Company: IOBT
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058699
Chunk: 31

Company: IO Biotech, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 31
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25% acceleration upon termination of service by the Company without cause and 100% acceleration upon termination of service by the Company without cause if such termination occurs within 24 months of a change of control.

Employment Agreements and Offer Letters

We entered into employment agreements with Dr. Zocca as well as letter agreements with Dr. Ahmad and Ms. Sullivan. These employment arrangements set forth the initial terms and conditions of each executive’s employment with us, including base salary and target annual bonus opportunity.

Mai-Britt Zocca, Ph.D.

We are party to a service agreement with Dr. Zocca pursuant to which Dr. Zocca’s employment with us can be terminated at any time and for any reason by her with three months’ written notice or by us with six months’ written notice of termination. Under the agreement, Dr. Zocca is prohibited from disclosing our confidential information and is subject to non-competition and non-solicitation restrictive covenants for 12-months post-termination.

Qasim Ahmad, M.D.

We are a party to an offer letter with Dr. Ahmad pursuant to which Dr. Ahmad’s employment is at will and may be terminated at any time without cause by either party. If the Company terminates Dr. Ahmad’s employment without cause or Dr. Ahmad resigns with good reason (each as defined in the offer letter), he is entitled to receive severance in an amount equal to 12 months of his base salary, COBRA premiums for 12 months, and 25% of her unvested equity awards will vest as of the date of the separation agreement (as defined below). Additionally, if the termination occurs within 12 months after a change of control of the Company, then all unvested equity awards will vest. Any severance benefits are subject to a requirement that Dr. Ahmad execute a general release of claims agreement in favor of the Company (a “separation agreement”). We are also party to an employee confidential information and invention assignment agreement, under which Dr. Ahmad is subject to a confidentiality arrangement that will continue indefinitely (or for such shorter period as required under applicable law) and is subject to non-competition and non-solicitation restrictive covenants for one-year post-termination.

Amy Sullivan, M.B.A.

We are a party to an offer letter with Ms. Sullivan pursuant to which Ms. Sullivan’s employment is at will and may be terminated at any time without cause by either party. If the Company terminates Ms. Sullivan’s employment