Candel Therapeutics Enters New Employment Agreement with CFO Charles Schoch

On June 12, 2026, Candel Therapeutics, Inc. entered into a new employment agreement with its Chief Financial Officer, Charles Schoch. The agreement provides for continued at-will employment with an annual base salary of $468,600 and a target annual bonus of 40% of his base salary. The contract outlines specific severance provisions: if terminated without 'cause' or if he resigns for 'good reason,' Mr. Schoch is entitled to nine months of base salary plus his target annual bonus, along with nine months of COBRA premium subsidies. Additionally, the agreement includes a 'double-trigger' acceleration clause for equity awards. If Mr. Schoch is terminated without cause or resigns for good reason within one month prior to or 12 months following a change in control, all time-based equity awards will fully accelerate. The agreement also contains standard restrictive covenants, including confidentiality, non-competition, and non-solicitation obligations. This agreement supersedes his previous offer letter from October 2021.