Document:

inmune_ex1013.htm

EXHIBIT 10.13
  
 INMUNE BIO, INC.
  
 2017 STOCK INCENTIVE PLAN
  
 Nonqualified Stock Option Agreement
  
 This NONQUALIFIED STOCK OPTION AGREEMENT (this “Agreement”), made and entered into on the ___ day of _____, 20___, to be effective as of such sate (the “Grant Date”), by and between ___________ (the “Participant”) and INmune Bio, Inc., a Nevada corporation (the “Company”), sets forth the terms and conditions of stock options issued to the Participant pursuant to the Company's 2017 Stock Incentive Plan (the “Plan”) and this Agreement, which options have been approved by the Company’s Board of Directors. Any capitalized terms used but not defined herein shall have the meaning prescribed in Annex A or in the Plan.
  
 1. Grant of Stock Option. Subject to the provisions of this Agreement and the Plan, the Company hereby grants to the Participant a nonqualified stock option (the “Option”) to purchase up to ________ shares of the Company's common stock, $0.001 par value per share (the “Common Stock”). The Option are granted as of the Grant Date pursuant to, and subject to the terms and conditions of, the Plan. 
  
 2. Exercise Price. The exercise price per share of Common Stock subject to the Options is $______ (the “Exercise Price”).
  
 3. Vesting. Subject to Section 4 hereof, the Options shall vest as follows: _______ Options a month (until options to purchase the ________ shares has been granted) so long as (and provided that) so long as the Participant continuously remains an employee, officer, director, or consultant of the Company from the Grant Date through such date(s). The Options shall be exercisable on any date to the extent vested and outstanding on such date. For purposes of this Agreement, employment or service relationship with the Company shall include employment with or provision of services to the Company's affiliates (including Subsidiaries) and/or its successors. As set forth in Section 12 herein, nothing in this Agreement or the Plan shall confer upon the Participant any right to continue in the employ or service of the Company or any of its affiliates (including Subsidiaries) or interfere in any way with the right of the Company or any such affiliates (including Subsidiaries) to terminate the Participant's employment or service relationship at any time. In the event of any “Change of Control”, all of the options granted hereunder shall automatically and immediately vest. For purposes of this Option, the term Change of Control shall mean: the sale of all or substantially all of the assets of the Company; any merger, consolidation or acquisition of the Company with, by or into another corporation, entity or person which results in another party acquiring more than 50% of the entity. To avoid ambiguity, the Participant acknowledges that a reverse merger of the Company into a public entity wherein the pre-merger shareholders of the Company still own more than 50.1% of the combined company shall not constitute a Change of Control 
  
  	 
	 
	 
 
	 

  
 4. Termination of Employment or Service. 
  
 (a) In the event of the Participant's termination of employment or service relationship, whether as an employee, officer, director or consultant, by either the Company or its affiliates (including Subsidiaries) without Cause, or by the Participant, any portion of the Options that has not vested as of the date of such termination of employment or service relationship shall immediately expire, and the vested Options shall expire within 90 days after such termination of employment or service relationship. In the event of the Participant's termination of employment or service relationship by reason of the Participant's death or Disability, the vested Options shall expire within 180 days after such termination of employment or service relationship.
  
 (b) In the event of the Participant's termination of employment or service relationship, whether as an employee, officer, director or consultant, by the Company or its affiliates (including Subsidiaries) for Cause, any portion of the Options that are outstanding as of the date of such termination of employment or service relationship shall immediately be forfeited. 
  
 5. Term of Options. All unexercised Options shall expire as to all shares of Common Stock underlying the Options on ______, 20____ (the “Expiration Date”), unless sooner terminated as provided in Section 4 hereof. 
  
 6. Method of Stock Option Exercise. 
  
 (a) The Options may be exercised during their term, in whole or in part, to the extent they have become vested and exercisable pursuant to Sections 3 and/or 4 and have not yet been forfeited or expired, by the Participant providing notice in writing to the Chief Executive Officer of the Company (the “CEO”), signifying the Participant’s election to exercise the Options (the “Notice of Exercise”). The Notice of Exercise shall be in such manner and on such form as designated by the CEO and pursuant to procedures established by the CEO and/or the Company. The Company may in the future change the person designated to receive such Notice(s) of Exercise, to any other agent or employee of the Company. In the event of any such change, the Company shall provide notice to the Participant. 
  
