Document:

EXHIBIT 10.1

 

CONFIDENTIAL SEVERANCE AGREEMENT

AND FULL AND GENERAL RELEASE

 

	The purpose of this Confidential Severance Agreement and Full and General Release (this “Agreement”) is to set forth the terms and conditions of your separation from employment with Immunic, Inc., a Delaware corporation (the “Company”).

 

For good and sufficient
consideration, the receipt of which is acknowledged, the Company and Sanjay Patel (“Employee” or “you”)
agree as follows:

 

1.                 
Separation Date. Employee’s separation from employment with the Company is effective April 17, 2020 (the “Separation
Date”). You agree to work cooperatively with the Company to transition your job duties in an orderly manner. You acknowledge
and agree that after the Separation Date, you shall not represent yourself as being an officer, employee, agent, or representative
of the Company for any purpose. In addition, by execution of this Agreement, as of the Separation Date, you hereby resign from
all positions with the Company.

 

2.                 
Benefits Payable.

 

(a)              
In addition to Employee’s regular compensation through the Separation Date, and assuming Employee timely executes
and returns this Agreement, does not timely and properly revoke it and otherwise complies with its terms, as stated herein, the
Company agrees to continue to pay Employee’s base salary in accordance with the Company’s standard payroll practices,
less applicable taxes, withholdings, and any deductions, for a period of six (6) months following his Separation Date (the “Severance”)
in exchange for the covenants, conditions, and obligations set forth in this Agreement. Notwithstanding the foregoing, any Severance
that, but for this sentence, would be payable to Employee prior to the first pay date occurring at least five (5) business days
after the Effective Date of this Agreement (as defined in Section 10(h) below) shall be suspended until the first pay date
commencing at least five (5) business days after the Effective Date of this Agreement. This payment is for disputed compensation.
The Company will issue Employee an IRS Form W-2 in connection with payment of the Severance.

 

(b)              
Pursuant to the Employment Agreement entered into by Employee and Company dated July 15, 2019 (the “Employment
Agreement”), Employee was provided an Equity Award. Twenty-five percent (25%) of Employee’s Equity Award (the “Vested
Award”) shall vest five (5) business days after the Effective Date of this Agreement (as defined in Section 10(h)
below). Except as specifically set forth herein, you hereby relinquish and surrender to the Company any and all rights to any stock
options or equity interests you may have in the Company, other than the Vested Award.

 

(c)              
The Company shall provide Employee with a reimbursement, up to and through April 17, 2021 (“Reimbursement Period”),
of Employee’s health-, vision-, and dental-insurance premiums through COBRA, if Employee continues his existing health-,
vision-, and dental-insurance coverage under the Company’s plans after the Termination Date (“COBRA Reimbursement”).
The COBRA reimbursement is conditioned upon Employee’s submission to the Company of proof of payment of premiums under COBRA.
Upon the Company’s approval of the proof of payment submitted by Employee, the Company will provide the COBRA Reimbursement
to Employee within ten (10) business days.

 

     

    

    

 

(d)              
To the extent applicable, Employee shall receive under separate cover information concerning rights to continue Employee’s
participation in any Company-sponsored group health, life insurance plan, and/or 401(k) retirement plan in accordance with applicable
law. Employee’s benefits in all other Company-sponsored benefit plans shall terminate in accordance with the terms and conditions
of such plans.

 

(e)              
Employee acknowledges that the Severance is good and valuable consideration in exchange for this Agreement, and further
acknowledges and agrees that other than the Severance, the Company has paid Employee all compensation due and owing to Employee
related to any employment relationship between Employee and the Company, including, without limitation, all salary, commissions,
bonuses, sick pay, vacation pay, paid time off, and/or any other benefits.

 

3.                 
Employee’s Restrictive Covenants. Employee explicitly agrees and understands that he remains bound and will
abide by the terms and conditions set forth in the Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition
Agreement attached to the Employment Agreement as Exhibit B. Employee also acknowledges and agrees that any breach of such covenants
shall be deemed to be a material breach of this Agreement by Employee.

