Company: IOBT
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058699
Chunk: 26

Company: IO Biotech, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 26
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 Executive Officer and our next two most highly compensated executive officers as of December 31, 2024. We refer to these individuals as our “named executive officers.” For 2024, our named executive officers were:

Mai-Britt Zocca, Ph.D., Chief Executive Officer and Founder;

Qasim Ahmad, M.D., Chief Medical Officer; and

Amy Sullivan, Chief Financial Officer.

We expect that our executive compensation program will continue to evolve to reflect our status as a public company and market practices. The compensation committee of the board of directors has engaged Radford, an independent compensation consultant, to assist it in its evaluation of our executive compensation program.

Compensation of Named Executive Officers

Base Salary. Base salaries are intended to provide a level of compensation sufficient to attract and retain an effective management team, when considered in combination with the other components of our executive compensation program. The relative levels of base salary for our named executive officers are designed to reflect each executive officer’s scope of responsibility and accountability with us. In 2024, Dr. Zocca’s annual base salary was $567,788. For 2024, Dr. Ahmad’s annual base salary was $480,000 and Ms. Sullivan’s annual base salary was $439,875. The “Salary” column in the 2024 Summary Compensation Table reflects the base salary amounts earned by each named executive officer in 2024.

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Annual Cash Bonuses . Historically, we have provided our senior leadership team with short-term incentive compensation through our annual cash bonus plan. Annual bonus compensation holds executives accountable, rewards the executives based on actual business results, and helps create a “pay for performance” culture. Our annual cash bonus plan provides cash incentive award opportunities for the achievement of performance goals established by our board of directors at the beginning of each fiscal year, with each executive officer being assigned a corporate and individual goal weighting. For fiscal year 2024, each executive officer was assigned a target bonus opportunity, which is reflected as a percentage of that individual’s 2024 base salary and is based on the individual’s role and title in the Company, as well as corporate and individual goal weightings, as reflected in the following table:

| Name                   |     | Target Bonus 
 (% of Base   
 Salary)      |    |     | Corporate Goal  
 Weighting(1)(%) |     |     | Individual Goal 
 Weighting (%)   |    |
| Mai-Britt Zocca, Ph.D. |