Document:

EX-10.1

 Exhibit 10.1 
  

EXECUTIVE RETENTION AGREEMENT 

This Executive Retention Agreement (this “Agreement”) is entered into effective as of March 29, 2020 (the “Effective
Date”) between Tal Zaks, M.D. (the “Executive”) and Moderna, Inc. (the “Company,” together with Executive, the “Parties”). 

WHEREAS, the Executive currently serves as the Company’s Chief Medical Officer; and 

WHEREAS, the Board of Directors wishes to enter into this Agreement with the Executive to set forth the terms of the Executive’s
continued services to the Company through at least September 30, 2021 (the “Retention Date”). 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1.    Retention Period; Duties. 

a.    Term and Position. This Agreement shall be effective from the Effective Date through the Retention Date or the
last day of Executive’s employment, if different, as set forth herein (the “Retention Period”). The Executive shall continue to serve as the Company’s Chief Medical Officer during the Retention Period. Nothing in this
Agreement changes the “at will” nature of the Executive’s employment with the Company. 

b.    Duties. During the Retention Period, the Executive shall continue to report to the Company’s Chief
Executive Officer (the “CEO”) and shall have the duties and responsibilities as set out by the CEO and the Company’s Board of Directors. 

c.    Work Location and Travel. The Executive’s place of work during the Retention Period shall continue to be
in Cambridge, Massachusetts, with such business travel as the CEO and the Executive shall mutually agree. 

2.    Compensation During the Retention Period. 

a.    Salary. During the Retention Period, the Executive’s base salary shall continue to be as set by the CEO
and approved by the Company’s Compensation and Talent Committee (the “Compensation Committee”), payable semi-monthly in accordance with the Company’s normal payroll practices, subject to tax withholding under applicable
law. The Executive’s salary will continue to be subject to periodic review and adjustments at the discretion of the CEO and the Compensation Committee. 

b.    Bonus. The Executive shall continue to be eligible to receive an annual incentive bonus under the
Company’s Senior Executive Cash Incentive Bonus Plan, including with respect to fiscal year 2020, as determined and approved by the Company’s Compensation Committee. 

 c.    Expenses. The Executive shall be entitled to receive
reimbursement for all reasonable business expenses incurred by him during the Retention Period in performing services hereunder, in accordance with the policies and procedures then in effect and established by the Company. 

d.    Other Benefits. During the Retention Period, the Executive shall continue to be eligible to participate in or
receive benefits under the Company’s retirement, health, welfare and fringe benefit plans for employees in effect from time to time, subject to the terms and conditions of such plans. 

e.    Vacations. During the Retention Period, the Executive shall be entitled to vacation in accordance with the
Company’s vacation policy, as in effect from time to time. 
 3.    Severance and Retention Bonus. 

a.    Severance. During the Retention Period, the Executive will continue to participate in the Company’s
Amended and Restated Executive Severance Plan (the “Severance Plan”) and shall be entitled to any benefits and payments thereunder in the event of a Qualified Termination Event (as defined in the Severance Plan) subject to the terms
and conditions of the Severance Plan, provided that any change to the Executive’s duties set forth herein shall not constitute Good Reason for purposes of the Severance Plan. 

b.    Retention Bonus. Provided that the Executive remains continuously employed by the Company pursuant to the
terms of this Agreement through the Retention Date, or in the event that the Executive’s employment is terminated by the Company without Cause (as defined in the Severance Plan) prior to the Retention Date, the Company shall pay the Executive a
one-time cash bonus of $1,000,000 (the “Retention Bonus”), subject to tax withholding under applicable law, in a single lump sum within sixty (60) days of the Retention Date or earlier
termination without Cause. In the event that the Retention Bonus is payable as a result of a termination of the Executive’s employment by the Company without Cause, payment of the Retention Bonus shall be subject to the Executive’s
execution of the Separation Agreement and Release (as defined in the Severance Plan) and the Separation Agreement and Release becoming irrevocable, all within the time period set forth in the Separation Agreement and Release but in no event more
than sixty (60) days after the date of termination. 
 c.    Retirement Program. In the event that the
Company adopts a retirement plan or program that is applicable to executive officers of the Company, notwithstanding the terms of this Agreement, the Executive may choose to terminate his employment with the Company under the terms and conditions of
such retirement plan or program in which case the terms and conditions of this Agreement would not apply. For purposes of clarity, the Executive could choose either to operate under the terms and conditions of this Agreement or under the terms and
conditions of such retirement plan or program and there is no express or implied guarantee that any such plan or program will be adopted by the Company. 

