious injury, breach of contract, wrongful discharge (including any Claim for constructive discharge), infliction of emotional distress, slander, libel or defamation of character, and any Claims arising under Title VII of the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the Americans With Disabilities Act, the Rehabilitation Act of 1973, the Equal Pay Act, the Older Workers Benefits Protection Act, the Age Discrimination in Employment Act, the Executive Retirement Income Security Act of 1974, or any other federal, state or local statute, law, ordinance, regulation, rule or executive order, any tort or contract claims, and any of the claims, matters and issues which could have been asserted by the Executive against the Company or its subsidiaries and affiliates in any legal, administrative or other proceeding. the Executive agrees that if any action is brought in his name before any court or administrative body, the Executive will not accept any payment of monies in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Miscellaneous</u>. the Executive agrees that Section 7(c) of the Employment Agreement (which is specifically incorporated herein by reference) specifies payments from the Company to himself, the total of which meets or exceeds any and all funds due him by the Company, and that he will not seek to obtain any additional funds from the Company with the exception of non-reimbursed business expenses. (This covenant does not preclude the Executive from seeking workers' compensation, unemployment compensation, or benefit payments from the Company's insurance carriers that could be due him.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Non-Solicitation, Confidentiality and Non-Solicitation Covenants</u>. the Executive warrants that the Executive has, and will comply fully with Section 3(c) of the Employment Agreement and the provisions of the Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement by and between the Company and the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) THE COMPANY AND THE EXECUTIVE AGREE THAT THE BENEFITS DESCRIBED IN SECTION 7(C) OR SECTION 8 OF THE EMPLOYMENT AGREEMENT, AS SUBJECT TO THE EXECUTIVE'S COMPLIANCE WITH SECTION 10 THEREOF, ARE CONTINGENT UPON THE EXECUTIVE SIGNING THIS RELEASE. THE EXECUTIVE FURTHER UNDERSTANDS AND AGREES THAT IN SIGNING THIS RELEASE, THE EXECUTIVE IS RELEASING POTENTIAL LEGAL CLAIMS AGAINST THE COMPANY. THE EXECUTIVE UNDERSTANDS AND AGREES THAT IF HE DECIDES NOT TO SIGN THIS RELEASE, OR IF HE REVOKES THIS RELEASE, THAT HE WILL IMMEDIATELY REFUND TO THE COMPANY ANY AND ALL SEVERANCE PAYMENTS AND OTHER BENEFITS HE MAY HAVE ALREADY RECEIVED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The waiver contained in Paragraph (a) and (b) above does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any claims for benefits under employee benefit plans in accordance with the terms of the applicable employee
benefit plan, including the Executive's right to elect continuation coverage under the Company's group health, dental and/or
visions plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (COBRA),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any right to exercise stock options or stock appreciation rights that were vested and exercisable on the
Date of Termination in accordance with the terms thereof (as modified by the Employment Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Claim under or based on a breach of the Company's obligations to pay the compensation and benefits
described in Sections 5 or 7(a) or (c) or 8 of the Employment Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Rights or Claims that may arise under the Age Discrimination in Employment Act after the date that the
Executive signs this Release,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any right to indemnification by the Company or to coverage under directors and officers liability insurance
to which the Executive is otherwise entitled in accordance with the Employment Agreement or the Company's articles of incorporation
or by-laws or other agreement between the Executive and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) THE EXECUTIVE ACKNOWLEDGES THAT HE HAS READ AND IS VOLUNTARILY SIGNING THIS RELEASE. THE EXECUTIVE ALSO ACKNOWLEDGES THAT HE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY, HE HAS BEEN GIVEN AT LEAST ***[21][45]*** DAYS TO CONSIDER THIS RELEASE BEFORE THE DEADLINE FOR SIGNING IT; ***[HE HAS RECEIVED A RECEIVED A WRITTEN DESCRIPTION OF THE JOB TITLES AND AGES ALL INDIVIDUALS SELECTED FOR THIS JOB ELIMINATION PROGRAM AND THE AGES OF ANY INDIVIDUALS IN THE SAME JOB CLASSIFICATIONS WHO ARE NOT SELECTED FOR THIS JOB ELIMINATION PROGRAM AS PROVIDED BY THE ADEA (SUCH DESCRIPTION ATTACHED AS EXHIBIT A HERETO)]***; AND HE UNDERSTANDS THAT HE MAY REVOKE THE RELEASE WITHIN SEVEN (7) DAYS AFTER SIGNING IT. IF NOT REVOKED WITHIN SUCH PERIOD, THIS RELEASE WILL BECOME EFFECTIVE ON THE EIGHTH (8) DAY AFTER IT IS SIGNED BY THE EXECUTIVE.