 (b) The payment of the Exercise Price shall be subject to the following: 
  
 (i) Payment of Exercise Price. The Exercise Price shall be payable in cash or by wire transfer to the Company’s bank account, for the full purchase price of the shares being purchased, plus such amount, if any, as is required for withholding taxes and for fees related to any agent(s), if applicable. 
  
 (ii) If requested by the Company, a written acknowledgement by the Participant, in the form contained in the Notice of Exercise that an investment in the Common Stock of the Company involves a high degree of risk, that the Participant has received a copy of the Company's financial statements for the most recently ended fiscal year for which such statement is available, and that the Participant has had the opportunity to ask questions of management concerning the Company prior to the exercise of the Options (the Company to provide such information as the Participant may reasonably request in writing, provided that such information has been disclosed to the public). 
  
  	 
	 
	 
 
	 

  
 (iii) The Exercise Price per share of Common Stock purchased upon the exercise of the Options shall be paid at the time of such exercise. 
  
 (c) The Company may cause each certificate evidencing the purchased Common Stock to be endorsed with one or more legends setting forth the restrictions on transfer or otherwise of such Common Stock. 
  
 (d) Certificates for shares of the Common Stock so purchased will be issued as soon as practicable. The Company, however, shall not be required to issue or deliver a certificate for any shares until it has complied with all requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, any stock exchange on which the Company’s Common Stock may then be listed and all applicable state laws in connection with the issuance or sale of such shares or the listing of such shares on said exchange. Until the issuance of the certificate for such shares, the Participant, or such other person as may be entitled to exercise these Options, shall have none of the rights of a stockholder with respect to shares subject to the Options. 
  
 7. Taxes. Participant understands that, upon the exercise of the Option, Participant may recognize income, for federal and state income tax purposes. The acceptance of the shares underlying the Option by the Participant shall constitute an agreement by the Participant to report such income in accordance with then applicable law and to cooperate with the Company in establishing the amount of such income and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Participant’s then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require the Participant to make a cash payment to cover such liability as a condition of the exercise of the Option.
  
 8. Non-transferability. The Options shall not be transferable by the Participant (as defined below) other than pursuant to the terms of the Plan or by will or by the laws of descent and distribution. The Options shall be exercisable, subject to the terms of the Plan and this Agreement, only by the Participant, the Participant's estate or beneficiary, the guardian or legal representative of the Participant, or any person to whom such Options are transferred pursuant to this Section 8. For purposes of this Section 8, the term “Participant” includes such guardian, legal representative and other permitted transferee.
  
  	 
	 
	 
 
	 

  
 9. Successors, Assigns and Transferees. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and each of their respective successors, assigns and permitted transferees (including, upon the death of the Participant, the Participant's estate). 
  
 10. Administration. The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Agreement as it has with respect to the Plan. In the event of any question or controversy relating to the terms of the Plan and this Agreement, the decision of the Committee shall be conclusive. 
  
 11. Incorporation of Plan. Subject to the limitations contained in Section 10 of this Agreement, all terms and conditions of the Plan are incorporated herein and made part hereof as if stated herein. The Participant may obtain a copy of the Plan by contacting the Company's Chief Executive Officer. 
  
 12. Not an Employment or Service Contract. Neither this Agreement nor any Options, or the Plan, shall confer on the Participant any right with respect to continuance of employment or other service with the Company or any of its affiliates (including Subsidiaries), nor shall they interfere in any way with any right(s) that the Company or any such affiliates (including Subsidiaries) would otherwise have to terminate or modify the terms of the Participant's employment or other service, at any time. 
  
 13. Insider Trading Policy. The Participant hereby certifies as to his agreement to comply with any policies, instructions, guidelines or procedures covering trading in the Company’s securities that the Company adopts from time to time, as may relate to the Options and underlying shares issued hereunder. 
  