  
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 4.    Company Equity Awards. 

a.    Treatment of Equity Awards. All outstanding equity awards held by or granted to the Executive under the
Moderna Therapeutics, Inc. 2016 Stock Option and Grant Plan (as amended, the “2016 Plan”) or the Moderna, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan” and together with the 2016 Plan, the
“Plans”) as of the Effective Date shall continue to be governed by the terms and conditions of the Plans and the applicable award agreements. 

b.    Post-Termination Exercise. Upon the Executive’s termination of employment on or after the Retention Date
for any reason other than for Cause or in the event that the Company terminates the Executive’s employment without Cause prior to the Retention Date, and subject to the Executive’s execution and nonrevocation of the Separation Agreement
and Release, any options to purchase the Company’s common stock granted to the Executive under the Plans, to the extent vested, exercisable and outstanding immediately prior to such termination, shall remain exercisable for two years following
the date of such termination (but in no event later than the original expiration date applicable to such option). If the Executive resigns for any reason prior to the Retention Date, the exercise period applicable to any stock options shall be
governed in accordance with their terms and shall not be extended as set forth herein. 
 5.    Restrictive
Covenants; Injunctive Relief. Executive’s obligations set forth in the Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement by and
between the Executive and the Company, dated as of February 20, 2015, shall be referred to as the “Restrictive Covenants” and are incorporated herein by reference and shall survive the termination or expiration of this
Agreement. In consideration of the benefits received under this Agreement, the Executive hereby reconfirms his obligations under the Restrictive Covenants in all respects. 

6.    Section 409A. 

a.    Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from
service within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then
to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of
(A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 b.    All
in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All
reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The

  
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amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the
expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not
subject to liquidation or exchange for another benefit. 
 c.    To the extent that any payment or benefit described in
this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination
of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the
presumptions set forth in Treasury Regulation Section 1.409A-1(h). 

d.    The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the
extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with, or are exempt from, Section 409A of the
Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended,
as reasonably requested by either party, and as may be necessary to fully comply with, or be exempt from, Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without
additional cost to either party. 
 e.    The Company makes no representation or warranty and shall have no liability to
the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

7.    Entire Agreement. This Agreement constitutes the entire agreement between Executive and the Company
concerning Executive’s relationship with the Company, and supersedes and replaces any and all prior agreements and understandings between the Parties concerning Executive’s relationship with the Company, including that certain Offer Letter
by and between the Company and the Executive, dated as of February 15, 2017; provided that, for the avoidance of doubt, the Restrictive Covenants and each of the award agreements applicable to the Executive’s outstanding equity awards
shall continue to survive. 
 8.    Withholding. All payments made by the Company to the Executive under this
Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 

9.    Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or
provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

  
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 10.    Survival. The provisions of Section 5 this Agreement
shall survive the termination of this Agreement and/or the termination of the Executive’s employment to the extent necessary to effectuate the terms contained herein. 

11.    Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the
waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be
deemed a waiver of any subsequent breach. 
 12.    Notices. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

13.    Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive
and by a duly authorized representative of the Company. 
 14.    Governing Law. This is a Massachusetts contract
and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With respect to any disputes concerning federal law,
such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

15.    Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

  
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 IN WITNESS WHEREOF, the Parties, intending to be legally bound, have executed this
Agreement effective as of the Effective Date. 
  

			
	MODERNA, INC.
		
	 By:
	 	 /s/ Stéphane Bancel

		 	 Name: Stéphane Bancel

		 	 Title: Chief Executive Officer

	
	EXECUTIVE
	
	 /s/ Tal Zaks

	 Tal Zaks, M.D.

  
 6bcow-ex42_10.htm

 

Exhibit 4.2

 

Description of 1895 Bancorp of Wisconsin, Inc. Common Stock

 

General

 

1895 Bancorp of Wisconsin, Inc. is authorized to issue 90,000,000 shares of common stock having a par value of $0.01 per share and 10,000,000 shares of serial preferred stock, par value of $0.01 per share. Each share of 1895 Bancorp of Wisconsin, Inc.’s common stock has the same relative rights as, and is identical in all respects with, each other share of common stock. When issued, each share of common stock will be duly authorized, fully paid and nonassessable. 1895 Bancorp of Wisconsin, Inc.’s common stock is traded on the Nasdaq Stock Market under the symbol “BCOW.”