BY SIGNING BELOW, BOTH THE COMPANY AND THE EXECUTIVE AGREE THAT THEY UNDERSTAND AND ACCEPT EACH PART OF THIS RELEASE.

---

| | |
|:---|:---|
|  | Michael Panzara |
|  | (Date Signed) |
| ACCEPTED AND DATED AS OF __________________________________ | ACCEPTED AND DATED AS OF __________________________________ |
| **IMMUNIC, INC.** |  |
| By: ___________________________ |  |
| Name: _________________________ |  |
| Title: __________________________ |  |

---

## Exhibit 10.2

April 27, 2026

Andreas Rolf Muehler<br>

**Re: <u>Transition, Separation, and Consulting Agreement</u>**

Dear Andreas:

This letter sets forth the terms of the transition, separation, and consulting agreement (the "***Agreement***") which you and Immunic, Inc., a Delaware corporation (the "***Company***") have agreed in the context of your employment transition.

1. **Separation Date**. Subject to the terms and conditions
of this Agreement, your employment with the Company will continue through April 30, 2026, which will become your employment termination
date (the "  ***Separation Date*** ").

2. **Title**. Your title will be changed from Chief Medical Officer to Senior Medical Officer on the date
of this Agreement. As of the date of this Agreement, you will report to the newly appointed Chief Medical Officer of the Company.

3. **Service Agreement with Immunic AG**. On or prior to the Separation Date, you will submit a resignation to Immunic AG, a wholly owned subsidiary
of the Company ("  ***Immunic AG*** "), pursuant to which you will cease to be a member of the Executive Board of Immunic
AG as of the Separation Date, and your Service Agreement, dated December 18, 2023 (the "  ***Service Agreement*** "),
will terminate without any ongoing obligations other than as expressly set forth herein.

4. **Final Pay**.
For the remainder of the employment, (a) the Company will pay you all accrued salary earned through the Separation Date, subject to standard
payroll deductions and withholdings, and (b) Immunic AG will pay you all accrued salary earned under the Service Agreement through the
Separation Date, subject to standard payroll deductions and withholdings. On the Company's first regular payroll payday following
the Separation Date, the Company will make a payment to you in the amount of $23,714, and Immunic AG will pay you an amount equal to €22,567,which
represents payment in full for your unused accrued vacation days.

5. **Expense Reimbursements**.
You agree that, within thirty (30) days after the Separation Date, you will submit your final documented expense reimbursement statement
reflecting all business expenses you incurred through the Separation Date, if any, for which you seek reimbursement. The Company will
reimburse you for these expenses pursuant to its regular business practices.

6. **Consulting Relationship**.
You will serve as a consultant to the Company for an initial period of ten (10) months beginning on the Separation Date (the "  ***Consulting Period*** "). The Consulting Period may be extended upon the mutual agreement of you and the Company. You may terminate the
Consulting Period, at any time and for any reason, upon fifteen (15) days' advance written notice to the Company. The Company may
terminate the Consulting Period immediately upon written notice to you in the event of your material breach or violation of this Agreement,
any other legal or contractual obligation to the Company or Immunic AG, or any written Company policy applicable to consultants that has
been disclosed to you. During the Consulting Period, you can identify yourself as a Senior Medical Advisor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Consulting Services**. As a consultant, you will be responsible for assisting the Company in any
area of your expertise, as reasonably requested by the Chief Executive Officer or Chief Medical Officer of the Company (the "  ***Consulting Services*** "). You agree to exercise the highest degree of professionalism and utilize your expertise and creative talents
in performing these services. You agree to make yourself available to perform such Consulting Services throughout the Consulting Period,
on an as-needed basis, up to a maximum of twenty (20) hours per month. When providing the Consulting Services, you shall abide by the
Company's policies and procedures. The Consulting Services will constitute a permanent reduction in your services to the Company
to not more than 20% of the average level of bona fide services you provided to the Company during the 36-month period immediately preceding
the Separation Date, such that any such Consulting Services shall be deemed a "separation from service" under Section 409A
of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance thereunder and any state law of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Monthly Retainer**. As compensation for providing the Consulting Services to the Company, the Company
will pay you a monthly retainer of $10,000 per month during the Consulting Period. Consultant shall invoice monthly (at the end of the
month) the monthly retainer and Company shall pay undisputed invoices within thirty (30) days of receipt. Invoices can be submitted electronically
through invoice_Immunic_Inc@imux.com.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Independent Contractor Status**. You agree that during the Consulting Period, (A) you will be an
independent contractor to the Company and not an employee of the Company, and nothing in this Agreement is intended to, or should be construed
to, create a partnership, agency, joint venture or employment relationship after the Separation Date, and (B) the Company will not make
payments for state or federal income tax, FICA (social security and Medicare), make unemployment insurance or disability insurance contributions,
or obtain workers' compensation insurance on your behalf, and you acknowledge and agree that your relationship with the Company
during the Consulting Period will not be subject to the Fair Labor Standards Act or other laws or regulations governing employment relationships.