 14. Exercise on certain Record Dates. Notwithstanding anything to the contrary contained in this Agreement or the Plan, in the event the Company sets a record date (“Record Date”) in connection with a distribution of bonus shares or dividends, rights offering, stock split, reverse stock split or capital reduction (each an “Event”), the Participant shall not be eligible to exercise the Options on the Record Date. 
  
 15. Integration. This Agreement and the other documents referred to herein, including without limitation the Plan, or delivered pursuant hereto, which form a part hereof contain the entire understanding of the parties with respect to their subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement, including without limitation the Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter. 
  
  	 
	 
	 
 
	 

  
 16. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but which together constitute one and the same instrument. Notwithstanding the foregoing, any duly authorized officer of the Company may execute this Agreement by providing an appropriate facsimile signature and any counterpart or amendment hereto containing such facsimile signature shall for all purposes be deemed an original instrument duly executed by the Company. 
  
 17. Modification; Waiver. No provision of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing and signed by the Participant and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  
 THIS AGREEMENT SHALL BE NULL AND VOID AB INITIO, AND THE GRANT OF OPTIONS REFLECTED HEREIN, SHALL BE DEEMED FORFEITED, UNLESS THE COMPANY RECEIVES, WITHIN TWO WEEKS OF ITS TENDER OF THIS AGREEMENT TO THE PARTICIPANT, ONE COPY HEREOF BEARING THE PARTICIPANT’S ORIGINAL COUNTERSIGNATURE BELOW.
  
  	 
	 
	 
 
	 

  
 IN WITNESS WHEREOF, the Participant has executed this Agreement on the Participant's own behalf, thereby representing that the Participant has carefully read and understands this Agreement and the Plan as of the day and year first written above, and the Company has caused this Agreement to be executed in its name and on its behalf, all as of the date first written above.
  
  	 		 INMUNE BIO, INC.
	
	 	  
	 	 	 
		  
	By:		
	  
	  
	 Name: 
	Raymond J. Tesi 	 
	 	  
	Title: 	President & CEO 	 
	 	  
	 	 	 
	 Agreed to and Accepted
 this ___ day of ______, 20__
	  
	  
	  
	  

	  
	  
	  
	  
	  

	 _____________________
	  
	  
	  
	  

	 Name:
	  
	  
	  
	  

  
  	 
	 
	 
 
	 

  
 Annex A
  
 Certain Definitions
  
  	A.	“Cause” shall only mean

  
  	  
	(i)	the willful and continued failure of the Participant to perform substantially the Participant’s duties (other than any such failure resulting from bodily injury or disease or any other incapacity due to mental or physical illness) after a written demand for substantial performance is delivered to the Participant by the Company, which specifically identifies the manner in which the Company believes the Participant has not substantially performed the Participant’s duties; or
	  
	  
	  

	  
	(ii)	the willful engaging by the Participant in illegal conduct or gross misconduct that is materially and demonstrably detrimental to the Company and/or its affiliates (including Subsidiaries), monetarily or otherwise.
	  
	  
	  

	  
		For purposes of this provision, no act, or failure to act, on the part of the Participant shall be considered “willful” unless done, or omitted to be done, by the Participant in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board, upon the instructions of the Chairman or another Board Member of the Company, upon the instructions of the Company's Chief Executive Officer or Chief Financial Officer, or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Participant in good faith and in the best interests of the Company and its affiliates (including Subsidiaries).
	  
	  
	  

	  
	(iii)	the Participant’s conviction of, or plea of nolo contendere to, any felony of theft, fraud, embezzlement or violent crime.

