IO Biotech Inc. has announced new severance terms for its Chief Executive Officer, Mai-Britt Zocca, following an addendum to her service agreement with the company. Under the updated terms, if the CEO's employment is terminated without cause or if she resigns for good reason, she will receive severance pay equal to 12 months of her current base salary, a prorated bonus for the year of termination, any unpaid bonus from the prior year, and accelerated vesting of equity awards scheduled to vest within 12 months. Additionally, if such a termination occurs within six months prior to or 12 months following a Change in Control, severance pay will extend to 18 months, and the bonus will not be prorated, with all outstanding equity awards fully vesting. These severance benefits are contingent upon the CEO signing a general release of claims in favor of the company.
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