&nbsp;&nbsp;&nbsp;&nbsp;(d) **Equipment Transfer.** The Consulting Services require use of compatible and approved equipment. On
the Separation Date, you will be allowed to retain your computer, laptop, and phone provided by the Company to you during employment.
You will provide the Company's information technology employees with access to all such equipment promptly upon their request to
allow them to remove all Company information from such equipment.

&nbsp;&nbsp;&nbsp;&nbsp;(e) **Protection of Information**. You acknowledge and reaffirm your continuing obligations under your
Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement with the Company, as well as any other
similar agreement or policy with the Company, which shall apply during the Consulting Period. Without limiting the foregoing, you agree
that during the Consulting Period and thereafter, you will not use or disclose any confidential or proprietary information or materials
of the Company that you obtain or develop in the course of performing Consulting Services for the Company. Notwithstanding the foregoing,
pursuant to 18 U.S.C. Section 1833(b), you shall not be held criminally or civilly liable under any Federal or State trade secret law
for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government official, either directly
or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made
in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Any and all work product you
create in the course of performing Consulting Services for the Company will be the sole and exclusive property of the Company. You hereby
assign to the Company all right, title, and interest in all inventions, techniques, processes, materials, and other intellectual property
developed in the course of performing Consulting Services for the Company.

7. **Equity Awards**. You were granted certain equity awards, including in April 2026, pursuant to the
Company's applicable equity incentive plan(s), equity purchase agreements, and other grant documents (the "  ***Equity Awards*** ").
As of the Separation Date, 100% of your Equity Awards will be vested. Your Equity Awards shall continue to be governed by the plans under
which they were granted and all applicable grant notices and agreements. You will have three (3) years to exercise any or all vested Equity
Awards, which three (3) year period will begin on the first day after the Separation Date.

8. **Severance Benefits**.
If you (a) sign and return this Agreement to the Company within twenty-one (21) days of the execution of this Agreement by the Company,
(b) comply with all of your legal and contractual obligations to the Company and (c) do not revoke the ADEA Waiver as defined in <u>Section 9(e)</u> of this Agreement then the Company and Immunic AG will provide you with the following severance benefits (the "  ***Severance Benefits*** "):

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Salary Payment**. (i) the Company will pay you an amount equal $269,100, which is equal to twelve
(12) months of your base salary in effect as of the Separation Date under the Employment Agreement between you and the Company, dated
December 18, 2023 (the "  ***Employment Agreement*** "), subject to applicable tax withholdings, and (b) Immunic AG will
pay you an amount equal to €256,086, which is equal to twelve (12) months of your fixed annual salary under the Service Agreement
in effect as of the Separation Date (collectively, the "  ***Salary Payment*** "). The Salary Payment will be paid to
you in a lump sum on or before the Company's first regular payroll payday following the Release Effective Date (as defined in <u>Section 9(e)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Bonus**. You will be eligible to receive a pro-rated bonus for fiscal year 2026 provided that such
bonus will be determined by the Company in the ordinary course and will be paid (to the extent determined to have been earned by the Company)
when such bonus is paid to other employees of the Company.

