Document:

Exhibit 10.4

 

IMMUNIC, INC. 

 

INDEMNIFICATION AGREEMENT 

 

This Indemnification Agreement (“Agreement”)
is made as of [______], by and between Immunic, Inc., a Delaware corporation (the “Company”), and [______] (“Indemnitee”).
This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering the subject
matter of this Agreement.

 

WHEREAS, the Company and
Indemnitee recognize the significant cost of directors’ and officers’ liability insurance and the general reductions
in the coverage of such insurance;

 

WHEREAS, the Company and
Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting officers and directors to
expensive litigation risks at the same time as the coverage of liability insurance has been severely limited;

 

WHEREAS, the Company desires
to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as officers and directors of the
Company and to indemnify its officers and directors so as to provide them with the maximum protection permitted by law;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, qualified
individuals such as Indemnitee to the fullest extent permitted by applicable law so that they will serve or continue to serve the
Company free from undue concern that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Bylaws and Certificate of Incorporation of the Company and any resolutions adopted
pursuant thereto, and shall not be deemed to substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
and

 

WHEREAS, Indemnitee does
not regard the protection available under the Bylaws and Certificate of Incorporation of the Company and insurance as adequate
in the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified.

 

NOW, THEREFORE, in consideration
for Indemnitee’s services as an officer or director of the Company, the Company and Indemnitee hereby agree as follows:

 

1. Definitions. 

 

(a) A “Change in Control”
shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

 

(i) Acquisition of Stock by Third Party.
Any Person (as defined below becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company
representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities unless
the change in relative Beneficial Ownership of the Company’s securities by any Person results solely from a reduction in
the aggregate number of outstanding securities entitled to vote generally in the election of directors;

 

(ii) Change in Board Composition.
During any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who
at the beginning of such period constitute the Company’s board of directors, and any new directors (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i),
1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least
a majority of the members of the Company’s board of directors;

 

     

     

    

 

(iii) Corporate Transactions. The
effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with
the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

(iv) Liquidation. The approval by
the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company
of all or substantially all of the Company’s assets; and

 

(v) Other Events. Any other event
of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to
any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or
not the Company is then subject to such reporting requirement.

 

For purposes of this Section 1(a), the
following terms shall have the following meanings:

 

(1) “Person” shall
have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended; provided, however,
that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company.

 

(2) “Beneficial Owner”
shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as amended; provided, however,
that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the
stockholders of the Company approving a merger of the Company with another entity or (ii) the Company’s board of directors
approving a sale of securities by the Company to such Person.

 

(b) “Corporate Status”
describes the status of a person who is or was a director, trustee, general partner, managing member, officer, employee, agent
or fiduciary of the Company or any other Enterprise.

 

(c) “DGCL” means the
General Corporation Law of the State of Delaware.

 

(d) “Disinterested Director”
means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought
by Indemnitee.

 

(e) “Enterprise” means
the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other
enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary.

 

(f) “Expenses” include
all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
and federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in,
or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting
from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas
bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection
with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company. The parties agree that for the purposes of any advancement
of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included
in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively
to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee.

 

(g) “Independent Counsel”
means a law firm, or a partner or member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such
party (other than as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees
under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable
fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses,
claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

     

     

    

 

(h) “Proceeding” means
any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether
brought in the right of the Company or otherwise and whether of a civil, criminal, administrative, legislative or investigative
(formal or informal) nature, including any appeal therefrom and including without limitation any such Proceeding pending as of
the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness
or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by
Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii)
the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner, managing member,
officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity
at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this
Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding,
this shall be considered a Proceeding under this paragraph.

 

(i) Reference to “other enterprises”
shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person
with respect to any employee benefit plan; references to “serving at the request of the Company” shall include
any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director,
officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted
in good faith and in a manner he or she reasonably believed to be in the best interests of the participants and beneficiaries of
an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

2. Indemnity in Third-Party Proceedings.
The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to
be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a
judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable
law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges
paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and
reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct
was unlawful. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification
in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate
of Incorporation, the Bylaws, vote of its stockholders or disinterested directors or applicable law.

 

3. Indemnity in Proceedings by or in
the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against
all Expenses and, to the fullest extent permitted by law, amounts paid in settlement actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification
shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by
a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery
or any court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses
as the Delaware Court of Chancery or such other court shall deem proper.

 

4. Indemnification for Expenses of
a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted
by applicable law and to the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise)
in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted
by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, in
defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf, to the fullest extent permitted by
law, in connection with (a) each successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any
such successfully resolved claim, issuer or matter. For purposes of this section, the termination of any claim, issue or matter
in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue
or matter.