 

4.                 
Release.

 

(a)              
In consideration of the Severance and set forth above, and as a material inducement to the Company to enter into this Agreement,
you agree, for yourself, your heirs, executors, administrators, representatives, successors and assigns and anyone claiming by,
through or for you, or anyone making a claim on your behalf (for purposes of this Section, “Employee”), to irrevocably
and unconditionally waive, release and forever
discharge the Company and their respective present, past, and future parents, subsidiaries, and affiliated corporations,
divisions, affiliates, predecessors, principals, partners, members, joint venturers, representatives, successors, and assigns,
and their past and present owners, directors, officers, employees, stockholders, attorneys, agents, and insurers, and all persons
acting by, through, under or in concert with any of them (collectively, “Released Parties”) from any and all
liability, actions, causes of actions, common law claims, statutory claims under state or federal law including but not limited
to any rights and claims under Title VII of the Civil Rights Act of 1964, as amended, the Employment Retirement Income Security
Act, COBRA, the Americans with Disabilities Act, the Fair Labor Standards Act, the Family & Medical Leave Act, the Age Discrimination
in Employment Act, the Age Discrimination in Employment Act Amendments of 1990 (sometimes known as the “Older Workers Benefit
Protection Act”), the New York Minimum Wage Act, The New York Wage Theft Prevention Act, the Worker Adjustment Retraining
Notification Act (“WARN”), the New Jersey Law Against Discrimination, the Connecticut Human Rights and Opportunities
Act, the Connecticut Minimum Wage Act, the New York City Human Rights Law, the New York State Human Rights Law, any claim under
any New York City or New York state wage and hour statute, regulation, or common law, any claim under any local, state or federal
common law, statute, regulation or ordinance, breach of contract claims, breach of any collective bargaining agreement claims,
and all demands, damages, expenses, fees (including attorney’s fees, court costs, expert witness fees, etc.), which Employee
may now or hereafter have against the Released Parties and/or have on account of, arising out of, or in connection with all interactions,
transactions or contracts, express or implied, between Employee and the Released Parties, including, but not limited to Employee’s
employment and the termination thereof, through the date of this Agreement, subject, however, to Employee’s right to receive
continuation coverage under COBRA pursuant to his elections for as long as he is eligible to do so and makes payments therefor.

 

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(b)              
Employee acknowledges that the sum paid by the Company under this Agreement is adequate consideration for his execution
of this Agreement, and the Employee further acknowledges that the sum is in excess of any amounts to which he may otherwise be
entitled under any contract or other agreement Employee may have with the Company.

 

(c)              
Nothing in this Agreement shall limit or impede your right to file or pursue an administrative charge with, or participate
in, any investigation before the Equal Employment Opportunity Commission (“EEOC”), any Federal, State, or Local
Agency, or to file a claim for unemployment benefits, and/or any causes of action which by law you may not legally waive.

 

(d)              
THIS MEANS THAT BY SIGNING THIS AGREEMENT YOU WILL HAVE WAIVED ANY RIGHT YOU MAY HAVE TO RECOVER IN A LAWSUIT OR OTHER
ACTION AGAINST RELEASED PARTIES, INCLUDING BUT NOT LIMITED TO THE COMPANY, BASED ON ANY ACTIONS OR OMISSIONS MADE BY THE RELEASED
PARTIES, INCLUDING BUT NOT LIMITED TO CLAIMS WHICH IN ANY WAY ARISE FROM OR RELATE TO YOUR EMPLOYMENT RELATIONSHIP AND THE SEPARATION
OF YOUR EMPLOYMENT WITH THE COMPANY, UP TO THE DATE OF THE SIGNING OF THIS AGREEMENT.

 

5.                 
Covenant Not to Sue. Employee agrees and covenants, except as allowed by law with regard to this Agreement, not to
sue or file any claims against the Released Parties with regard to any matters arising prior to the execution of this Agreement.
Employee represents and warrants that no such claim has been filed to date. Notwithstanding any other provision of this Agreement,
Employee shall retain the right to bring any action or proceeding to enforce this Agreement.