 

Distributions. 1895 Bancorp of Wisconsin, Inc. can pay dividends if, as and when declared by its board of directors, subject to compliance with limitations which are imposed by law. The holders of common stock of 1895 Bancorp of Wisconsin, Inc. are entitled to receive and share equally in such dividends as may be declared by the board of directors of 1895 Bancorp of Wisconsin, Inc. out of funds legally available therefor. Dividends from 1895 Bancorp of Wisconsin, Inc. will depend, in large part, upon receipt of dividends from its wholly-owned subsidiary, PyraMax Bank, FSB. Regulations of the Federal Reserve Board and the Office of the Comptroller of the Currency impose limitations on “capital distributions” by savings institutions.

 

If 1895 Bancorp of Wisconsin, Inc. pays dividends to its stockholders, it would likely pay dividends to 1895 Bancorp of Wisconsin, MHC, unless 1895 Bancorp of Wisconsin, MHC is permitted by the Federal Reserve Board to waive the receipt of dividends. The Federal Reserve Board’s current regulations significantly restrict the ability of mutual holding companies organized after December 1, 2009 to waive dividends declared by their subsidiaries. Accordingly, because dividends would be required to be paid to 1895 Bancorp of Wisconsin, MHC along with all other stockholders, the amount of dividends available for all other stockholders would be less than if 1895 Bancorp of Wisconsin, MHC were permitted to waive the receipt of dividends.

 

Pursuant to our charter, 1895 Bancorp of Wisconsin, Inc. is authorized to issue preferred stock. If 1895 Bancorp of Wisconsin, Inc. issues preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends.

 

Voting Rights. The holders of common stock of 1895 Bancorp of Wisconsin, Inc. possess exclusive voting rights in 1895 Bancorp of Wisconsin, Inc. Each holder of common stock is entitled to one vote per share and does not have any right to cumulate votes in the election of directors. If 1895 Bancorp of Wisconsin, Inc. issues preferred stock, holders of the preferred stock may also possess voting rights.

 

Liquidation. In the event of liquidation, dissolution or winding up of 1895 Bancorp of Wisconsin, Inc., the holders of its common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of the assets of 1895 Bancorp of Wisconsin, Inc. available for distribution. If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.

 

No Preemptive, Redemption or Conversion Rights. Holders of our common stock are not entitled to preemptive rights with respect to any shares that may be issued. Our common stock is not subject to redemption and does not carry any conversion rights.

 

 

 

Restrictions on the Acquisition of 1895 Bancorp of Wisconsin, Inc.

 

Mutual Holding Company Structure. 1895 Bancorp of Wisconsin, MHC owns a majority of the outstanding common stock of 1895 Bancorp of Wisconsin, Inc. and is able to exercise voting control over virtually all matters put to a vote of stockholders. For example, 1895 Bancorp of Wisconsin, MHC may exercise its voting control to prevent a sale or merger transaction or to defeat a stockholder nominee for election to the board of directors of 1895 Bancorp of Wisconsin, Inc. It will not be possible for another entity to acquire 1895 Bancorp of Wisconsin, Inc. without the consent of 1895 Bancorp of Wisconsin, MHC. 1895 Bancorp of Wisconsin, MHC, as long as it remains in the mutual form of organization, will control a majority of the voting stock of 1895 Bancorp of Wisconsin, Inc.

 

Federal Law. Under the federal Change in Bank Control Act, a notice must be submitted to the Federal Reserve if any person (including a company), or group acting in concert, seeks to acquire “control” of a bank holding company or savings association. An acquisition of “control” can occur upon the acquisition of 10% or more of the voting stock of a bank holding company or depository institution or as otherwise defined by the Board of Governors of the Federal Reserve System. Under the Change in Bank Control Act, the Board of Governors of the Federal Reserve System has 60 days from the filing of a complete notice to act, taking into consideration certain factors, including the financial and managerial resources of the acquirer and the anti-trust effects of the acquisition. Any company that so acquires control would then be subject to regulation as a bank holding company.

 

Additionally, for a period of three years following completion of 1895 Bancorp of Wisconsin, Inc.’s initial stock offering in 2019, Federal Reserve Board regulations generally prohibit any person from acquiring or making an offer to acquire beneficial ownership of more than 10% of the stock of 1895 Bancorp of Wisconsin, Inc. or PyraMax Bank, FSB without the Federal Reserve Board’s prior approval.

