Document:

EXHIBIT 10.1

 

SHARE
REPURCHASE AGREEMENT

 

This
Share Repurchase Agreement (this “Agreement”) is made and entered into as of June 1, 2022, by and among
Landsea Homes Corporation, a Delaware corporation (the “Company”), and Landsea Holdings Corporation,
a Delaware corporation (“Selling Stockholder”).

 

RECITALS

 

WHEREAS,
the Selling Stockholder currently owns shares of the Company’s Common Stock, par value $0.0001 per share (the “Common
Stock”);

 

WHEREAS,
the Company and the Selling Stockholder propose to enter into a transaction (the “Repurchase Transaction”)
whereby the Selling Stockholder shall sell to the Company and the Company shall purchase from the Selling Stockholder an aggregate
of 4,398,826 shares (the “Repurchase Shares”) of Common Stock at a price per share of Common Stock of
$6.82 (the “Per Share Repurchase Price”); and

 

WHEREAS,
this Agreement and the transactions contemplated hereby were approved by the Company’s Audit Committee of the Board of Directors
(the “Board”) and a Special Committee of the Board comprised of independent directors who are not affiliated
with the Selling Stockholder or its affiliates.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

REPURCHASE

 

Section
1.01Repurchase of Shares.
On the terms and subject to the conditions set forth
in this Agreement, at the Closing (as defined below), the Selling Stockholder shall sell, transfer and deliver to the Company,
free and clear of all liens, charges or encumbrances of any nature whatsoever, and the Company shall purchase from the Selling
Stockholder, all of the Selling Stockholder’s right, title and interest in and to the Repurchase Shares.

 

ARTICLE
II

CLOSING

 

Section
2.01Closing. The closing of the Repurchase Transaction (the
“Closing”) shall take place via the electronic exchange of documents and signature pages at such time,
date or place as the Selling Stockholder and the Company may agree in writing (with the date upon which such Closing occurs being
referred to herein as the “Closing Date”).

 

Section
2.02Closing Deliverables. At the Closing, the Selling Stockholder
shall deliver an executed instruction letter to the Company’s transfer agent, Continental Stock Transfer & Trust Company
(the “Transfer Agent”), along with any stock power or other documents required by the Transfer Agent,
instructing the Transfer Agent to deliver the Repurchased Shares to the Company or as may otherwise be instructed by the Company,
and the Company agrees to deliver to the Selling Stockholder a dollar amount equal to the product of the Per Share Repurchase
Price and the number of Repurchase Shares, or $29,999,993.32, by wire transfer of immediately available funds.

 

    	1

    	 

    

 

ARTICLE
III

REPRESENTATIONS, WARRANTIES AND COVENANT OF THE SELLING STOCKHOLDER

 

The
Selling Stockholder represents and warrants to the Company as follows:

 

Section
3.01Title to Repurchase Shares. The Selling Stockholder
has good, valid and marketable title to the Repurchase Shares, free and clear of all liens, encumbrances, equities or adverse
claims. The Selling Stockholder will have, immediately prior to the Closing, good, valid and marketable title to the Repurchase
Shares, free and clear of all liens, encumbrances, equities or adverse claims.

 

Section
3.02Required Consents; Authority. Except as would not impair in any material respect the ability of the Selling Stockholder
to consummate its obligations hereunder, all consents, approvals, authorizations, orders and qualifications necessary for the
execution, delivery and performance by the Selling Stockholder of this Agreement, and for the sale and delivery of the Repurchase
Shares to be sold by the Selling Stockholder hereunder, have been obtained; and the Selling Stockholder has full right, power
and authority to enter into, execute and deliver this Agreement and to sell, assign, transfer and deliver the Repurchase Shares;
this Agreement has been duly authorized, executed and delivered by or on behalf of the Selling Stockholder. There is no suit,
action, investigation or proceeding pending or, to the knowledge of the Selling Stockholder, threatened against it that could
impair the ability of the Selling Stockholder to perform its obligations hereunder or to consummate the transactions contemplated
hereby.

 

Section
3.03Receipt of Information.