 

6.                 
Non-Disparagement; Assistance.

 

(a)              
Employee agrees not to in any way or to any extent slander, libel, disparage, or otherwise impair the reputation, goodwill,
or commercial interest of the Company and the Released Parties, including but not limited to their employees, officers, directors,
members, management, shareholders, agents and/or the Company’s or the Released Parties’ performance, clinical products,
intellectual property, work product or method of operating, provided, however, that Employee’s obligation to tell the truth
or produce documents in response to any duly issued subpoena or order to appear in any action, proceeding, or investigation shall
in no way be constrained; provided that if Employee receives a subpoena or becomes subject to any legal obligation that might require
Employee to disclose information regarding the Company or any of the Released Parties, Employee will provide written notice of
that fact to Company within one (1) business day of receipt, enclosing a copy of the subpoena and any other documents describing
the legal obligation. Employee agrees that Employee will not, without first obtaining written approval from the Company: (i) make
any public statement in the nature of a press release or media interview with respect to any aspect of his employment with the
Company or any of its operating units, subsidiaries or affiliates, or (ii) make any statement, written or oral, with respect to
past or projected future financial or other performance of the Company or any of its operating units, subsidiaries or affiliates.

 

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(b)              
The Company shall use its commercially reasonable efforts to assist Employee in his pursuit of an alternative employment
opportunity. Nothing in this Section 6(b) shall require the Company or any of its directors, officers, employees, stockholders,
attorneys, agents to make any statement which is not truthful or which would subject the Company or any of its directors, officers,
employees, stockholders, attorneys, agents to any potential liability or which would require any public disclosure of any kind.

 

 

7.                 
No Re-Employment. Employee waives any claim for reinstatement, and specifically agrees he will not ever seek employment
or application with the Company or with any of the Company’s affiliated entities at any time in the future. Employee agrees
that any attempt to obtain employment or re-employment with Company or its affiliated entities will constitute a breach of this
Agreement, and that Company or its affiliated entities may rely upon such breach in refusing employment to Employee or in discharging
Employee from employment.

 

8.                 
Company Confidential Information.

 

(a)              
Employee agrees not to disclose any “Confidential Information” which Employee acquired as an employee of the
Company to any other person or entity, or use such information in any manner that is detrimental to the interest of the Company
or entities or individuals with whom the Company does business. “Confidential Information” shall mean information,
material, and trade secrets proprietary to the Company or to any related or affiliated entity of the Company or designated as confidential
by the Company, whether or not owned or developed by the Company, of which Employee obtained knowledge or to which Employee obtained
access, through or as a result of the Services provided to the Company or to any related or affiliated entity of the Company (including
information conceived, originated, discovered or developed in whole or in part by Employee in connection with the Services provided
to the Company or to any related or affiliated entity of the Company). Without limiting the generality of the foregoing, Confidential
Information shall include, but is not limited to, the following types of information and other information of a similar nature
(whether or not reduced to writing or still in development): data, documentation, diagrams, flow charts, formulas, research, economic
and financial analysis, customer lists, potential customer lists, developments, processes, procedures, employment policies, employment
practices, employment procedures, “know how,” marketing techniques and materials, marketing and development plans,
customer names, customer lists, and other information related to customers, price lists, pricing policies, the Company-derived
market information and financial information.

 

(b)              
Employee shall not be held criminally or civilly liable under any federal or state trade-secret law for the disclosure of
the Company’s trade secrets that is made in confidence to a federal, state, or local government official or to an attorney
solely for the purpose of reporting or investigating a suspected violation of law. Employee shall not be held criminally or civilly
liable under any federal or state trade- secret law for the disclosure of the Company’s trade secrets that is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal, or pursuant to a duly issued subpoena
in any civil or criminal proceeding or investigation, provided that arrangements are made in such proceeding or investigation to
keep the disclosed information confidential. If Employee files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Employee may disclose the Company’s trade secrets to Employee’s attorney and use the trade-secret
information in the court proceeding, so long as Employee files any document containing the trade secrets under seal and does not
disclose the trade secrets, except pursuant to court order.

