Moderna, Inc. has entered into a Transitional Services and Retirement Agreement with Chief Legal Officer Shannon Thyme Klinger. The filing reports that the agreement outlines the terms of her departure from the company.
Under the terms of the agreement, Ms. Klinger will remain employed with Moderna until March 31, 2027. During this transition period, she will continue to receive her current base salary and benefits and will vest in any outstanding equity awards. She is also eligible to receive a bonus for 2026 performance, which will be calculated based on her target bonus multiplied by a corporate performance factor determined by the company's board of directors.
Upon the Retirement Date, Ms. Klinger will be eligible to receive severance payments totaling $1,628,300. These payments will be made in substantially equal biweekly installments over a twelve-month period following her retirement. Additionally, the company will cover her COBRA health insurance premiums until September 30, 2028, subject to earlier termination if she becomes eligible for coverage through a new employer.
The agreement also includes provisions for additional payments contingent upon litigation outcomes. Ms. Klinger is eligible to receive $2,500,000 if Moderna is the prevailing party in proceedings with Arbutus Biopharma Corporation and Genevant Sciences, GmbH. Furthermore, she may receive up to $5,500,000 subject to the results of litigation with Pfizer, Inc., BioNTech SE, and related parties.