 

(a)The
Selling Stockholder hereby represents and acknowledges that it is a sophisticated investor and that it has such knowledge and
experience in financial and business matters and in making investment decisions regarding the sale of Repurchase Shares and of
making an informed investment decision. The Selling Stockholder represents and acknowledges that the Company may have material
non-public information concerning the Company and its condition (financial and otherwise), results of operations, businesses,
properties, plans and prospects and that such information could be material to the Selling Stockholder’s decision to sell
the Repurchase Shares or otherwise materially adverse to the Selling Stockholder’s interests. The Selling Stockholder acknowledges
and agrees that the Company shall have no obligation to disclose to it any such information and hereby waives and releases, to
the fullest extent permitted by law, any and all claims and causes of action it has or may have against the Company and its respective
affiliates, officers, directors, employees, agents and representatives based upon, relating to or otherwise arising out of nondisclosure
of such information or the sale of the Repurchase Shares hereunder.

 

    	2

    	 

    

 

(b)The
Selling Stockholder has received all the information it considers necessary or appropriate for deciding whether to consummate
the Repurchase Transaction on the terms provided by this Agreement. The Selling Stockholder has had an opportunity to ask questions
of and to receive answers from, the Company concerning the Company, the Repurchase Shares and the transactions described in this
Agreement. The Selling Stockholder has had the opportunity to discuss with its legal, tax and other advisors the consequences
of the transactions described in this Agreement and is not relying on the Company (or any agent or representative thereof) for
any such matters. The Selling Stockholder has not received, nor is it relying on, any representations or warranties from the Company
or any of its directors, officers, subsidiaries or affiliates other than as provided herein, and the Company hereby disclaims
any other express or implied representations or warranties with respect to itself.

 

Section
3.04Enforceability. The Selling Stockholder has duly executed and delivered this Agreement, and, assuming due execution
and delivery by the Company, this Agreement constitutes the legal, valid and binding obligation of the Selling Stockholder, enforceable
against the Selling Stockholder in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’
rights generally or by equitable principles relating to enforceability.

 

Section
3.05No Conflicts. Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated
hereby conflicts with or will result in any violation of any provision of the Selling Stockholder’s organizational documents
or conflicts with, or will result in any violation of or constitute a default under any term of any material agreement, mortgage,
indenture, license, permit, lease, or other instrument, judgment, decree, order, law or regulation by which such Selling Stockholder
is bound.

 

Section
3.06Transfer Restriction. The Selling Stockholder agrees that, during the 90-day period from the date of this Agreement,
the Selling Stockholder shall not, without the prior written consent of the Company, directly or indirectly, (i) offer, sell,
pledge, contract to sell, sell any option contract, encumber or otherwise dispose of or transfer, nor permit to be offered, sold,
pledged, contracted to sell, sold any option contract, encumbered or otherwise disposed of or transferred in any manner, or (ii)
enter into any swap or any other agreement or transaction that transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of the Common Stock, whether any such swap or transaction described in clause (i) or (ii) above is to
be settled by delivery of Common Stock or other securities, in each case either voluntarily or by operation of law, any of the
shares of Common Stock beneficially owned by the Selling Stockholder as of the date of this Agreement (the “Restricted
Shares”) or any of the economic or other rights associated therewith or otherwise enter into any transaction or agreement
with respect to the Restricted Shares that would be reportable with the Securities and Exchange Commission under Section 13(d)
or Section 16(a) of the Securities Exchange Act of 1934, as amended, or the rules and regulations of the Securities and Exchange
Commission promulgated thereunder; provided that the provisions of this Section 3.06 shall not apply to (i) the sale of the Repurchase
Shares to the Company pursuant to this Agreement or any other transaction between the Selling Stockholder and the Company or any
other affiliate of the Selling Stockholder, (ii) the disposition of 4,838,710 Restricted Shares previously pledged pursuant to
that certain Pledge and Security Agreement, dated as of May 12, 2022, or the disposition of any other Restricted Shares pledged
in compliance with the Company’s insider trading policy, (iii) the disposition of 4,838,710 Restricted Shares pursuant to
that certain Stock Purchase Agreement dated May 31, 2022 or (iv) the disposition or transfer of Restricted Shares in response
to a tender or exchange offer for the Common Stock (other than a tender or exchange offer by the Selling Stockholder or one or
more of its affiliates) or as part of a merger, consolidation or other transaction in which, in each case, all or substantially
all of the outstanding shares of Common Stock of the Company are converted into or exchanged for other consideration as approved
by the Company’s Board of Directors.

