The bulk of Bancel's golden parachute comes in $922.5 million in stock, based on Moderna's share price as of Dec. 31, 2021.
The bulk of Bancel's golden parachute comes in $922.5 million in equity, based on Moderna's share price as of Dec.
The value of Bancel's so-called change-in-control package has varied as a bulk of it, $922.5 million, is in the biotech company's stock, which has swung widely over the course of the pandemic along with the company's progress in making a vaccine to fight it. Bancel's exit package also includes a cash severance payment of $1.5 million and a bonus of $2.5 million if the company is sold and he's terminated.
The value of the golden parachute was disclosed Wednesday in the company's annual proxy report that details compensation packages for the company's highest-paid executives. The filing shows the rewards for executives at the young biotech company where most of the pay is rooted in the company's volatile equity.
Moderna, which was little known outside biotech circles before the pandemic, had a blockbuster 2021. The biotech company swung to profitability on the success of its vaccine for the first time last year. Moderna booked net income of $12.2 billion after reporting a loss of $747 million in 2020. Moderna's share price soared 143% in 2021 as the company successfully rolled out its two-dose Covid vaccine.
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