9. **Other Compensation Or Benefits**. You acknowledge that,
except as expressly provided in this Agreement, you have not earned and will not receive from the Company or Immunic AG any additional
compensation (including base salary, bonus, incentive compensation, accelerated vesting or other equity benefits), severance, or benefits
before or after the Separation Date, with the exception of any vested right you may have under the express terms of a written ERISA-qualified
benefit plan (e.g., 401(k) plan account) or any vested stock options. You further expressly acknowledge and agree that the benefits being
provided to you under this Agreement are provided in lieu of and extinguish any rights to any severance benefits you are eligible to,
whether under the Employment Agreement, the Service Agreement, or any other agreement, plan or policy of the Company or Immunic AG applicable
to you. By executing this Agreement, you hereby waive any right to any such severance benefits, and you acknowledge and agree that the
Company's obligations to provide you any and all severance benefits, other than as set forth in this Agreement, are hereby extinguished.

10. **Release Of Claims**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) **General Release of Claims**. In exchange for the consideration provided to you under this Agreement
to which you would not otherwise be entitled, you hereby generally and completely release the Company, and its affiliated, related, parent
and subsidiary entities (including Immunic AG), and its and their current and former directors, officers, employees, shareholders, partners,
agents, attorneys, predecessors, successors, insurers, affiliates, and assigns from any and all claims, liabilities, demands, causes of
action, and obligations, both known and unknown, arising from or in any way related to events, acts, conduct, or omissions occurring at
any time prior to and including the date you sign this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Scope of Release**. This general release includes, but is not limited to: (i) all claims arising
from or in any way related to your employment with the Company or the termination of that employment; (ii) all claims related to your
compensation or benefits from the Company, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay,
fringe benefits, stock, stock options, or any other ownership, equity, or profits interests in the Company; (iii) all claims for breach
of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort claims, including
claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal, state, and local statutory
claims, including claims for discrimination, harassment, retaliation, attorneys' fees, or other claims arising under the Title VII
of the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the Americans With Disabilities Act, the Rehabilitation
Act of 1973, the Equal Pay Act, the Older Workers Benefits Protection Act, the Age Discrimination in Employment Act (the "  ***ADEA*** "),
the Employee Retirement Income Security Act of 1974, or any other federal, state or local statute, law, ordinance, regulation, rule or
executive order, any tort or contract claims, and any of the claims, matters and issues which could have been asserted by you against
the Company or its subsidiaries and affiliates in any legal, administrative or other proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;(c) **Exceptions**. Notwithstanding the foregoing, you are not releasing the Company hereby from: (i) any
obligation to indemnify you pursuant to the Certificate of Incorporation and Bylaws of the Company, any valid fully executed indemnification
agreement with the Company, applicable law, or applicable directors and officers liability insurance; (ii) any claims that cannot be waived
by law; (iii) any claims that arise after the date you execute this Agreement; or (iv) any claims for breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) **Protected Rights**. You understand that nothing in this Agreement limits your or anyone else's
ability to file a charge or complaint with the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations
Board, the Occupational Safety and Health Administration, the Department of Justice, the Securities and Exchange Commission or any other
federal, state or local governmental agency or commission ("  ***Government Agencies*** "). You further understand this
Agreement does not limit your or anyone else's ability to communicate with any Government Agencies or otherwise participate in any
investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without
notice to the Company. While this Agreement does not limit your right to receive a government-issued award for information provided to
any Government Agency in connection with a government whistleblower program or protected whistleblower activity, you understand and agree
that, to the maximum extent permitted by law, you are otherwise waiving any and all rights you may have to individual relief based on
any claims that you have released and any rights you have waived by signing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(e) **ADEA Waiver**. You acknowledge that you are knowingly and voluntarily waiving and releasing any rights
you may have under the ADEA ("  ***ADEA Waiver*** "). You also acknowledge that the consideration given for the ADEA
Waiver is in addition to anything of value to which you were already entitled. You further acknowledge that you have been advised by this
writing, as required by the ADEA, that: (i) your ADEA Waiver does not apply to any rights or claims that arise after the date you sign
this Agreement; (ii) you should consult with an attorney prior to signing this Agreement (although you may choose voluntarily not to do
so); (iii) you have twenty-one (21) days to consider this Agreement (although you may choose to voluntarily sign it sooner); (iv) you
have seven (7) days following the date you sign this Agreement to revoke it, with such revocation to be effective only if you deliver
written notice of revocation to the Company within the seven (7)-day period; and (v) the ADEA Waiver will not be effective until the date
upon which the revocation period has expired unexercised, which will be the eighth day after you sign this Agreement ("  ***Release Effective Date*** ").