 

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9.                 
Injunctive Relief/Breach of this Agreement.

 

(a)              
Employee acknowledges that any breach of this Agreement would cause irreparable injury to the Company and/or the Released
Parties and that their remedy at law would be inadequate and, accordingly, consents to and agrees that temporary and permanent
injunctive relief may be granted, without bond, in any proceeding which may be brought to enforce this Agreement, without the necessity
of proof of actual damage. This right to an injunction shall not prohibit the Company from pursuing any other remedies available
to it including, but not limited to, the recovery of damages. Employee further agrees that the Company may, on three (3) days’
notice to Employee, furnish a copy of this Agreement to any prospective employer of Employee, but only if a copy of this Agreement
so provided is complete and un-redacted.

 

(b)              
If either party shall violate the terms of this Agreement, the violating party (i) shall forfeit all rights to future benefits
under this Agreement; (ii) shall refund to the Company the amount of Severance paid pursuant to this Agreement; (iii) must pay
reasonable attorneys’ fees and all other costs incurred by the Company as a result of Employee’s breach; and (iv) acknowledges
that the Company may pursue any other remedies available to it as a result of Employee’s breach including, but not limited
to, the recovery of damages.

 

10.             
Provisions Required by the Age Discrimination in Employment Act/Older Workers Benefit Protection Act. Employee acknowledges
that:

 

(a)              
Employee is specifically releasing any and all claims, whether known or unknown, which are based on the Age Discrimination
in Employment Act;

 

(b)              
This Agreement does not waive rights or claims that arise after the date this Agreement is executed;

 

(c)              
Employee has signed this Agreement of Employee’s own free will in exchange for the consideration stated above,
which Employee acknowledges constitutes full, fair, reasonable and adequate consideration, to which Employee is not otherwise entitled,
for the affirmations, certifications, representations and promises made herein;

 

(d)              
Employee has carefully read and fully understands all the provisions of this Agreement, including Section 10 of this
Agreement entitled “Provisions Required by the Age Discrimination in Employment Act/Older Workers Benefit Protection Act,”
and that Employee has been afforded twenty-one (21) days to consider the terms hereof; Employee agrees that changes made to this
Agreement at Employee’s request do not restart the twenty-one (21) day period which Employee has to review this Agreement;

 

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(e)              
Employee has been advised in writing by this Agreement that Employee should consult with an attorney prior to executing
this Agreement;

 

(f)               
Employee understands and agrees that this Agreement shall not become effective or enforceable until seven (7) calendar days
(pursuant to the OWBPA) after it is executed by Employee and during that seven (7) day period (the “Revocation Period”),
Employee may revoke or rescind this Agreement. If Employee wishes to revoke or rescind this Agreement, Employee agrees to do so
in writing within seven (7) days and deliver such written notice of Employee’s intent to revoke by certified mail to: Immunic,
Inc., 1200 Avenue of the Americas, Suite 200, New York, NY 10036, Attention CEO. If Employee does not timely revoke or rescind,
this Agreement goes into force and effect on the eighth day following its execution;

 

(g)              
Employee also understands that should Employee decide to revoke or rescind this Agreement within seven (7) days of signing,
the Agreement will not be effective and the monies and other consideration which the Company has promised to provide Employee shall
not be paid or provided; and

 

(h)              
this Agreement shall not become effective until the calendar day following the last day of the Revocation Period (the “Effective
Date”) and shall become effective only if Employee timely and properly executes and returns this Agreement, does not
timely and properly revoke Employee’s acceptance of it.

