Company: IOBT
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058699
Chunk: 32

Company: IO Biotech, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 32
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 without cause or Ms. Sullivan resigns with good reason (each as defined in the offer letter), she is entitled to receive severance in an amount equal to 12 months of her base salary, COBRA premiums for 12 months, and 25% of his 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 Ms. Sullivan 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 Ms. Sullivan 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.

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Pension Plan

Our company policy is to provide a pension plan (the “Pension Plan”), to all of our employees in Denmark. Contributions for each employee are calculated as a percentage of base salary and paid to an external pension fund. For 2024, the base salary contribution percentage was 10%. All contributions to the Pension Plan begin at the time of employment and cease upon termination of employment, with contributions distributed by the pension fund to the participant at retirement. Other than the Pension Plan, the Company does not maintain any retirement programs for its non-U.S. employees. U.S. employees are eligible to receive employer contributions to the company-sponsored 401(k) plan at 100% of salary deferrals up to 3% of their compensation plus 50% of salary deferrals between 3% and 5% of their annual salary.

Policies and Practices Regarding Long-Term Incentive Awards

We do not schedule the grant of any equity awards in anticipation of the disclosure of material, non-public information and we do not schedule the disclosure of material, non-public information based on the timing of granting equity awards . We have not adopted a formal policy that dictates the timing of equity award grants. We generally grant broad-based equity awards in March or April of each year , on a date that is at least two business days after filing of the Company’s Annual Report on Form 10-K for the previous fiscal year. In addition, we may choose to grant equity awards outside of the annual broad