 

     

     

    

 

5. Indemnification for Expenses of
a Witness. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law and to
the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or otherwise asked to participate in any Proceeding
to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

6. Additional Indemnification. 

 

(a) Notwithstanding any limitation in Sections
2, 3 or 4, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is, or is threatened
to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure
a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments
and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines and amounts paid in settlement)
actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or
matter therein.

 

(b) For purposes of Section 6(a), the meaning
of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to:

 

(i) the fullest extent permitted by the
provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of
any amendment to or replacement of the DGCL; and

 

(ii) the fullest extent authorized or permitted
by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation
may indemnify its officers and directors.

 

7. Exclusions. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with
any Proceeding (or any part of any Proceeding):

 

(a) for which payment has actually been
made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect
to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b) for an accounting or disgorgement of
profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or
local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

 

(c) for any reimbursement of the Company
by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from
the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended (including
any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor
(including pursuant to any settlement arrangements);

 

(d) initiated by Indemnitee, including
any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees,
agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part
of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to
the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by
applicable law; or

 

(e) if prohibited by applicable law.

 

8. Advances of Expenses. The Company
shall advance, the Expenses incurred by Indemnitee in connection with any Proceeding (or any part of any Proceeding), and such
advancement shall be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the Company
of a written statement or statements requesting such advances from time to time, whether prior to or after final disposition of
any Proceeding (which (a) shall include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices
in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to
waive any privilege accorded by applicable law shall not be included with the invoice, and (b) contain the affirmation required
by Section 9(a)). Advances shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay
such advances and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this
Agreement. Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined that Indemnitee is
not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this
Agreement. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding
for which indemnity is not permitted under this Agreement, but shall apply to any Proceeding referenced in Section 7(b) or 7(c)
prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

 

     

     

    

 

9. Procedures for Notification and
Defense of Claim. 

 

(a) Indemnitee shall notify the Company
in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses as soon as
reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include,
a description of the nature of the Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the
Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this
Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights.

 

(b) If, at the time of the receipt of a
notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in
effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures
set forth in the applicable policies. The Company shall thereafter take all necessary and desirable action to cause such insurers
to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

10. Procedures upon Application for
Indemnification. 

 

(a) To obtain indemnification, Indemnitee
shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification
following the final disposition of the Proceeding. The Company shall, as soon as reasonably practicable after receipt of such a
request for indemnification, advise the board of directors that Indemnitee has requested indemnification. Any delay in providing
the request will not relieve the Company from its obligations under this Agreement.

 

(b) Upon written request by Indemnitee
for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel in
a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change
in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the
Company’s board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested
Directors, even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested Directors
or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board of directors,
a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the stockholders
of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within
ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with
respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees
and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing
with respect to any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason
or basis for which indemnification has been denied.

 

     

     

    

 

(c) In the event the determination of entitlement
to indemnification is to be made by Independent Counsel pursuant to Section 10(b), the Independent Counsel shall be selected as
provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the
Company’s board of directors, and the Company shall give written notice to Indemnitee advising him or her of the identity
of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s board of directors, in which event
the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the
Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such
written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection
to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent
Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined
that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee of a written request for
indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed
upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of
any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and
for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel
under Section 10(b) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this
Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to
the applicable standards of professional conduct then prevailing).

 

(d) The Company agrees to pay the reasonable
fees and expenses of any Independent Counsel and to fully indemnify such counsel against any and all Expenses, claims, liabilities
and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

11. Presumptions and Effect of Certain
Proceedings. 

 

(a) In making a determination with respect
to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent
not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall, to the fullest extent
not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by such person, persons
or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or
Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification
is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the
Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b) Subject to Section 12(e), if the person,
persons or entity empowered or selected under Section 10 of this Agreement to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made
and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission
of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period
may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the
determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating
of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 11(b)
shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section
10(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination
the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to
be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders
is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such
purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b) of this Agreement.

 

(c) The termination of any Proceeding or
of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or
its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that his or her conduct was unlawful.

 

     

     

    

 

(d) For purposes of any determination of
good faith, Indemnitee shall be deemed to have acted in good faith to the extent Indemnitee relied in good faith on (i) the records
or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the directors
or officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel for the Enterprise or its board
of directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made
to the Enterprise by an independent certified public accountant, an appraiser, investment banker or other expert selected with
reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of this
Section 11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed
to have met the applicable standard of conduct set forth in this Agreement.

 

(e) Neither the knowledge, actions nor
failure to act of any other director, officer, trustee, partner, managing member, fiduciary, agent or employee of the Enterprise
shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

12. Remedies of Indemnitee. 

 

(a) Subject to Section 12(e), in the event
that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(d) of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later
of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of indemnification
pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification
or (B) with respect to indemnification pursuant to Sections 4, 5 and 12(d) of this Agreement, within 30 days after receipt by the
Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to
declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to
recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled
to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses.
Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first
has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall
not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 4 of this Agreement. The
Company shall not oppose Indemnitee’s right to seek any such adjudication in accordance with this Agreement.