 

    	3

    	 

    

  

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Selling Stockholder as follows:

 

Section
4.01Authority Relative to this Agreement. The Company has full corporate power and authority to enter into, execute and
deliver this Agreement and to perform its obligations hereunder; and this Agreement and the consummation by it of the transactions
contemplated hereby have been duly authorized, executed and delivered by the Company.

 

Section
4.02Approvals. Except as would not impair in any material
respect the ability of the Company to consummate its obligations hereunder, all consents, approvals, authorizations, orders and
qualifications necessary for the execution, delivery and performance by the Company of this Agreement and the consummation of
the transactions contemplated by this Agreement have been obtained. There is no suit, action, investigation or proceeding pending
or, to the knowledge of the Company, threatened against it that could impair the ability of the Company to perform its obligations
hereunder or to consummate the transactions contemplated hereby.

 

Section
4.03Enforceability. The Company has duly executed and delivered this Agreement, and, assuming due execution and delivery
by the Selling Stockholder, this Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally or
by equitable principles relating to enforceability.

 

Section
4.04No Conflicts. Neither the execution nor the delivery of this Agreement nor the consummation of the transactions contemplated
hereby conflicts with or will result in any violation of any provision of the Company’s organizational documents or conflicts
with, or will result in any violation of or constitute a default under any term of any material agreement, mortgage, indenture,
license, permit, lease, or other instrument, judgment, decree, order, law or regulation by which the Company is bound.

 

    	4

    	 

    

 

ARTICLE
V

MISCELLANEOUS

 

Section
5.01Termination. This Agreement may be terminated at any time by the mutual written consent of each of the parties hereto.

 

Section
5.02 Savings Clause. No provision of this Agreement shall
be construed to require any party or its affiliates to take any action that would violate any applicable law (whether statutory
or common), rule or regulation.

 

Section
5.03Amendment and Waiver. This Agreement may not be amended
except by an instrument in writing signed on behalf of each of the parties hereto. Any party may waive in whole or in part any
benefit or right provided to it under this Agreement, such waiver being effective only if set forth in a writing executed by such
party. No course of dealing between or among any persons having any interest in this Agreement will be deemed effective to modify,
amend or discharge any part of this Agreement or any rights or obligations of any party under or by reason of this Agreement.
The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions
and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with
its terms.

 

Section
5.04Severability. If any provision of this Agreement shall
be declared by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement
shall not be affected and shall remain in full force and effect.

 

Section
5.05Entire Agreement. Except as otherwise expressly set
forth herein, this Agreement, together with the agreements and other documents and instruments referred to herein or therein or
annexed hereto and executed contemporaneously herewith, embody the complete agreement and understanding among the parties hereto
with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by
or among the parties, written or oral, that may have related to the subject matter hereof in any way.

 

Section
5.06Successors and Assigns. Neither this Agreement nor any
of the rights or obligations of any party under this Agreement shall be assigned, in whole or in part by any party without the
prior written consent of the other parties.

 

Section
5.07No Third-Party Beneficiaries. No person other than the
parties hereto shall have any rights or benefits under this Agreement, and nothing in this Agreement is intended to, or will,
confer on any person other than the parties hereto any rights, benefits or remedies.

 

    	5

    	 

    

 

Section
5.08No Broker or Withholding Tax. Except as previously disclosed
to each other party in writing, no party has engaged any third party as broker or finder or incurred or become obligated to pay
any broker’s commission or finder’s fee in connection with the Repurchase Transaction. No payment made by the Company
to the Selling Stockholder is subject to any tax withholding under the U.S. federal income tax laws.

 

Section
5.09Counterparts. This Agreement may be executed in separate
counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement.

