SEC Contract Filing

Filing Date: 2024-09-06

Document Content:
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<TYPE>EX-10.2
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<DESCRIPTION>EX-10.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This amendment (this &#147;<U>Amendment</U>&#148;) to that certain Employment Agreement, effective October&nbsp;7, 2021 (the
&#147;<U>Agreement</U>&#148;), by and between you and IN8bio, Inc., its subsidiaries, parents, affiliates, predecessors, successors and assigns (together, the &#147;<U>Company</U>,&#148; and collectively with you, the &#147;<U>Parties</U>&#148;) is
entered into as of this 30<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> day of August, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Parties wish to
clarify certain terms and conditions of your employment set forth in the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In consideration of your continued <FONT
STYLE="white-space:nowrap">at-will</FONT> employment with the Company and in furtherance of clarifying certain terms and conditions of the Agreement, you and the Company agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1. <B>Base Salary</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Your current base salary is $495,000 per annum, less payroll deductions and all required withholdings (the &#147;<U>Current
Base Salary</U>&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Your Current Base Salary shall be reduced to $440,550 per annum, less payroll deductions and
all required withholdings (the &#147;<U>Reduced Base Salary</U>&#148;), effective September&nbsp;1, 2024. The Reduced Base Salary shall be prorated for any partial year of employment on the basis of a <FONT STYLE="white-space:nowrap">365-day</FONT>
year. The Reduced Base Salary may be adjusted from time to time in the Company&#146;s discretion. Executive understands and agrees that the instant salary reduction may not be a basis for a resignation for Good Reason under the Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) References to Base Salary in Section&nbsp;3.1 shall refer to the Reduced Base Salary as of the effective date of this
Amendment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2. In consideration of you agreeing to the Reduced Base Salary, the existing language set forth in Section&nbsp;5.3(b)(ii) of
the Agreement shall be entirely replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company shall pay Executive, as severance, twelve (12)&nbsp;months of
Executive&#146;s Prior Base Salary, subject to standard payroll deductions and withholdings (the &#147;<B>Severance</B>&#148;). The Severance will be paid in a lump sum within thirty (30)&nbsp;days following Executive&#146;s Separation from Service.
&#147;<B><I>Prior Base Salary</I></B>&#148; shall be the greater of (i)&nbsp;the Current Base Salary or (ii)&nbsp;Executive&#146;s base salary in effect as of the date of Executive&#146;s Separation from Service.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">3. In further consideration of you agreeing to the Reduced Base Salary, the existing language set forth in Section&nbsp;6.1 of the Agreement
shall be entirely replaced by the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">If there is a Change of Control (as defined below) and (i)&nbsp;Executive&#146;s employment
is terminated Without Cause (as defined below), or (ii)&nbsp;Executive terminates his/her employment with Good Reason (as defined below), in either case within three (3)&nbsp;months prior to, or twelve (12)&nbsp;months following the effective date
of the Change of Control, and provided a Release (as discussed in Section&nbsp;5.7) has become effective, then, in substitution for any benefits provided in Section&nbsp;5.3, Executive shall be entitled to the following benefits: (A)&nbsp;a lump sum
payment equal to the sum of (y)&nbsp;twelve (12) months of Executive&#146;s Prior Base Salary and (z) 100% of the current target Annual Bonus, to be made not later than 60 days following Executive&#146;s date of termination; and (B)&nbsp;the amount
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any COBRA continuation premium payments made by Executive during the twelve (12)&nbsp;month period following the date of termination, or the period ending when Executive becomes eligible for
comparable group medical benefits from another sourc