11. **Return Of Company Property**. You agree that after the Separation Date, upon the request of the Company, you will return to the Company all Company
documents (and all copies thereof) and other Company property in your possession or control, including, but not limited to, Company files,
notes, drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, drafts, financial and operational information,
research and development information, sales and marketing information, customer lists, prospect information, pipeline reports, sales reports,
personnel information, specifications, code, software, databases, computer-recorded information, tangible property and equipment (including,
but not limited to, computing and electronic devices, mobile telephones, servers, other than what was transferred to you as per section
6(d) of this Agreement), credit cards, entry cards, identification badges and keys, Company account and device login and password information;
and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions
or embodiments thereof in whole or in part). You agree that you will make a diligent search to locate any such documents, property and
information by the close of business on the Separation Date or as soon as possible thereafter. If you have used any personally owned computer
or other electronic device, server, or e-mail system to receive, store, review, prepare or transmit any Company confidential or proprietary
data, materials or information, within five (5) days after the Separation Date, you shall provide the Company with a computer-useable
copy of such information and then permanently delete and expunge such Company confidential or proprietary information from those systems;
and you agree to provide the Company access to your system as requested to verify that the necessary copying and/or deletion is completed.
Your timely compliance with this paragraph is a condition to your receipt of the Severance Benefits provided under this Agreement.

12. **Non-Disparagement**.
Except to the extent permitted by the "Protected Rights" Section above: (a) you agree not to disparage the Company, its officers,
directors, employees, shareholders, parents, subsidiaries, affiliates, and agents, in any manner likely to be harmful to its or their
business, business reputation, or personal reputation; and (b) and the Company agrees to instruct each of its current officers and directors
not to disparage you in any manner likely to be harmful to your business, business reputation, or personal reputation. Nothing in this
paragraph prohibits you, the Company, or any person from responding accurately and fully to any request for information if required by
legal process or in connection with a government investigation. In addition, nothing in this provision or this Agreement prohibits or
restrains you or anyone else from making disclosures protected under the whistleblower provisions of federal or state law or from exercising
your rights to engage in protected speech under Section 7 of the National Labor Relations Act, if applicable.

13. **No Voluntary Adverse Action**. You agree that you will not voluntarily (except in response to legal compulsion or as permitted under the section of
this Agreement entitled "Protected Rights") assist any person in bringing or pursuing any proposed or pending litigation,
arbitration, administrative claim or other formal proceeding against the Company, its parent or subsidiary entities, affiliates, officers,
directors, employees or agents.

14. **Cooperation**.
You agree to cooperate fully with the Company in connection with its actual or contemplated defense, prosecution, or investigation of
any claims or demands by or against third parties, or other matters arising from events, acts, or failures to act that occurred during
the period of your employment by the Company. Such cooperation includes, without limitation, making yourself available to the Company
upon reasonable notice, without subpoena, to provide complete, truthful and accurate information in witness interviews, depositions, and
trial testimony. The Company will reimburse you for reasonable out-of-pocket expenses you incur in connection with any such cooperation
(excluding foregone wages) and will make reasonable efforts to accommodate your scheduling needs.

15. **No Admissions**.
You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of
any liability or obligation by the Company to you or to any other person, and that the Company makes no such admission.

16. **Representations**.
You hereby represent that you have: been paid all compensation owed and for all hours worked; received all leave and leave benefits and
protections for which you are eligible pursuant to the Family and Medical Leave Act, or otherwise; and not suffered any on-the-job injury
for which you have not already filed a workers' compensation claim.

17. **Miscellaneous**.
This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard
to its subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly
contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended
except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives,
successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and
assigns. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will
not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable
to the fullest extent permitted by law, consistent with the intent of the parties. This Agreement will be deemed to have been entered
into and will be construed and enforced in accordance with the laws of the State of New York without regard to conflict of laws principles.
Any ambiguity in this Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement shall
be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be delivered via facsimile, electronic
mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act
or other applicable law (e.g., www.docusign.com) or other transmission method) and shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes, and may be executed in counterparts which shall be deemed to be part of one original, and
facsimile and electronic signatures shall be equivalent to original signatures.