 

Classified Board of Directors. The board of directors of 1895 Bancorp of Wisconsin, Inc. is required by its charter and bylaws to be divided into three staggered classes that are as equal in size as is possible. Each year one class of directors is elected by stockholders of 1895 Bancorp of Wisconsin, Inc. for a three-year term. A classified board promotes continuity and stability of management of 1895 Bancorp of Wisconsin, Inc., but makes it more difficult for stockholders to change a majority of the directors because it generally takes at least two annual elections of directors for this to occur.

 

Authorized but Unissued Shares of Capital Stock.  1895 Bancorp of Wisconsin, Inc. has authorized but unissued shares of preferred stock and common stock. Preferred stock may be issued with such preferences and designations as our board of directors may from time to time determine. Our board of directors can, without stockholder approval, issue preferred stock with voting, dividend, liquidation and conversion rights which could dilute the voting strength of the holders of the common stock and may assist management in impeding an unfriendly takeover or attempted change in control. 

 

Although the issuance of shares of capital stock could be used by the board of directors of 1895 Bancorp of Wisconsin, Inc. to make it more difficult or to discourage an attempt to obtain control of 1895 Bancorp of Wisconsin, Inc. through a merger, tender offer, proxy contest or otherwise, it is unlikely that we would use or need to use shares of capital stock for these purposes since 1895 Bancorp of Wisconsin, MHC will own a majority of the common stock for so long as we remain in the mutual holding company structure.

 

No Cumulative Voting. 1895 Bancorp of Wisconsin, Inc.’s charter provides that there will not be cumulative voting by stockholders for the election of 1895 Bancorp of Wisconsin, Inc.’s directors. No cumulative voting rights means that 1895 Bancorp of Wisconsin, MHC, as the holder of a majority of the shares eligible to be voted at a meeting of stockholders, may elect all directors of 1895 Bancorp of 

 

 

Wisconsin, Inc. to be elected at that meeting. This could prevent minority stockholder representation on 1895 Bancorp of Wisconsin, Inc.’s board of directors.

 

Restrictions on Acquisitions of Shares. A section in 1895 Bancorp of Wisconsin, Inc.’s charter provides that for a period of five years from the closing of our initial stock offering in 2019, no person, other than 1895 Bancorp of Wisconsin, MHC, may directly or indirectly offer to acquire or acquire the beneficial ownership of more than 10% of any class of equity security of 1895 Bancorp of Wisconsin, Inc. held by persons other than 1895 Bancorp of Wisconsin, MHC, and that any shares acquired in excess of this limit will not be entitled to be voted and will not be counted as voting stock in connection with any matters submitted to the stockholders for a vote.

 

Procedures for Stockholder Nominations and Proposals for New Business. 1895 Bancorp of Wisconsin, Inc.’s bylaws provide that any stockholder wanting to make a nomination for the election of directors or a proposal for new business at a meeting of stockholders must send written notice to the Secretary of 1895 Bancorp of Wisconsin, Inc. at least five days before the date of the annual meeting. 

 

Limitations on Calling Special Meetings of Stockholders. 1895 Bancorp of Wisconsin, Inc.’s federal charter provides that special meetings of our stockholders may be called by the chairman of the board, the president, or a majority of the board of directors, and shall be called by the chairman of the board, the president, or the secretary upon the written request of the holders of not less than one-tenth of all of our outstanding shares of voting stock.

 

Anti-Takeover Effects of 1895 Bancorp of Wisconsin, Inc.’s Charter and Bylaws. The provisions of 1895 Bancorp of Wisconsin, Inc.’s charter and bylaws described above may have the effect of discouraging a future takeover attempt that would not be approved by our board of directors, but pursuant to which stockholders may receive a substantial premium for their shares over then current market prices. As a result, stockholders who might desire to participate in such a transaction may not have any opportunity to do so. Such provisions will also make it more difficult to remove our board of directors and management.

 

Benefit Plans. Benefit plans of 1895 Bancorp of Wisconsin, Inc. and PyraMax Bank, FSB may authorize the issuance of equity to its board of directors, officers and employees or may contain provisions which also may discourage hostile takeover attempts which the board of directors of PyraMax Bank, FSB might conclude are not in the best interests of 1895 Bancorp of Wisconsin, Inc. and PyraMax Bank, FSB or 1895 Bancorp of Wisconsin, Inc.’s stockholders.

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