 

11.             
Compliance with Section 409A of the Code. This Agreement is intended to comply with, or otherwise be exempt from,
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any regulations and Treasury
guidance promulgated thereunder. If it is determined in good faith that any provision of this Agreement would cause you to incur
an additional tax, penalty, or interest under Section 409A of the Code, then the Company and you shall use reasonable efforts to
reform such provision, if possible, in a mutually agreeable fashion to maintain to the maximum extent practicable the original
intent of the applicable provision without violating the provisions of Section 409A of the Code or causing the imposition of such
additional tax, penalty, or interest under Section 409A of the Code. As used in this Agreement, the terms “termination of
employment,” “separation,” and words of similar import mean, for purposes of any payment under this Agreement
that are payments of deferred compensation subject to Section 409A of the Code, your “separation from service” as defined
in Section 409A of the Code.

 

12.             
Confidentiality. You understand and agree that the existence, terms, and conditions of this Agreement shall be deemed
to be fully confidential and you agree not to disclose these terms to any other person or entity, except as may be required by
law (including pursuant to any governmental investigation), and to your accountants, attorneys and/or spouse/significant other,
provided that each agrees to abide by the confidentiality provisions of this Agreement.

 

13.             
Property.

 

(a)              
Employee represents and warrants that, Employee has not retained any copies, electronic or otherwise, of any tangible and
intangible property and Confidential Information, as defined in Section 8, belonging to the Company. Such property includes
but is not limited to any and all financial records and data; any written material in Employee’s possession including but
not limited to product information, engineering information, customer lists, and the Company policies and procedures; automobiles;
credit cards; keys; equipment not otherwise purchased; product and/or customer lists and data; contracts; personnel information;
project development information; written proposals and studies; and proprietary software purchased or developed by or for the benefit
and use of the Company.

 

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(b)              
To the extent Employee discovers that he has any property of the Company in his possession, Employee shall notify the Company
and return such property to the Company immediately. If Employee fails to return any and all of the Company’s Confidential
Information in his possession, custody, and/or control, it constitute a material breach of this Agreement.

 

(c)              
Notwithstanding the foregoing, Employee shall be obligated and must immediately return to the Company any and all property
of the Company, including, but not limited to any Company property that Employee has in his possession, e.g., laptop computer,
iPad, access card, office keys, social media passwords, account passwords, etc. in his possession at the time of his termination.
All such property must be received by Company within seven (7) days of execution of this Agreement.

 

(d)              
The Company does hereby agree that the property of Employee which is currently in the Company’s New York office may,
at Employee’s expense, be recovered by Employee at a mutually acceptable time within six (6) months of the execution of this
Agreement and in a manner that does not interrupt the operations of the Company. If Employee is unable to reasonably remove this
property within this six-month period, the Company shall extend this period for up to an additional six (6) months.

 

14.             
Miscellaneous. Employee agrees to make Employee reasonably available to the Company to respond to requests by the
Company for information pertaining to or relating to the Company, any entity related to the Company, or any of its agents, officers,
directors, members or employees. Employee will cooperate fully with the Company in connection with any and all existing or future
depositions, litigation, or investigations brought by or against the Company, any entity related to the Company, or any of its
agents, officers, directors, members or employees, whether administrative, civil, criminal in nature, in which and to the extent
the Company deems your cooperation necessary. In the event you are subpoenaed or otherwise ordered to appear in connection with
any civil or criminal proceeding or investigation, you will immediately notify the Company. Reasonable actual expenses incurred
by the Employee and pre-approved by the Company arising from these matters will be reimbursed by the Company upon sufficient proof.
Employee agrees to comply with any executed agreement concerning Confidential Information and/or Non-Disclosure Agreement, or any
such other similar agreement.

 

15.             
Taxes. You shall be liable for and shall pay all federal, state, and local income or other similar taxes, and all
related interest, penalties, or other liabilities and costs, that may be due in connection with the payments and benefits to be
made to you hereunder. The Company shall have the right to withhold from any such payments all amounts necessary to satisfy its
withholding obligations with respect thereto. You acknowledge that the Company has not made representations or warranties of any
kind regarding the tax consequence, if any, of any payments or benefits described herein. You hereby agrees to indemnify the Company
and the Released Parties from any liability for taxes arising out of the Severance including, but not limited to liability arising
from Section 409A of the Internal Revenue Code of 1986, as amended.