  
  	B.	“Disability” shall mean the absence of the Participant from the Participant’s duties under his employment or service relationship on a full-time basis for an aggregate of 180 days within any given period of 270 consecutive days (in addition to any statutorily required leave of absence and any leave of absence approved by the Company) as a result of incapacity of the Participant, despite any reasonable accommodation required by law, due to bodily injury or disease or any other mental or physical illness, which will, in the opinion of a physician selected by the Company or its insurers and acceptable to the Participant or the Participant’s legal representative, be permanent and continuous during the remainder of the Participant’s life.inmune_ex1014.htm

EXHIBIT 10.14
  
 CONSULTING AGREEMENT
  
 THIS AGREEMENT, dated as of May 16, 2018, between Immune Bio, Inc., with offices located at 1224 Prospect Street, Suite 150, La Jolla, California 92037, a Nevada Corporation (the “Company”), Pacific Seaboard Investments Ltd., having its principal place of business at Suite # 404-999 Canada Place, Vancouver, BC., V6C 3E2 a British Columbia corporation or its designee(s)(“CONSULTANT”).
  
 W I T N E S E T H :
  
 WHEREAS, the Company wishes to retain CONSULTANT’s services and CONSULTANT wishes to be associated with the Company as a non-exclusive independent CONSULTANT and consultant for its Initial Public Offering (“IPO”), subject to the terms and conditions hereinafter set forth;
  
 NOW, THEREFORE, the Company and CONSULTANT hereby agree as follows:
  
 1. Terms of Consulting; Office and Duties. During the Consulting Period (as defined below), CONSULTANT shall serve as a consultant to the Company and provide such services to the Company as may be assigned from time to time by the Chief Executive Officer or their delegate(s).
  
  	  
	 A. 
	 Governance services will include assisting and advising the Company with:

	  
	  
	  
	  

	  
	  
	a.	Development of its Corporate Governance Policy;
	  
	  
	  
	  

	  
	  
	b.	Creation and Adoption of Corporate Governance Manual and its inclusions;
	  
	  
	  
	  

	  
	  
	c.	Introduction of potential independent board members; and
	  
	  
	  
	  

	  
	  
	d.	Provision of all corporate resolutions to effect the above.

  
  	  
	 B.
	 Ongoing Governance Exchange Listing Services will include assisting and advising the Company with:

	  
	  
	  

	  
	  
	a.	Review Company Minute Book as it pertains to governance strategy;
	  
	  
	  
	  

	  
	  
	b.	Assist management of the Company in complying with all securities and exchange regulations in regards to the filing of a NASDAQ Capital Markets(“NASDAQ”) Application as they become defined;
	  
	  
	  
	  

	  
	  
	c.	Complete corporate governance certification documents pursuant to the 5600 Rules of the NASDAQ;
	  
	  
	  
	  

	  
	  
	d.	Continued support of Corporate Governance Policies and Annual Governance review per exchange guidelines;
	  
	  
	  
	  

	  
	  
	e.	Updating as required its Corporate Governance Manual and its mandatory inclusions pursuant to NASDAQ Rules;

  
  	 
	 
	 
 
	 

  
  	  
	  
	f.	Assist management of the Company in complying with all securities and exchange regulations in regards to fulfilling governance requirements in regards to their NASDAQ on an ongoing basis; and
	  
	  
	  
	  

	  
	  
	g.	Complete corporate governance certification documents.

  
  	  
	 C. 
	 Consultative Services are to include:

	  
	  
	  
	  

	  
	  
	a.	Assist the Company with ‘Capital Market’ road map that includes IPO strategy, development and execution.
	  
	  
	b.	Management and provide support of the Capital Markets and NASDAQ initiatives, including:

  	  
	  
	i.	Advise with regards to offering concurrent with the NASDAQ IPO/listing strategy: valuation.
	  
	  
	ii.	Liaison with legal counsel.
	  
	  
	iii.	Support of the Form S-1 registration statement as needed.
	  
	  
	iv.	Input or Support NASDAQ listing Application
	  
	  
	v.	Corporate Governance Certification.

  
  	  
	 c.
	 Roadshows

	  
	  
	i.	To assist with ongoing, key stakeholder meetings when appropriate.
	  
	  
	ii.	Identification of potential conferences, globally.
	  
	  
	iii.	To assist in organizing meetings with family offices.
	  
	  
	iv.	To assist in organizing meetings with institutional firms.