 

(b) Neither (i) the failure of the Company,
its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders to have made a
determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor (ii) an actual determination by the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has or has not met the applicable standard of conduct. In the event that
a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, on
the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced
pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee
is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c) To the fullest extent not prohibited
by law, the Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 12 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that
the Company is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 10 of
this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial
proceeding commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of
a material fact necessary to make Indemnitee’s statements not materially misleading, in connection with the request for indemnification,
or (ii) a prohibition of such indemnification under applicable law. It is the intent of the Company that, to the fullest extent
permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement
or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would
substantially detract from the benefits intended to be extended to the Indemnitee hereunder.

 

(d) To the extent not prohibited by law,
the Company shall indemnify Indemnitee against all Expenses that are incurred by Indemnitee in connection with any action for indemnification
or advancement of Expenses from the Company under this Agreement unless as a part of such action, the court of competent jurisdiction
determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were
frivolous or to the extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably
practicable, but in any event no later than 30 days, after receipt by the Company of a written request therefor) advance such Expenses
to Indemnitee, subject to the provisions of Section 8.

 

     

     

    

 

(e) Notwithstanding anything in this Agreement
to the contrary, no determination as to entitlement to indemnification shall be required to be made prior to the final disposition
of the Proceeding.

 

13. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee, the
Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments,
fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement,
in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such
Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents)
in connection with such events and transactions.

 

14. Non-exclusivity. The rights
of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation or
bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware
law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded
currently under the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. Except as expressly set forth
herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and
remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

15. Primary Responsibility. The
Company acknowledges that Indemnitee has or may have certain rights to indemnification and advancement of expenses provided by
other entities and/or organizations (collectively, the “Secondary Indemnitors”). The Company hereby agrees (i)
that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Secondary
Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee in connection
with a Proceeding are secondary), (ii) that it shall be required to advance the full amount of Expenses incurred by Indemnitee
and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent
legally permitted and as required by the terms of this Agreement and the certificate of incorporation or bylaws of the Company
(or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary
Indemnitors, and (iii) that, to the extent not in contravention of any insurance policy or policies providing liability or other
insurance for the Company or any director, trustee, general partner, managing member, officer, employee, agent or fiduciary of
the Company or any other Enterprise, it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all
claims against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The
Company further agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any
claim for which indemnification is required under the terms of this Agreement shall affect the foregoing and the Secondary Indemnitors
shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery
of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary Indemnitors are express third party beneficiaries
of the terms of this Section 15.

 

16. No Duplication of Payments.
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which
advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts
under any insurance policy, contract, agreement or otherwise.

 

17. Insurance. The Company shall,
from time to time, make the good faith determination whether or not it is practicable for the Company to obtain and maintain a
policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage
for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement.
Among other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded
by such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such
a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
directors, if Indemnitee is a director; or of the Company’s officers, if Indemnitee is not a director of the Company but
is an officer. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the
Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate
to the amount of coverage provided, if the coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit, or if Indemnitee is covered by similar insurance maintained by a subsidiary or parent of the Company.

 

     

     

    

 

18. Subrogation. In the event of
any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of
such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

19. Services to the Company. Indemnitee
agrees to serve as a director or officer of the Company or, at the request of the Company, as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed
or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any time and for any reason
resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which
event the Company shall have no obligation under this Agreement to continue Indemnitee in such position.  

 

This Agreement shall not be deemed an employment contract between
the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any employment
with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any
reason, with or without cause, with or without notice, except as may be otherwise expressly provided in any executed, written employment
contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies
adopted by the Company’s board of directors or, with respect to service as a director or officer of the Company, the Company’s
certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. The foregoing
notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director, as provided in Section
29 hereof.

 

20. Successors. This Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns, including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company, shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or of
any other Enterprise, and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, executors, administrators
and other legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, 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
if no such succession had taken place.

 

21. Severability. Nothing in this
Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable
law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement
shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of
this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected
or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall
be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

22. Enforcement. The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce
Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as a director or officer of the Company.

 

23. Entire Agreement. This Agreement
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior
agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof;
provided, however, that this Agreement is a supplement to and in furtherance of the Company’s certificate of
incorporation and bylaws and applicable law.

 

24. Modification and Waiver. No
supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties hereto. No amendment,
alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action
taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No waiver of
any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall
any waiver constitute a continuing waiver.

 

     

     

    

 

25. Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage
prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed:

 

(a) if to Indemnitee, to Indemnitee’s
address, facsimile number or electronic mail address as shown on the signature page of this Agreement or in the Company’s
records, as may be updated in accordance with the provisions hereof; or

 

(b) if to the Company, to the attention
of the Chief Executive Officer or Chief Financial Officer of the Company at Am Klopferspitz 19, 82152 Martinsried, or at such other
current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Ilan Katz,
Dentons US LLP, 101 John F Kennedy Parkway, Short Hills, NJ 07078.