 

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16.             
Successors. This Agreement binds and inures to the benefit of Employee’s heirs, administrators, representatives,
executors, successors and assigns, and all Released Parties and their heirs, administrators, representatives, executors, successors
and assigns.

 

17.             
Entire Agreement/Modification. This Agreement shall be construed as a whole according to its fair meaning and not
strictly for or against Employee, the Company or any Released Party. This Agreement sets forth the entire Agreement between Employee
and the Company, and may not be modified except by a writing signed by both you and an authorized official of the Company.

 

18.             
Counterparts. This Agreement may be executed in one or more counterparts, any one of which need not contain the signatures
of more than one Party, and all such counterparts taken together shall constitute one and the same instrument. Signatures on this
Agreement may be communicated by facsimile or PDF (via e-mail) and shall be binding upon the parties transmitting the same.

 

19.             
Severability. The parties hereto believe that the provisions of this Agreement are reasonable and fair in all respects,
and are necessary to protect the interests of the parties. However, in case any one or more of the provisions or parts of a provision
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement or
any other jurisdiction, but this Agreement shall be reformed and construed in any such jurisdiction as if such invalid or illegal
or unenforceable provision or part of a provision had never been contained herein and such provision or part shall be reformed
so that it would be valid, legal and enforceable to the maximum extent permitted in such jurisdiction.

 

20.             
CONFLICT OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK, AND NO DOCTRINE OF CHOICE OF LAW SHALL BE USED TO APPLY ANY LAW OTHER THAN THAT OF NEW YORK. SUBJECT
TO SECTION 21, THE PARTIES AGREE THAT ANY ACTION OR PROCEEDING TO ENFORCE OR ARISING OUT OF THIS AGREEMENT MAY BE COMMENCED
IN THE STATE COURTS IN NEW YORK, OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE PARTIES CONSENT
TO SUCH JURISDICTION, AGREE THAT VENUE WILL BE PROPER IN SUCH COURTS AND WAIVE ANY OBJECTIONS BASED UPON FORUM NON CONVENIENS.
THE CHOICE OF FORUM SET FORTH IN THIS SECTION 20 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF THIS AGREEMENT
IN ANY OTHER JURISDICTION.

 

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21.             
Arbitration. Employee hereby waives and shall not seek a jury trial in any lawsuit, proceeding, claim, counterclaim,
defense or other litigation or dispute under or in respect of this Agreement. Employee agrees that any such dispute relating to
or in respect of this Agreement, (other than injunctive or equitable relief which, at the Company’s option, may be sought
in any federal or state court having jurisdiction) shall be submitted to, and resolved exclusively pursuant to arbitration in accordance
with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association including Expedited Procedures
for Emergency Relief which are expressly adopted herein. Such arbitration shall take place in the New York City, New York Metropolitan
Area or other mutually agreeable location and shall be subject to the substantive laws of the State of New York. Decisions pursuant
to such arbitration shall be final, conclusive and binding on the parties. The prevailing party in arbitration shall be entitled
to recover reasonable costs and attorneys’ fees from the other party. Upon the conclusion of arbitration, the parties may
apply to any federal or state court having jurisdiction to enforce the decision pursuant to such arbitration.

 

[SIGNATURES ARE ON
THE NEXT PAGE]

 

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I have carefully read this Agreement;
I fully understand the Agreement’s contents and the effects thereof, including the Release in Section 3, I understand that
I have a right to review this Agreement with an attorney of my choice, and I have executed the same of my own free will, without
any coercion by the Company, the Released Parties, or any of the Company’s or the Released Parties’ directors, officers,
employees, agents or representatives.

 

Sanjay Patel

 

/s/ Sanjay Patel

 

Date: April 17, 2020

 

 

Immunic, Inc.

 

By: /s/ Daniel Vitt

Daniel Vitt 

Chief Executive Officer

 

Date: April 17, 2020

 

 

10EXHIBIT 10.2

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (the “Agreement”) is entered into effective as of April 17, 2020 (the “Effective
Date”), by and between IMMUNIC, INC., a Delaware corporation (the “Company”), and
DUANE NASH (the “Executive”).

