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Moderna, Inc. 8-K Report, Executive Changes (Dec 12, 2023)

Reports
Leadership Changes
Filing Date
Filed December 12, 2023
Period End
December 8, 2023
Security
MRNA
In the record · 2018–202610-K910-Q238-K117

MRNA filed 9 annual reports (10-K), 23 quarterly reports (10-Q) and 117 current reports (8-K) between 2018 and 2026.

  1. Material agreement8-K · Aug ’20Aug ’20
  2. Leadership change8-K · Sep ’22Sep ’22
  3. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed December 12, 2023. Cited figures are marked; the original filing is the authoritative source.

Moderna, Inc. announced a significant change in its executive leadership with the departure of its Chief Commercial Officer, Arpa Garay, effective December 8, 2023.

This departure follows a restructuring of the company's commercial organization, which will now be directly overseen by CEO Stéphane Bancel and President Stephen Hoge. Ms. Garay will remain with Moderna in an advisory capacity through June 2024 to ensure a smooth transition. Investors should note the financial implications of Ms. Garay's departure.

She is eligible for severance benefits under the company's Executive Severance Plan, including twelve months of salary ($850,000a), a target bonus for the year of departure ($765,000), and 12 months of COBRA coverage. Additionally, 15% of her unvested time-based equity awards will accelerate, and she will have an extended period to exercise vested stock options. Ms. Garay will not be eligible for new equity awards or a 2024 bonus beyond the severance package.

02—Key points

Key Highlights

  1. Chief Commercial Officer Arpa Garay is departing Moderna, effective December 8, 2023.
  2. The departure is part of a restructuring of Moderna's commercial organization.
  3. CEO Stéphane Bancel and President Stephen Hoge will now directly oversee the commercial operations.
  4. Ms. Garay will remain employed in an advisory role until June 2024 to assist with the transition.
  5. Severance package includes 12 months of salary ($850,000) and a target bonus for the year of departure ($765,000).
  6. 15% of Ms. Garay's unvested time-based equity awards will vest early.
  7. Ms. Garay will not receive a 2024 equity award or 2024 bonus beyond her severance entitlements.

03—Questions

Frequently Asked Questions

  1. What is the reason for Arpa Garay's departure?

    Arpa Garay's departure is a result of a restructuring of Moderna's commercial organization and reporting lines.

  2. Who will lead the commercial organization after Ms. Garay's departure?

    Following the restructuring, Moderna's Chief Executive Officer, Stéphane Bancel, and President, Stephen Hoge, will directly oversee the commercial organization.

  3. What are the key components of Arpa Garay's severance package?

    Ms. Garay is entitled to twelve months of salary ($850,000), a target bonus for the year of departure ($765,000), 12 months of COBRA coverage, and accelerated vesting of 15% of her unvested time-based equity awards, subject to executing a separation agreement.

  4. Will Ms. Garay continue to be eligible for equity or bonuses in the future?

    Ms. Garay will not be eligible for a new equity award in 2024 or a bonus for 2024 beyond the payments specified in the Executive Severance Plan.

04—Continue

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