 

Each such notice or other communication
shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier
service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day
delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or three
days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed
and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via
electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business
hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business
day.

 

26. Applicable Law and Consent to Jurisdiction.
This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the
laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and
unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only
in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in
any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes of any action
or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject
to service of process in the State of Delaware, The Corporation Trust Company, Wilmington, New Castle County, Delaware as its agent
in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding
against such party with the same legal force and validity as if served upon such party personally within the State of Delaware,
(iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery, and (v) waive,
and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been
brought in an improper or inconvenient forum.

 

27. Counterparts. This Agreement
may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature
and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

28. Captions. The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

 

29. Duration of Agreement. This
Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased
to serve as a director of the Company or (b) one (1) year after the final termination of any Proceeding then pending in respect
of which Indemnitee is granted rights of indemnification hereunder or advancement of Expenses hereunder and of any Proceeding commenced
by Indemnitee pursuant to Section 12 of this Agreement relating thereto. The indemnification and advancement of Expenses rights
provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective
successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee
or agent of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and his or her spouse, assigns,
heirs, devisees, executors and administrators and other legal representatives.

 

(signature page follows) 

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	 	 
	 	IMMUNIC, INC.
	 	 
	 	 
	 	Signature of Authorized Signatory
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	Title

	 	 	 
	 	 	 
	 	Address: 	
        Am Klopferspitz 19

        82152 Martinsried

        Germany

 

AGREED TO AND ACCEPTED: 

 

	 	 
	INDEMNITEE:  	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	Title	 

	 	 	 
	 	 	 
	Address:Exhibit 10.5

  

CONTRACT
OF EMPLOYMENT

 

 

 

between

 

 

 

Immunic
AG,

 

represented
by the Chairman of the Supervisory Board

 

-
hereinafter referred to as the "Company“ -

 

 

 

and

 

 

 

Mr.
Daniel Vitt,

 

-
hereinafter referred to as the "Management Board“ -

 

 

 

§
1

 

Scope
and duties

 

		1.	Mr. Daniel Vitt is to be appointed as a full member of the
Management Board of the Company. He shall be appointed as chairman of the Management Board (CEO) of the Company and shall represent
the Company together with a member of the Management Board or an authorized signatory. The Supervisory Board may grant the Management
Board exemption from Section 181 of the German Civil Code (BGB).

 

		2.	The Management Board conducts the Company's business in accordance
with the law, the Articles of Association, the rules of procedure for the Management Board and this contract of employment. In
particular, the Management Board shall obtain the approval of the Supervisory Board for the transactions and actions specified
in section 7 of the rules of procedure of the Management Board.

 

		3.	The Management Board shall in particular be responsible for
those tasks that fall within the scope of the distribution-of-business plan (Annex 1) of the executive member of the Management
Board (CEO).

 

     

    Page 2 of 13

    

 

		4.	The place of employment shall be Munich/Planegg-Martinsried.

 

§
2

 

Nebentatigkeiten

 

		1.	The Management Board will allocate all its manpower, professional knowledge and experience to the
company. The assumption of a remunerated secondary activity as well as of Supervisory Board, Advisory
Board or similar mandates requires the prior consent of the Chairman of the Supervisory
Board.

 

The Supervisory Board is aware
that the Management Board holds the mandates listed in Annex 2 at the time of signing this agreement and gives its approval to
their continuation.

 

		2.	The non-competition clause of Section 88 of the German Stock
Corporation Act applies to the Management Board. During the term of this contract, the Management Board will also not acquire shares
in companies that compete with the Company or have business relations with the Company, unless the Supervisory Board has given
its prior written consent.

 

The non-competition clause does
not apply to investments in companies in the form of securities traded on stock exchanges and acquired for the purpose of capital
investment.

 

§
3

 

Remuneration
and bonus

 

		1.	The management board receives for its work

 

		a)	a fixed annual salary ("basic remuneration") in the amount of EUR 215,000.00 gross, which
is paid in 12 equal monthly payments at the end of each month. If this agreement does not exist for the duration of an entire calendar
year, the fixed annual salary shall be paid pro rata temporis.

 

		b)	an annual variable remuneration, which amounts to a maximum of EUR 30,000.00 gross if the defined
annual targets are achieved by 100 percent. The details, in particular the procedure for setting targets, determining the achievement
of targets and the due date, are set out in the framework agreement on the target agreement in its current version. The nature
of the objectives, the requirements for their achievement and their weighting in relation to each other shall be laid down in a
separate definition of objectives for the respective financial year.

 

     

    Page 3 of 13

    

 

		2.	The basic remuneration and the variable remuneration are reviewed
annually by the Supervisory Board. The Company's
economic development and the personal performance of the Management Board must be taken into account.