 

WHEREAS,
the Company desires that the Executive be retained as an employee to serve in the capacity of Executive Chairman of the Board of
Directors of the Company (“Board”), 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:

 

1.                 
Term of Employment. The Company shall employ the Executive, and the Executive shall accept employment, upon the terms
and conditions set forth in this Agreement for the period commencing on the Effective Date and ending on the Date of Termination
as provided in Section 5 (such period, including any extension as provided below, shall be referred to as the “Term
of Employment”).

 

2.                 
Executive’s Duties and Obligations.

 

(a)              
Duties. The Executive shall serve as the Executive Chairman of the Board. The Executive shall be responsible for
all duties customarily associated with such position for a publicly-traded company. The Executive shall report directly to the
Company’s Chief Executive Officer and the Board and shall be subject to reasonable policies established by the Board.

 

(b)              
Location of Employment. The Executive’s principal place of business shall be located in San Diego, California.
In addition, the Executive acknowledges and agrees that the performance by the Executive of the Executive’s duties shall
require frequent travel including, without limitation, overseas travel from time to time.

 

(c)              
Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement. In consideration
of the covenants contained herein, the Executive has executed and agrees to be bound by the Confidential Information, Assignment
of Rights, and Non-Solicitation Agreement (the “Confidentiality Agreement”) attached to this Agreement
as Exhibit A. The Executive shall comply at all times with the covenants (including covenants not to 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.

 

3.                 
Devotion of Time to the Company’s Business.

 

(a)              
Efforts. During the Term of Employment, the Executive shall devote a sufficient amount of his business time, attention
and effort to the affairs of the Company and shall use his reasonable best efforts to perform the duties properly assigned to him
hereunder and to promote the interests of the Company.

 

    

    

    

 

(b)              
Other Activities. The Executive may serve on corporate, civic or charitable boards or committees, deliver lectures,
fulfill speaking engagements and may manage personal investments; provided that such activities do not individually or in the aggregate
significantly interfere with the performance of his duties under this Agreement. In addition, the Executive may continue to provide
consulting services to Aerpio Pharmaceuticals, Inc. during the Term of Employment so long as such provision of consulting services
does not conflict with the Executive’s performance under this Agreement. The Executive confirms that his execution of this
Agreement and provision of services hereunder does not, and will not, violate the terms of any separate agreement he may have with
such company.

 

4.                 
Compensation and Benefits.

 

(a)              
Base Salary. During the Term of Employment, the Company shall pay to the Executive in accordance with its normal
payroll practices a monthly salary of $25,417 dollars (“Base Salary”), which shall be pro-rated for any
partial months during the Term of Employment. During the Term of Employment, the Company shall not pay to the Executive any additional
cash retainer for serving on the Company’s Board or for acting as the Chairman of the Board. Upon the termination of this
Agreement, the Executive shall be entitled to be paid the cash retainer payable to outside directors on the Board and to the Chairman
of the Board for the period of time beginning from and after the Date of Termination and for so long as the Executive remains on
the Board and serves as the Chairman of the Board.

 

(b)              
Benefits. 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 executives or to other full-time employees on
substantially the same basis that such benefits are provided to such senior executives of a similar level or to other full-time
employees (including, without limitation profit-sharing, savings and other retirement plans or programs (e.g., a 401(k) plan)),
long-term cash incentive plan, program or arrangement, medical, dental, hospitalization, vision, short- term and long-term disability
and life insurance plans or programs, accidental death and dismemberment protection, travel accident insurance, and any other fringe
benefit or employee welfare benefit plans or programs that may be sponsored by the Company from time to time, including any plans
or programs that supplement the above-listed types of plans or programs (whether funded or unfunded). Nothing in this Agreement
shall be construed to require the Company to establish or maintain any such fringe or employee benefit plans, programs or arrangements.

 

(c)              
Reimbursement of Expenses. 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 executives of
the Company.

 

(d)              
Liability Insurance. The Company shall maintain directors’ and officers’ liability insurance covering
the Executive during the Term of Employment.