  
  	  
	 d.
	 Corporate Communications:

	  
	  
	i.	IR firms interview process in US with focus and understanding of NASDAQ processes and experience with NASDAQ listed issuers.
	  
	  
	ii.	Investor relations (public relations) strategy development and execution, leading to the eventual appointment of an IR/PR firm
	  
	  
	iii.	Review current corporate fact sheet and investor presentations to ensure compliancy;
	  
	  
	iv.	Liaison with the US IR firm to arrange non-deal roadshows in USA as well as other activities as required.
	  
	  
	v.	Review and advise on new IR webpage compliant with NASDAQ rules.
	  
	  
	vi.	Liaison with web developers to ensure that the Company website is compliant to public disclosures.
	  
	  
	vii.	Assist the Company with their social media strategy in North America.

  
  	  
	 e. 
	 Corporate Professionals:

	  
	  
	i.	Will assist the Company in identifying an Investment Bank able to raise funds and complete an IPO for the Company onto NASDAQ.
	  
	  
	ii.	The CONSULTANT will be responsible to help facilitate various transactions and filings and documents between the Company and their respective professionals such as lawyers, bookkeepers, auditors, underwriter’s counsel, due diligence team, Edgar Agents, Transfer Agents, and investment banks.

  
  	 
	2
	 
 
	 

  
  	  
	  
	iii.	The CONSULTANT will also be responsible for evaluating the businesses of the Company, Evaluation of their Competition and outlining comparables, their business models, business plans, financial statements, financial projections, the particular industry and evaluation of the strength of management’s ability to execute.
	  
	  
	iv.	The CONSULTANTs’ responsibilities also include coordinating the SEC filings and the ongoing evaluations and assessments of the Company’s products, trials, sales, earnings and cash flows.
	  
	  
	v.	Coordinating the FINRA Application.

   
  	  
	 D. 
	 Management Advisory Services to include general project management of the entire IPO process including, but not limited, to the following:

	  
	  
	  
	  

	  
	  
	a.	Regular Meetings and phone calls with client to manage the IPO process;
	  
	  
	  
	  

	  
	  
	b.	Manage and work with vendors and professionals;
	  
	  
	  
	  

	  
	  
	c.	Assist with retention of professionals;
	  
	  
	  
	  

	  
	  
	d.	Create timeline and working group list for IPO; and
	  
	  
	  
	  

	  
	  
	e.	Any other work required to manage the IPO process.

   
  	  
	 E.
	 Advisory Services for Hong Kong Stock Exchange Listing if the Company qualifies on a best efforts basis will include:

	  
	  
	  
	  

	  
	  
	a.	Assist the Company with ‘Capital Market’ road map that includes IPO strategy, and dual listing application on the Hong Kong Stock Exchange.
	  
	  
	b.	Management and provide support of the Capital Markets and Hong Kong Stock Exchange initiatives, including:

  	  
	i.	Advise with regards to offering after listing with the NASDAQ IPO/listing strategy: valuation.
	  
	ii.	Liaison with HK legal counsel.
	  
	iii.	Input or Support for HK Duel listing Application

  
  	  
	 c. 
	 Roadshows

	  
	  
	i.	To assist with ongoing, key stakeholder meetings when appropriate to Hong Kong, Mainland China, Taiwan, South Korea, and Singapore.
	  
	  
	ii.	Identification of potential conferences, globally.

  
  	 
	3
	 
 
	 

   
  	  
	 d.
	 Corporate Communications:

	  
	  
	  
	  

	  
	  
	i.	Arrange for Publications and News Articles to publicise the Company.
	  
	  
	ii.	Engage News Firms and Radio Stations to cover the Company and to interview members of the Company.
	  
	  
	iii.	Investor relations (public relations) strategy development and execution, leading to the eventual appointment of an IR/PR firm in China and Hong Kong.
	  
	  
	iv.	Review current corporate fact sheet and investor presentations to ensure compliancy and have all Corporate materials translated into Chinese.
	  
	  
	v.	Liaison with the Chinese Mainland IR firm to arrange non-deal roadshows in Asia as well as other activities as required.
	  
	  
	vi.	Review and advise on new IR webpage in Chinese to be compliant with NASDAQ rules.