 

		3.	In addition, the Supervisory Board may reduce the total remuneration
of the Management Board to the reasonable amount if the situation of the Company deteriorates to such an extent that it would be
inequitable for the Company to continue to grant such remuneration; retirement pension, surviving dependants' pensions and payments
of a related kind may only be reduced in the first three years after leaving the Company (Section 87 (2) of
the German Stock Corporation Act). In this case, the Management Board may terminate
this contract of employment extraordinarily with six weeks' notice to the end of the next calendar quarter after declaration of
the reduction (Section 87 (2) sentence 3 of the German Stock Corporation Act).
The reduction shall be reversed if the Company's situation is no longer deteriorated.

 

§
4

 

Insurance
and fringe benefits

 

		1.	Although there is no statutory insurance obligation, the Company pays to the Management Board member
monthly subsidies for health and nursing care insurance of the Management Board member. The amount of the individual subsidies
corresponds to half of the contributions paid by the member of the Management Board, but not more than the maximum amount
of the employer's contribution to the statutory health and nursing care insurance scheme legally owed in each case, taking into
account the applicable income thresholds. The subsidies owed by the Company are paid to the Management Board member at the end
of each calendar month. Any income tax payable on these payments is borne by the member of the Management Board.

 

		2.	The Management Board shall be reimbursed to an appropriate extent for the expenses required in
the Company's interest. Any travel expenses required will be reimbursed upon individual proof. The daily and overnight allowances
contained therein may also be settled as a lump sum within the limits of the amounts permissible for tax purposes.

 

     

    Page 4 of 13

    

 

		3.	The Company may, at its discretion, insure the Management Board for the duration of this contract
of employment under a term life insurance policy in the amount of EUR 500,000.00 for the event of death and under an accident insurance
policy in the amount of EUR 700,000.00 for the event of disability or continue an existing insurance policy. The Management Board
has the right to determine the beneficiary(s).

 

		4.	In case of the assumption of an existing direct insurance, this can be continued according to section
40 b of the German Income Tax Act in its valid version. In this case, the lump-sum taxation shall be borne by the Company.

 

		5.	The Company offers the Management Board the opportunity to participate in a pension fund, support
fund or similar company pension scheme (CPS) or to take over an existing CPS. In this context, the Management Board may convert
part of its salary entitlements into a company pension commitment. The basic remuneration paid to the Management Board pursuant
to section 3 (1) lit. a) shall be reduced by a gross monthly amount with effect from the beginning of a company pension commitment
in order to be converted into a company pension commitment of equal value. The Management Board's entitlement to payment of the
basic remuneration is reduced by this amount. If the Board of Management subsequently cancels or suspends the pension commitment
completely or partially, the corresponding entitlement to remuneration is revived.

 

		6.	The Company shall conclude a directors' and officers' liability insurance (D&O) for the Management
Board in the event that a third party or the Company brings a claim against the Management Board for financial loss due to a breach
of duty committed in the performance of its duties by virtue of statutory liability provisions under private law. The Management
Board bears a deductible in the amount of the minimum value pursuant to section 93 (2) of the German Stock Corporation Act (AktG)
(currently 10% of the loss per claim, but no more than 11/2 times the basic remuneration per year (annual maximum limit). If several
loss events occur in one year, the annual maximum limit applies to all loss events combined. The deductible is automatically adjusted
in the event of a change in the basic remuneration (or in the event of a change in section 93 (2) of the German Stock Corporation
Act); the Board of Management is obliged to arrange for the corresponding changes to be made to the deductible in the D&O insurance
contract and/or to make all declarations required in this connection. The reference year for the deductible to be applied is the
year of the breach of duty.

 

     

    Page 5 of 13

    

 

§
5

 

Vacation

 

		1.	The Management Board is entitled to an annual leave of 30 working days. Working days are all calendar
days except Saturdays, Sundays and public holidays at the registered office of the Company. If the employment commences or ends
during the year, the annual leave in this calendar year is granted pro rata temporis.

 

		2.	The vacation period shall be coordinated with the other members of the Board of Management, taking
into account the business situation.

 

§
6

 

Remuneration
in the event of illness, incapacity for work or death

 

		1.	In the event of an impediment to service (e.g. due to illness),
the member of the Management Board is obliged to inform the Chairman of the Supervisory Board of the Company immediately of the
reason for and the duration of the impediment to service and to point out tasks to be performed urgently. If the disability lasts
longer than one week, the Management Board member must submit a medical certificate in the event of illness or a written declaration
in the event of any other disability, stating the reason for the disability and its expected duration. The Management Board member
hereby assigns to the Company any (compensation) claims in the amount of the payments made or to be made by the Company in accordance
with this provision to which he is entitled vis-à-vis third parties due to the impediment to work. The Management Board
member is obliged to provide the Company without delay with all information necessary for the assertion of such (compensation)
claims and to provide the necessary documents.

