01—Abstract
Summary
Summary of the 8-K filed June 4, 2020. Cited figures are marked; the original filing is the authoritative source.
Moderna, Inc. announced a significant leadership change in its finance department, appointing David W.
Meline as its new Chief Financial Officer (CFO) effective June 8, 2020. This transition involves Lorence Kim stepping down from the CFO role but continuing as an advisor through August 2020. Mr. Meline brings extensive financial leadership experience from prominent companies such as Amgen and 3M, and a substantial tenure at General Motors.
This appointment is accompanied by a comprehensive compensation package designed to attract and retain Mr. Meline. Key components include a base salary of $600,000,a eligibility for annual cash bonuses, and substantial equity awards totaling $8.6 million initially, with potential for an additional $4 million in annual equity awards.
The equity grants will vest over four years, with specific provisions for continued vesting under certain conditions, aligning Mr. Meline's incentives with the company's long-term performance and stability. This move signals Moderna's commitment to strengthening its financial leadership as it navigates its growth phase.
02—Key points
Key Highlights
- Appointment of David W. Meline as Chief Financial Officer (CFO), effective June 8, 2020.
- Lorence Kim transitions from CFO to advisor role, remaining with the company through August 2020.
- David W. Meline possesses significant financial executive experience from Amgen, 3M, and General Motors.
- Mr. Meline's compensation includes an initial base salary of $600,000.
- Mr. Meline is eligible for an annual cash bonus with a target of 50% of his base salary.
- Substantial equity grant valued at $8.6 million on the grant date, with vesting over four years.
- Potential for an additional annual equity award with a target value of $4 million, subject to performance and Compensation Committee approval.
03—Questions
Frequently Asked Questions
Who has been appointed as Moderna's new Chief Financial Officer?
David W. Meline has been appointed as the new Chief Financial Officer (CFO) of Moderna, Inc., effective June 8, 2020.
What is the compensation structure for the new CFO, David W. Meline?
Mr. Meline will receive an annual base salary of $600,000, be eligible for an annual cash bonus with a target of 50% of his base salary, and receive an initial equity award valued at $8.6 million on the grant date. He is also eligible for future annual equity awards with a target value of $4 million.
What happens to the previous CFO, Lorence Kim?
Lorence Kim will step down as CFO on June 8, 2020, but will remain with Moderna as an advisor to the company through August 2020.
How will Mr. Meline's equity awards vest?
The initial equity award of $8.6 million will vest over four years, with 25% vesting on the first anniversary of the grant date and the remainder vesting ratably over the subsequent three years. Special provisions exist for continued vesting if Mr. Meline remains with the company for at least two years following the grant date.
04—Continue