Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 19, 2021, INmune Bio Inc. (the "Company") and Raymond Joseph Tesi
entered into an employment agreement, pursuant to which he will continue to
serve as the Company's Chief Executive Officer. Pursuant to the employment
agreement, beginning on January 1, 2021, Dr. Tesi will be paid a base salary of
$455,000 per annum and is eligible to receive an annual discretionary bonus with
a target amount of 50% of his annual base salary. Dr. Tesi was also granted an
option to purchase 59,337 shares of the Company's common stock at an exercise
price of $24.82 per share. Twenty-five percent of the options vest on January
18, 2022 and the remaining options will become vested and exercisable pro rata
on a monthly basis over three years until 100% is vested which shall occur on
the four-year anniversary of the date of grant. In the event of an Involuntary
Termination (as defined in the employment agreement), Dr. Tesi shall receive a
severance equal to 18 months of his base salary.
On January 19, 2021, the Company and David J. Moss entered into an employment
agreement pursuant to which he will continue to serve as the Company's Chief
Financial Officer. Pursuant to the employment agreement, beginning on January 1,
2021, Mr. Moss will be paid a base salary of $359,000 per annum and is eligible
to receive an annual discretionary bonus with a target amount of 40% of his
annual base salary. Mr. Moss was also granted an option to purchase 59,337
shares of the Company's common stock at an exercise price of $24.82 per share.
Twenty-five percent of the options vest on January 18, 2022 and the remaining
options will become vested and exercisable pro rata on a monthly basis over
three years until 100% is vested which shall occur on the four-year anniversary
of the date of grant. In the event of an Involuntary Termination (as defined in
the employment agreement) Mr. Moss shall receive a severance equal to 18 months
of his base salary.
On January 19, 2021, the Board of Directors of the Company approved the payment
of $20,000 per annum to each of the non-employee directors (other than David
Szymkowski) and an option for each of the non-employee directors (other than
David Szymkowski) to purchase 15,975 shares of the Company's common stock and as
a result the 5 non-employee directors were granted options to purchase an
aggregate of 79,875 shares of the Company's common stock. The options shall vest
quarterly over three years and have an exercise price of $24.82 per share.
The Company will file the employment agreement between the Company and Dr. Tesi
and the Company and Mr. Moss as exhibits to its Annual Report on Form 10-K for
the year ended December 31, 2020 (the "2020 10-K"). This summary does not
purport to be complete and is subject to and qualified in its entirety by
reference to the text of the employment agreements. The option grants are
qualified by reference to the form of option agreement to be filed as an exhibit
to the 2020 10-K.
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INMUNE BIO, INC. 