 

		2.	In the event of a temporary illness-related or other non-culpable
incapacity to work of the Management Board, the basic remuneration pursuant to section 3 (1) lit. a) shall continue to be paid
during the period of the incapacity to work up to a duration of six months, but at the latest until the termination of this contract
of employment. If the incapacity to work lasts longer than three months without interruption, the Supervisory Board may reduce
the variable remuneration in accordance with Annex 4 by a reasonable amount, taking into account the duration of the incapacity
to work.

 

     

    Page 6 of 13

    

 

		3.	In the event of a permanent incapacity to work of the Management
Board, the employment contract shall end at the end of the quarter in which the permanent incapacity to work was determined.

 

If
the Management Board is unable to perform its duties for more than six months, the Supervisory Board may request that the existence
of a permanent incapacity to work be reviewed by a doctor of its choice at the Company's expense. If the Management Board fails
to meet the deadline despite two requests by the Supervisory Board, the Management Board shall be deemed to be permanently incapacitated
for work. The requests must be made at one-week time intervals.

 

No
severance payment shall be made in the event of termination of the contract of employment due to permanent incapacity to work.

 

		4.	If the Management Board dies during the term of the contract
of employment, the basic remuneration pursuant to section 3 (1) lit. a) shall be payable for the month of death and for the following
two months.

 

The
bonuses pursuant to section 3 (1) lit. b) shall be determined by the Supervisory Board in accordance with Annex 4 No. 3 and be
paid to the spouse or, in their absence, to the dependent children of the Management Board (the latter as joint creditors) or their
heirs.

 

§
6

 

Special
benefits and extraordinary right of termination in the event of a change of control

 

		1.	If, after the signing of this Agreement, control is acquired
in the sense of a share purchase of more than 50% by a shareholder, third party or persons acting in concert, or if an economically
comparable transaction (e.g. (e.g. sale of the business operations or a substantial part thereof by the Company, sale of substantial
associated companies of the Company, merger into another company, sale of more than 50% of the shares of the Company following
a delisting of the Company, etc) and if the Company intends in this regard or as a result thereof to terminate the contract with
the Management Board prematurely without having an material reason within the meaning of section 626 of the German Civil Code (BGB),
the Management Board shall receive, in addition to the remuneration and all benefits to which it is entitled up to the time of
such termination, a severance payment. The amount of the severance payment corresponds to the sum of the total remuneration (basic
remuneration, variable remuneration and fringe benefits) which the Management Board had received under this contract until expiry
of the term defined in section 10 (1) if the contract had not been terminated prematurely but had been fulfilled until the end
of the full term of office. For the purpose of calculating the severance payment pursuant to this paragraph (1), it is assumed
that the maximum bonus pursuant to Annex 4 (if applicable pro rata temporis until the end of the contract term) would have been
paid to the Management Board. If the ordinary term of this contract pursuant to section 10 (1) is less than 15 months at the time
the termination pursuant to this paragraph (1) takes effect, the severance payment to be paid shall be calculated on the basis
of a notional remaining term of 15 months, i.e. the severance payment shall be calculated on the basis of an assumed remaining
term of at least 15 months. Any increases in the remuneration pursuant to section 3 (1) that take place during the term of the
contract shall be taken into account in the calculations described.

 

     

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		2.	The severance payment shall be payable in full together with
the salary for the month at the end of which the termination of the contract pursuant to paragraph (1) takes effect.

 

		3.	In the event of this paragraph (1), the Management Board shall be granted an extraordinary termination
right to this contract of employment. The extraordinary termination right may be exercised within six weeks of the Management Board
becoming aware of the legally effective execution of the change of control within the meaning of paragraph (1) with a notice period
of three months to the end of the month. In addition, the Management Board has an extraordinary termination right even if the Management
Board is dismissed within one year after completion of the change of control. In this case, the special notice period shall be
two weeks. The termination can be declared within four weeks after the dismissal by the Management Board.

 

     

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§
8

 

Service
inventions and industrial property rights

 

		1.	Service inventions of the Management Board as well as its technical or organizational suggestions
for improvement shall be treated in accordance with the applicable provisions of the Act on Employee Inventions of 25 July 1957
with the following proviso: The Management Board shall immediately notify the Company of service inventions, free inventions and
technical and organizational suggestions for improvement and offer them to the Company for exclusive, limited or unlimited use.
The company must declare the claim within four months of notification. The Company has the right, but not the obligation, to apply
for industrial property rights in Germany and abroad. In the event of a service invention or a technical or organizational suggestion
for improvement, the parties agree that any remuneration for a service invention claimed by the Company shall be paid in full upon
payment of the basic remuneration pursuant to section 3 (1) lit. a) of this Agreement. In the case of a free invention, the member
of the Management Board shall be paid a remuneration in line with market conditions.