If this Agreement is acceptable to you, please sign below and return the original to me. In addition, this Agreement is conditioned upon it being your only entitlement to severance and any related benefits, and any other offer of severance or related benefits of any kind is immediately and automatically withdrawn and will be null and void and of no further force or effect, even if you have executed such other agreement, upon your execution of this Agreement. For the avoidance of doubt, under no circumstances will you be eligible to receive benefits under this Agreement and any other or alternative separation agreement or proposal offered to you by the Company.

We wish you the best in your future endeavors.

---

| |
|:---|
| Sincerely, |
| /s/ Daniel Vitt |
| Daniel Vitt |
| Chief Executive Officer |

---

---

| |
|:---|
| I HAVE READ, UNDERSTAND |
| AND AGREE FULLY TO THE FOREGOING |
| /s/ Andreas Rolf Muehler |
| Andreas Rolf Muehler |
| Date: <u>April 27, 2026</u> |

---

## Exhibit 99.1

**Immunic Appoints Accomplished Biopharmaceutical Executive** 

**Michael A. Panzara, M.D., M.P.H., as Chief Medical Officer**

 

*– Proven Leader in Neurology Drug Development, Including for Several Approved Multiple Sclerosis Therapies –*

 

*– Strong Experience in Advancing Late-Stage Clinical Programs and Obtaining Global Regulatory Approvals, Key to Supporting Vidofludimus Calcium Through Pivotal Development –*

 

 

**NEW YORK, April 28, 2026 – Immunic, Inc. (Nasdaq: IMUX)**, a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases, today announced the appointment of Michael A. Panzara, M.D., M.P.H., as Chief Medical Officer, effective April 24, 2026. Dr. Panzara will lead the company's development organization, including clinical development, medical affairs, and regulatory affairs, and will be a critical partner to the Chief Executive Officer and the Board of Directors in defining and driving the overall company strategy. Dr. Panzara succeeds Andreas Muehler, M.D., M.B.A.

"Mike is a globally renowned biopharmaceutical executive and drug developer with deep expertise in neurology and proven leadership in advancing transformational therapies through development and the regulatory approval process," stated Daniel Vitt, Ph.D., Chief Executive Officer of Immunic. "Notably, during his tenure at Sanofi Genzyme, Mike oversaw the global regulatory approvals of the multiple sclerosis (MS) drugs LEMTRADA® and AUBAGIO®. During his time at Biogen, he served as global clinical lead for the development of TYSABRI® and managed their late-stage portfolio of MS products. His depth of experience will be invaluable as we advance vidofludimus calcium through the pivotal clinical readout of our phase 3 ENSURE trials in relapsing MS, and toward potential regulatory approval and commercialization in this indication. His leadership will support the company strategy as we continue our transition into a fully integrated commercial-stage company."

"This is a critically important time in Immunic's evolution and I am excited to be joining the company at such a pivotal inflection point," said Dr. Panzara. "Vidofludimus calcium's potential to treat MS by targeting both immunological and neuroprotective pathways holds promise to redefine the treatment landscape and meaningfully impact the lives of so many people who continue to struggle with their MS. I look forward to building upon the team's successes to further advance Immunic's clinical programs, including the phase 3 ENSURE trials and the planned phase 3 trial of vidofludimus calcium in primary progressive MS."

Dr. Panzara brings over 25 years of global neurology experience to Immunic. He most recently served as Chief Medical Officer of Neurvati Neurosciences, Inc., where he built a Development Organization to support the creation of sub-companies focused on advancing therapeutic candidates in neurological and psychiatric disorders. This included serving as Chief Medical Officer of Neurvati's first sub-company, GRIN Therapeutics, overseeing development of radiprodil, a negative allosteric modulator targeting the NMDA receptor as a potential treatment for rare genetically defined neurodevelopmental disorders. Prior to Neurvati, Dr. Panzara served as Chief Medical Officer and Head of Therapeutics Discovery and Development at Wave Life Sciences Ltd., after initially joining the company as Franchise Lead, Neurology, where he oversaw Wave's therapeutic research and development portfolio with a focus on genetically-defined neurological diseases. Earlier, he served as the Head of the Multiple Sclerosis, Neurology and Ophthalmology Therapeutic Area for Global Development at Sanofi Genzyme, where he oversaw global regulatory approvals of the MS drugs LEMTRADA® (alemtuzumab) and AUBAGIO® (teriflunomide) and was responsible for development strategy and oversight within these therapeutic areas. Prior to joining Sanofi Genzyme, Dr. Panzara was Vice President and Chief Medical Officer of Neurology at Biogen. During his time there, he served as the global clinical lead for the development of TYSABRI® (natalizumab) for MS, overseeing its clinical program and global approvals, and managed clinical development activities for all late-stage MS products, including AVONEX® (interferon beta-1a), PLEGRIDY® (PEG-interferon beta-1a), and TECFIDERA® (dimethyl fumarate). He currently serves on the Boards of Directors of LeonaBio, Inc. and Cadenza Bio, Inc..

