IMMUNIC, INC. 8-K

What Happened

• Immunic filed an 8‑K disclosing two new employment agreements dated December 29, 2025. Dr. Duane Nash will become Chief Executive Officer and President of Gliomic Therapeutics Inc. (a newly incorporated, wholly‑owned Immunic subsidiary) effective January 1, 2026, with a monthly base salary of $33,987 and standard benefits and expense reimbursement. His agreement includes six months COBRA reimbursement and payment of earned but unpaid salary upon termination, and provides that he will not receive additional cash board retainers while serving in the role.
• Separately, CEO Dr. Daniel Vitt entered a U.S./Germany split employment arrangement requiring him to spend 50% of his working time in the United States and 50% in Germany. His U.S. terms include a $305,000 annual base salary and a 55% annual target bonus; under a related addendum for Immunic AG in Germany he will receive a fixed annual salary of €282,826.50 and variable pay up to €155,786.50. The addendum ends the prior suspension of his German service agreement effective December 31, 2025. Both executives’ compensation is subject to the company’s clawback policy.

Key Details

• Duane Nash: effective Jan 1, 2026; monthly base salary $33,987; COBRA reimbursement for six months on termination; no additional board cash retainer during employment.
• Daniel Vitt (U.S. role): $305,000 base salary; 55% annual target bonus; up to $50,000 U.S. housing reimbursement available.
• Daniel Vitt (Germany role via Immunic AG addendum): €282,826.50 fixed annual salary; up to €155,786.50 variable annual remuneration; 50/50 time split between U.S. and Germany.
• Compensation for both is subject to Immunic’s clawback compensation policy.

Why It Matters

• The filings formalize Immunic’s executive alignment as it spins up Gliomic, placing an existing board leader (Nash) as CEO of the new subsidiary while preserving governance ties to the parent company. Investors should note new fixed and variable compensation commitments that will affect operating expenses.
• Vitt’s split U.S./Germany arrangement clarifies his role across Immunic’s U.S. and German operations and sets clear salary and bonus frameworks in both jurisdictions, which could affect cross‑border management continuity and cost allocations.
• All material employment terms are disclosed in the 8‑K, including termination benefits and clawback coverage, giving shareholders clear, factual detail on executive pay and responsibilities.