 

		2.	The Management Board shall transfer to the Company exclusively the rights of use and exploitation,
which are unlimited in terms of time, place and content, for any and all results of activities which may be protected under copyright
law and which the Management Board member produces during the term of his contract of employment during his working hours or, insofar
as they relate to his duties under the contract of employment, also outside his working hours. The transfer of the rights of use
and exploitation under copyright law shall also include any types of use still unknown at the time of conclusion of the contract.
The transfer of the rights of use and exploitation includes in particular the permission for processing and licensing to third
parties. The member of the Management Board expressly waives any other rights to the results of his activities to which he may
be entitled as the originator, in particular the right to name, edit and make available the work.

 

		3.	Insofar as the results of activities which the Management Board produces during the term of its
service contract during its working hours or, insofar as they relate to its duties under the service contract, also outside its
working hours, have not already been transferred in accordance to paragraphs (1) and (2) above, the Management Board shall transfer
to the Company all rights to such results of activities, in particular trademark and other proprietary rights as well as registered
designs.

 

		4.	The parties agree that the granting of these rights and the waiver of rights under this provision
shall be fully compensated by the payment of the basic remuneration pursuant to section 3 (1) lit. a) of this Agreement, unless
otherwise provided by mandatory statutory provisions. The Management Board is obliged to immediately notify the Company, represented
by the Supervisory Board, of any results of its activities that are eligible for protection and to support the Company to the necessary
extent, even after termination of this contract of employment, in obtaining protection rights. Insofar as the Executive Board fulfils
its duties to cooperate after termination of this service contract, the Management Board shall receive an appropriate daily rate
for this purpose as well as reimbursement of all expenses incurred as a result of its cooperation.

 

     

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§
9

 

Confidentiality
and return of documents, conflicts of interest

 

		1.	The Management Board undertakes to inform the Supervisory
Board about all business and operational matters that come to its attention within the scope of its activities or otherwise. To
maintain the strictest confidentiality with respect to the affairs of the Company and all Affiliates, including the contents of
this Agreement and the contract negotiations underlying the conclusion of this Agreement. The Management Board further undertakes
not to use such information for its own benefit or for the benefit of others and to maintain all such business and operational
records of the Company and Affiliates confidential. For the purposes of this provision, business and operational matters shall
mean, in particular, trade and business secrets and all information and data relating to confidential matters and business-related
know-how, all information about all business plans and strategies, processes, pricing or market strategies and product, service
or development plans relating to the existing or future business of the Company and its Affiliates, planned company acquisitions
or disposals, all business figures and details of the organizational structures as well as the essential ideas and principles underlying
these strategies and plans, and all information that can reasonably be expected to lead to such strategies or plans and that has
been conceived, invented, revised, discovered, developed, assessed, tested or applied by the Company, its affiliates or the member
of the Management Board during the term of this contract of employment.

 

		2.	The obligation to maintain confidentiality pursuant to paragraph
(1) above shall continue even after termination of the contract of employment. Within the scope of a professional or entrepreneurial
activity carried out by the Management Board after termination of this contract of employment, he may use the knowledge he has
acquired as a Management Board member, provided that the statutory restrictions - in particular in accordance with sections 3,
17 of the Unfair Competition Act (UWG), section 823 (1) and (2) of the German Civil Code (BGB) in conjunction with sections 3,
17 of the German Civil Code (BGB) - are complied with UWG, section 826 BGB and the data protection regulations - as well as the
restrictions arising from the post-contractual non-competition clause pursuant to section 16 of this Agreement.

 

     

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		3.	In cases of doubt, the Management Board is obliged to clarify
the scope of the confidentiality obligation pursuant to paragraphs (1) and (2) above with the Supervisory Board of the Company.

 

		4.	The Management Board undertakes, at the request of the Company
at any time and at the latest at the end of its appointment as a governing body and without separate request, to return to the
Company without delay and in full all documents in its possession of the Company or affiliated companies, in particular all notes,
memorandums, records, minutes and reports, files and all other similar documents (including copies, photocopies, copies or other
reproductions) in connection with its activities. A right of retention is excluded. This provision shall apply mutatis mutandis
to electronically stored data and the respective data or program carriers.

 

		5.	The obligation to surrender also applies to other property
owned by the Company or its affiliates or leased by the Company or its affiliates. In particular, this obligation to surrender
also applies to a mobile telephone, laptop or other data processing devices entrusted to the Management Board, at the end of its
mandate as a governing body even if private use was permitted in this respect.

 

		6.	The Management Board shall disclose possible and actual conflicts
of interest to the Supervisory Board without delay and inform the other members of the Management Board thereof.

 

§
10

 

Term
of a contract

 

		1.	The contract is subject to the condition precedent that (A)
(i) the Management Board is appointed to the Management Board of the Company and (ii) Tranche I pursuant to Sec. 4 (2) of the Investment
Agreement of 10 August is paid in full to the Company and (B) the condition precedent that the option under the Asset Purchase
Agreement between the Company and 4SC AG is not exercised by 30 September 2016.