![](image1.jpg)

Dr. Panzara received his undergraduate degree in biology from the University of Pennsylvania and his medical degree from Stanford University School of Medicine. He completed his neurology training at Massachusetts General Hospital and conducted postdoctoral training in immunology and rheumatology at Brigham and Women's Hospital. He also holds a Master of Public Health from the Harvard School of Public Health.

Dr. Vitt added, "On behalf of the entire team, I would like to sincerely thank Andreas for his leadership and invaluable contributions as Co-Founder and Chief Medical Officer of Immunic. It is due in large part to his expertise and stewardship that vidofludimus calcium has advanced successfully into late-stage clinical development. That said, we are delighted that he will continue to support the company as a consultant during this key phase for Immunic and our evolution into a fully-fledged commercial company."

"It has been a true privilege to serve as Chief Medical Officer of Immunic for the past 10 years," said Dr. Muehler. "During this time, I had the opportunity to build and grow the clinical development organization and advance the company's development pipeline. Most notably, we progressed vidofludimus calcium from the preclinical stage into late-stage clinical development, achieving clinical proof-of-concept in both relapsing and progressive MS, and are now just months away from the pivotal phase 3 readout in relapsing MS. This journey has truly been a team effort. I have been fortunate to work alongside an exceptional group of colleagues, whose dedication and expertise made these achievements possible. I am delighted to pass the baton to Dr. Panzara, whose extensive medical, clinical and regulatory background makes him ideally suited to guide vidofludimus calcium into its next chapter. I am immensely proud of what our team has accomplished and remain highly confident in Immunic's potential to make a meaningful impact in the MS space by delivering a unique and innovative new therapeutic option for patients living with this devastating disease."

The Compensation Committee of Immunic's Board of Directors granted Dr. Panzara an initial equity option to purchase 300,000 shares of common stock of the company under the Immunic, Inc. 2026 Inducement Equity Compensation Plan (the "Options"). The Options were granted as an inducement material to Dr. Panzara's commencement of employment pursuant to NASDAQ Listing Rule 5635(c)(4). The Options will be time vested, with one half vesting on the one-year anniversary of April 24, 2026 and one half vesting in equal monthly installments over a period of twenty-four (24) months following the first anniversary of April 24, 2026.

![](image1.jpg)

**About Immunic, Inc.**

Immunic, Inc. (Nasdaq: IMUX) is a late-stage biotechnology company pioneering the development of novel oral therapies for neurologic diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 clinical trials for the treatment of relapsing multiple sclerosis, for which top-line data is expected to be available by the end of 2026. It has already shown therapeutic activity in phase 2 clinical trials in relapsing-remitting multiple sclerosis, progressive multiple sclerosis and other diseases. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor-related 1 (Nurr1) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (DHODH). The company's development pipeline also includes earlier-stage programs, including IMU-856 and IMU-381, aimed at building a broader therapeutics platform addressing neurodegenerative, chronic inflammatory, and autoimmune-related diseases. For further information, please visit: www.imux.com.

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains "forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to expectations regarding the appointment of Dr. Panzara and his integration into the company; Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the timing of current and future clinical trials, anticipated clinical milestones and regulatory approvals; the nature, strategy and focus of the company and further updates with respect thereto; the development and commercial potential of any product candidates of the company; expectations regarding the capitalization, resources and ownership structure of the company; and the executive and board structure of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, and the ability to raise sufficient capital to continue as a going concern, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026, and in the company's subsequent filings with the SEC. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release.

**Contact Information**

<br> **Immunic, Inc.**<br> Jessica Breu<br> Vice President Investor Relations and Communications<br> +49 89 2080 477 09<br> jessica.breu@imux.com

**US IR Contact**

Rx Communications Group

Paula Schwartz

+1 917 633 7790

immunic@rxir.com

**US Media Contact**

KCSA Strategic Communications

Caitlin Kasunich

+1 212 896 1241

ckasunich@kcsa.com

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