Company: IOBT
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058699
Chunk: 27

Company: IO Biotech, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 27
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     |              | 50 |     |                 | 100 |     |                 |  — |
| Qasim Ahmad, M.D.      |     |              | 45 |     |                 |  80 |     |                 | 20 |
| Amy Sullivan, M.B.A.   |     |              | 45 |     |                 |  80 |     |                 | 20 |

(1) Corporate goals related to clinical development and commercial launch preparations (50%), investor relations, business development and stakeholder outreach and communications (weighted 30%), preclinical development (weighted 10%) and capital formation (weighted 10%). Following fiscal year 2024, our board of directors determined that we had achieved 100% of our corporate goals for 2024. Bonuses with respect to 2024 were paid, if applicable, during the first quarter of 2025. Please see the “Non-Equity Incentive Compensation” column in the 2024 Summary Compensation Table for the amount of annual bonuses earned by the named executive officers in 2024 under the Company’s 2024 annual incentive program. Stock Options . To further align the interests of our executive officers with the interests of our stockholders and to further focus our executive officers on our long-term performance, we have historically granted equity compensation in the form of warrants prior to our initial public offering. Warrants operate in a manner similar to options in that the recipient is allowed to exercise the warrant and receive shares upon exercise, with the exercise price determined based on the fair market value of a share of common stock at the time of grant. The warrants granted to our named executive officers vested or will vest in 25% annual increments on December 31st of each year following the grant date, subject to the named executive officer’s continued service through the applicable vesting date. Following our initial public offering, we have granted stock options to our named executive officers. In 2024, Dr. Zocca received stock option grants with respect to 750,000 shares, Dr. Ahmad received stock option grants with respect to 280,000 shares, and Ms. Sullivan received stock option grants with respect to 280,000 shares, each with a per share exercise price equal to the fair market value of a share of common stock at the time of grant. The 2024 stock options vested in a 25% installment on March 15, 2025, and 1/36th of the remaining options vest each month