 

     

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		2.	This contract shall be concluded with effect from the earliest
possible date, but not later than 1 April 2017. It shall expire at the end of three years.

 

		3.	The right of extraordinary termination remains unaffected.

 

		4.	In the event of revocation of the appointment, resignation
from office by a member of the Management Board or any other termination of the appointment to an executive body, this contract
of employment shall end at the end of one year after the end of the term of office, at the latest, however, at the end of the term
of office in accordance with paragraph (1). Any earlier termination due to paragraph (2) of this Agreement shall remain unaffected.

 

		5.	The Chairman of the Supervisory Board shall inform the Executive
Board in writing not later than nine months prior to the expiry of this contract whether and under what conditions the Supervisory
Board will reappoint the Management Board as a member of the Management Board and whether he is prepared to extend the contract
of employment in accordance with the duration of the new appointment or to conclude a new contract of employment with the Management
Board on at least the same terms. Within two months of receipt of the offer of the Chairman of the Supervisory Board, the Management
Board will declare whether it accepts the new appointment and is prepared to agree to the terms and conditions offered for the
continuation or renewal of the service contract.

 

		6.	The Company shall be entitled after revocation of its appointment
pursuant to section 84 (3) of the AktG or in connection with termination of the service contract, in particular after termination
or following conclusion of a termination agreement, to release the Executive Board in whole or in part from its obligation to provide
services with continued payment of the basic remuneration pursuant to section 3 (1) a) revocably or irrevocably. In the case of
irrevocable release, outstanding vacation and other time off compensation claims shall be credited and settled. The remaining provisions
of the service agreement shall not be affected by the indemnity; in this respect, the obligation to maintain confidentiality and
the contractual non-competition clause shall continue to apply until the end of the service agreement. Other earnings during the
exemption period shall be credited in accordance with section 615 sentence 2 of the German Civil Code (BGB). No credit shall be
made if and to the extent that the other earnings originate from an approved secondary activity ( section 2 (1) of this service
contract).

 

     

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		7.	The service contract shall end at the latest at the end of
the calendar year in which the member of the Management Board reaches the age of 65, provided that this service contract has not
already ended before this date in accordance with paragraphs (1) to (2) of this contract.

 

		8.	In the event of premature termination of a Management Board
member's contract without good cause, payments to the Management Board, including fringe benefits, shall not exceed the value of
two years' compensation (severance payment cap) and shall not exceed the total compensation (basic compensation, variable compensation
and fringe benefits) for the remaining term of the contract. In the case of an acquisition of control pursuant to section 7, a
severance payment cap of a maximum of three annual remunerations applies.

 

§
11

 

Cut-off
periods

 

		1.	Claims of the Company and the Management Board arising from
or in connection with the employment relationship shall lapse, irrespective of their legal basis, if the claimant does not assert
the claim within a period of six months, calculated from the due date and the knowledge or grossly negligent ignorance of the claimant
of the circumstances giving rise to the claim, by means of a written declaration to the respective other contracting party. For
the assessment of the timeliness of the assertion, the date of receipt of the written declaration shall be decisive. This does
not apply to the assertion of claims due to injury to life, limb or health as well as to intentional breaches of duty. Failure
to comply with the preclusive period shall result in the loss of the claim.

 

		2.	Any claims of the Company pursuant to section 93 (2) and (3)
of the German Stock Corporation Act (AktG) against the Management Board member shall remain unaffected by the above paragraph (1)
pursuant to section 93 (4) sentence 3 of the German Stock Corporation Act (AktG).

 

§
11

 

Final
provisions

 

		1.	This contract contains the entire agreement between the parties.
Agreements already made between the parties are hereby expressly cancelled.

 

     

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		2.	Amendments or supplements to this contract, including this
written form clause, must be made in writing in order to be effective.

 

		3.	This contract is subject to the law of the Federal Republic
of Germany.

 

		4.	Place of performance shall be the registered office of the
Company. The place of jurisdiction for disputes arising from this contract shall be the registered office of the Company.

 

		5.	Should any provision of this contract be or become invalid
or unenforceable in whole or in part, the validity of the remaining provisions of this contract shall not be affected. Rather,
the invalid or unenforceable provision, in whole or in part, shall be replaced by a provision which achieves as far as possible
the economic purpose intended by the invalid provision. The same shall apply in the event of loopholes in this contract.

 

	Martinsried 23 March 2016	 	Martinsried 23 March 2016
	 	 	 
	/s/ Dr. Daniel Vitt	 	/s/ Dr. Jörg Neermann
	 	 	 
	 	 	Immunic AG, represented by the Chairman of the supervisory board

 

Annexes directory

Annex 1: AR resolution

Annex 2: Current business distribution plan

Annex 3: Approved secondary activities of the Management Board

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