Candel Therapeutics, Inc. — Form 10-Q

Candel hired Mark Sims as Chief Commercial Officer effective July 6, 2026, with base salary of $455,000/year, target bonus of 40% of base ($182,000), sign-on bonus of $30,000 (vesting over 12 months), and equity grant of 285,000 stock options (25% vesting at 1 year, remainder over 36 months). Severance if terminated without Cause or resignation for Good Reason: 9 months base salary plus target bonus, plus 9 months of COBRA health insurance; equity accelerates fully upon Change in Control if terminated within 1 month before or 12 months after. Non-employee director policy amended June 12, 2026, setting annual retainer at $40,000, committee retainers of $5,000–$18,000, initial director equity grant of 64,000 options, annual director grant of 32,000 options, and annual compensation cap of $750,000 ($1M initial year).