 

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5.                 
Termination of Employment.

 

(a)              
The Term of Employment shall be automatically terminated upon the first to occur of the following (the date of such event,
the “Date of Termination”).

 

(i)                End
Date. The Executive’s employment shall terminate on October 15, 2020 or such later date as shall be mutually agreed
to in writing by the Executive and the Company.

 

(ii)             
Death. The Executive’s employment shall terminate immediately upon the Executive’s death.

 

(iii)           
Notice by Either Party. Either the Company or the Executive may terminate this Agreement and the Term of Employment
for any reason upon delivery of written notice to the other party at least thirty (30) days prior to the desired Date of Termination.

 

(b)              
For clarity, termination of this Agreement shall not constitute a termination of the Executive’s status as the Chairman
of the Board.

 

6.                 
Compensation and Benefits Payable Upon of Termination of Employment. Upon the Executive’s termination of employment
for any reason, the Executive (or his Beneficiary following the Executive’s death) shall receive (a) 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 (b) 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 pursuant to the
terms of any employee benefit plan, or for compensation otherwise payable to members of the Board, the Executive will not be entitled
to earn or accrue any additional compensation or benefits for any period following his Date of Termination.

 

7.                 
Beneficiary. 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.

 

8.                 
Notices. 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

Am Klopferspitz
19

82152
Planegg-Martinsried, Germany

Attn:
Chief Executive Officer

Email:
daniel.vitt@imux.com

 

     3

    

    

 

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.

 

9.                 
Withholding. The Company shall be entitled to withhold from payments due hereunder any required federal, state or
local withholding or other taxes.

 

10.             
Arbitration.

 

(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 Section 10. 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.

 

(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.

 

(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 Section 11
in order to assert such counterclaim(s).

 

(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 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:

 

(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 Section 10.

 

(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.

 

     4

    

    

 

(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.

 

(h)              
The parties shall bear their own costs in preparing for and participating in the resolution of any Dispute pursuant to this
Section 10, and the costs of the arbitrator(s) shall be equally divided between the parties.

 

(i)                
Except as provided in the last sentence of Section 10(a), the provisions of this Section 10 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 Section
10 shall pay the costs of the other party, including, without limitation, reasonable attorney’s fees and defense costs.

 

11.             
Recoupment.

 

(a)              
Policy. Any incentive-based compensation received by the Executive, 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, if any (the “Recoupment Policy”),
and any other policy of recoupment of compensation as shall be adopted from time to time by the Board or its 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.

 

(b)              
Non-Indemnification and Advancement for Recoupment. 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).

 

     5

    

    

 

12.             
Miscellaneous.

 

(a)              
Governing Law. 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.

 

(b)              
Entire Agreement. 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.

 

(c)              
Amendments. No amendment or modification of the terms or conditions of this Agreement shall be valid unless in writing
and signed by the parties hereto.

 

(d)              
Severability. 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.

 

(e)              
Binding Effect. 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.

 

(f)               
Successors and Assigns; Nonalienation of Benefits. Except as provided in Section (e) 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.

 

(g)              
Remedies Cumulative; No Waiver. 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.

 

     6

    

    

 

(h)              
Survivorship. 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.

 

(i)                
Counterparts. 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.

 

13.             
No Contract of Employment. 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.

 

14.             
Section 409A of the Code. To the extent any reimbursement of costs and expenses 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 Section 409A of the Internal Revenue Code
of 1986, as amended and the regulations promulgated thereunder, (a) the right to reimbursement or in-kind benefits is not subject
to liquidation or exchange for another benefit, and (b) 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.

 

15.             
Executive Acknowledgement. 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.

 

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IN WITNESS
WHEREOF, the parties hereto have caused this Employment Agreement to be executed as of the 17th day of April 2020.

 

IMMUNIC, INC.

 

By: /s/ Daniel Vitt

Name: Daniel Vitt

Title: Chief Executive Officer

 

 

EXECUTIVE

 

/s/ Duane Nash

Duane Nash

 

 

8

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