  
 CONSULTANT shall be available, as needed, during each business week of the Consulting Period for the proper performance of duties hereunder. CONSULTANT shall serve as an independent CONSULTANT (and not as an employee or agent) of the Company.
  
 2. Term. The consulting period shall be from April 24, 2018 through May 1, 2021 subject to termination as hereinafter provided (the “Consulting Period”).
  
 3. Compensation. The Contractual obligation of the Services provided by the Consultant over the time of the Consulting Period is $1,500,000. The Consultant has agreed to take this Compensation in the form of restricted shares of the Company’s common stock. The Company has agreed to convert the Compensation of the services provided by the Consultant at a price of $2.50 and the Company will issue 600,000 restricted shares (“Compensation”) of the Company’s common shares as of the date hereof, of which 200,000 shares shall be released as of the date hereof, 200,000 shares shall be locked up for six months after the effective date of the S-1 Registration Statement, and 200,000 shares shall be locked up for 10 months after the date of the IPO. The Consultant will have the right to issue all of the shares in its name or that of its nominees. Each Certificate shall bear the appropriate restricted securities legend in accordance with the relevant country securities act(s). Such shares shall be registered after the IPO if the Company has a subsequent Registration Statement after the completion of the IPO. The Company shall have the ability but not the obligation to, in its sole discretion, issue more unregistered shares of common stock of the Company to CONSULTANT as a bonus prior to the end of the Consulting Period.
  
 5. Termination.
  
 (a) Notwithstanding any other provision of this Agreement, the Consulting Period may be terminated by the Company on account of any of the following reasons, each of which shall constitute “Cause” for purposes of this Agreement:
  
 (i) an act of fraud or dishonesty on the part of CONSULTANT;
  
 (ii) a material failure by CONSULTANT to comply with applicable laws or regulations;
  
 (iii) any violation of Section 6; or
  
 (iv) CONSULTANT’s material failure to perform his duties hereunder or any other material breach by CONSULTANT of any of the terms hereunder.
  
  	 
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 The Consulting Period shall terminate immediately upon the Company giving CONSULTANT written notice that the Consulting Period is being terminated for Cause.
  
 (a) The Company may terminate the Consulting Period other than for Cause at any time by written notice to CONSULTANT. If the Consulting Period is terminated by the Company without Cause, the Company shall, as liquidated damages, pay to CONSULTANT its consulting fee which is earned and payable to CONSULTANT pursuant to Section 3 above, and CONSULTANT shall have no further right to receive any other compensation or amount after such termination.
  
 (b) If the Company terminates the Consulting Period for Cause or CONSULTANT resigns, then the Company’s obligations to make payments to CONSULTANT under Section 3 shall immediately cease as of the date of such termination or resignation.
  
 (c) The payments (if any) required to be provided to CONSULTANT under this Section 6 shall be in complete satisfaction of any claims that CONSULTANT may have as a result of termination of the Consulting Period.
  
 6. Other Duties of CONSULTANT During and After Term. Both during and after the Consulting Period, CONSULTANT shall not, to the detriment of the Company or its subsidiaries and affiliates, knowingly disclose or reveal to any unauthorized person any trade secret or other confidential information relating to the Company or its subsidiaries and affiliates, or any of the businesses operated by them, including, without limitation, any customer lists, pricing information or sales and marketing data, plans and programs, and CONSULTANT confirms that such confidential information constitutes the exclusive property of the Company or its subsidiaries and affiliates.
  
 CONSULTANT agrees that it will use such confidential information solely for purposes of this Agreement and the services to be provided hereunder. The restrictions of this Section 6 are in addition to those imposed in any generally applicable nondisclosure statement or policy and signed or agreed to by CONSULTANT. Further, during the Consulting Period, the CONSULTANT shall not make any statement or perform any act intended to advance any interest of any existing or prospective competitor of the Company or their subsidiaries and affiliates in the United States, including, but not limited to, soliciting customers or potential customers or solicit or encourage any employee of the Company or its subsidiaries and affiliates to take any action that is disloyal or inconsistent with the Company’s or its subsidiaries’ and affiliates’ interest.
  
 7. Injunctive Relief. In addition to any other remedies, at law or otherwise, that the Company may have against CONSULTANT for a breach of Section 6 of this Agreement, the Company is entitled to an injunction to be issued by any court of competent jurisdiction, enjoining and restraining CONSULTANT from committing any breach of the terms of this Agreement.
  
 8. Independent CONSULTANT Relationship. The relationship between the Company and CONSULTANT is that of independent CONSULTANT. Neither party shall be the agent of the other for any purpose whatsoever, have power or authority to make or give any promise, to execute any contract or otherwise create, or assume any liability or obligation in the name of or on behalf of the other party. Neither party shall misrepresent to any third party that it has any power or authority which is denied to it by the preceding sentence. The CONSULTANT shall be responsible for the payment of all employment and other taxes with respect to the payments and benefits provided by the Company under this Agreement and shall hold the Company harmless from any loss or expense from his failure to properly report or pay any such taxes.
  
  	 
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 9. Consolidation, Merger, or Sale of Assets. Nothing in this Agreement shall preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation which assumes this Agreement and all obligations and undertakings of the Company hereunder. Upon such consolidation, merger or transfer of assets and such assumption, the term “Company” as used herein shall mean such other corporation and this Agreement shall continue in full force and effect.
  
 10. General Provisions.
  
 (a) This Agreement shall be binding upon, and inure to the benefit of, CONSULTANT and the Company and their respective successors and permitted assigns.
  
 (b) This Agreement shall be governed by and construed under the laws of the State of California (without giving effect to its principles of conflict of laws). The parties to this Agreement consent to personal jurisdiction of all courts located in the City of San Diego, State of California, to resolve any and all disputes pertaining hereto and agree that such jurisdiction shall be exclusive.
  
 (c) In case any one or more of the provisions or any part 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 be deemed not to affect any other provision or part of a provision of this Agreement, but this Agreement shall be reformed and construed in such jurisdiction as if such provision or part of a provision held to be invalid, illegal or unenforceable had never been contained herein and such provision or part be reformed so that it would be valid, legal and enforceable in such jurisdiction to the maximum extent possible.
  
 (d) This Agreement contains the entire agreement between the Company and CONSULTANT with respect to the subject matter thereof. This Agreement may not be amended, waived, changed, modified or discharged except by an instrument in writing executed by or on behalf of the party against whom any amendment, waiver, change, modification or discharge is sought.
  
 (e) All notices, requests, demands and other communications hereunder shall be in writing and shall be personally delivered or sent by expedited overnight courier service to the addresses indicated in the recitals and/or to such other persons and addresses as any party shall have specified in writing to the other.
  
 (f) Any waiver of any breach of any provision of this Agreement shall not operate as a waiver of any other breach of such provision or any other provision of this Agreement, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as the other party may reasonably request in order to effectuate the terms and purposes of this Agreement.
  
 (j) The terms of this Agreement shall be treated by the parties as confidential, except to the extent disclosure is required by law.
  
  	 
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 (k) The section headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.
  
 (l) It is understood that CONSULTANT is not acting as a broker dealer and is not taking a fee or commission for raising capital as part of this transaction.
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written.
  
  	  
	 CONSULTANT
	  

	  
	 	  

	 	 PACIFIC SEABOARD INVESTMENTS LTD.
	
	 	  	 
	  
	 /s/ Saleem Mohamed  

		 By: Saleem Mohamed 
	
	  
	Chief Executive Officer	  

	  
	 (I have the authority to bind the corporation)
	  

   
  	 	 Immune Bio, Inc.
	
	 	 	 	 
		By:	 /s/ RJ Tesi MD 
	
	  
	 Title: RJ Tesi MD, President and CEO
	 
	 	 (I have the authority to bind the corporation)
	 

  
  
  	  7

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