 

Section
5.10Notices. All notices and other communications to any
party hereunder shall be in writing (including facsimile transmission and e-mail transmission, so long as a receipt of such e-mail
is requested and received) and shall be given,

 

	If
    to the Company:	Landsea
                                                       Homes Corporation

        

        660
        Newport Center Drive, Suite 300 

        Newport
        Beach, CA 92660

        

        Attn:
        Franco Tenerelli 

        Email:
        ftenerelli@landseahomes.com

         

        with
        a copy to:

         

        Gibson,
        Dunn & Crutcher LLP

        

        3161
        Michelson Drive 

        Irvine,
        CA 92612

        

        Attn:
        Michael Flynn; Peter Wardle 

        Email:
        mflynn@gibsondunn.com; pwardle@gibsondunn.com

         

	If
    to the Selling Stockholder:	Landsea
                                           Holdings Corporation

                                           530 Lytton Ave, Suite 304

        

        Palo
        Alto, CA 94301 

        Attn:
        Joanna Zhou

        

        Email:
        zhouqin@landsea.cn

         

        with
        a copy to:

         

        Squire
        Patton Boggs LLP 

        555
        South Flower Street, 31st Floor

        

        Los
        Angeles, CA 90071 

        Attn:
        James Hsu; Aaron A. Seamon

        

        Email:
        james.hsu@squirepb.com; aaron.seamon@squirepb.com

 

Section
5.11Governing Law. This Agreement and any claim, controversy
or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware applicable to agreements made and to be performed in such state.

 

Section
5.12Interpretation. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless
otherwise specified. The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms
of such terms. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation.” “Business Day” means any day that
is not a Saturday, Sunday or other day on which banks are required or authorized by law to be closed in New York, New York.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	6

    	 

    

  

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above by their
respective officers thereunto duly authorized.

 

	 	LANDSEA HOMES CORPORATION
	 	 
	 	By:	/s/ John Ho
	 	Name:	John Ho
	 	Title:	CEO

 

	 	LANDSEA HOLDINGS CORPORATION
	 	 
	 	By:	/s/ Qin Zhou
	 	Name:	Qin Zhou
	 	Title:	CEO

 

Signature Page to Share Repurchase Agreement

 

7EX-10.1

 Exhibit 10.1 
  

 
 May 27, 2022 
 VIA
ELECTRONIC MAIL ([***]) 
 Personal and Confidential 

David Meline 
 [***] 

[***] 
  

	Re:	 Updated Executive Retirement and Strategic Consulting Agreement 

Dear David: 
 This Updated Executive Retirement and Strategic
Consulting Agreement (the “Agreement”) between you and ModernaTX, Inc. (together with its parents, subsidiaries, and affiliates including Moderna Services, Inc., the “Company”) sets forth the terms of your voluntary
retirement from the Company on your extended retirement date of December 31, 2022 or such earlier date that the Company’s successor Chief Financial Officer commences employment (the “Retirement Date”) or the date your
employment is terminated due to your death or Disability or by the Company for Cause prior to the Retirement Date (the “Last Day Worked”)1 and, in the event of your retirement on the
Retirement Date, offers you the opportunity to provide consulting services for the Company through March 2, 2026. The terms of this Agreement supercede the terms of the Executive Retirement and Strategic Consulting Agreement dated April 8,
2022, which you signed on April 10, 2022. 
 For purposes of this Agreement, the period between the date of this Agreement and the Retirement Date or
the Last Day Worked, whichever is earlier, shall be referred to as the “Transition Period.” During the Transition Period, you will continue to perform the functions of the Chief Financial Officer role, to receive your current base
salary and benefits (subject to eligibility criteria), and to vest in any outstanding unvested equity. 
 Regardless of whether you timely enter into this
Agreement, the following terms shall apply: 
  

	 	•	 	 The Company shall pay you for all base salary plus payment for any unused vacation accrued through the last day
of the Transition Period. 

  

	 	•	 	 Your eligibility to participate in the Company’s medical plans will cease on the last day of the month in
which the Transition Period ends. You may elect to continue your medical benefits under the federal COBRA law. You will be notified by separate notice of your rights and obligations under COBRA.

 

	 	•	 	 Your eligibility to participate in the Company’s other employee benefit plans and programs will cease on the
last day of the Transition Period under the terms of each of those plans and programs. 

  

 

	1 	 The terms “Cause” and “Disability” are defined by the Company’s Amended and Restated
Executive Severance Plan in effect as of the Retirement Date (the “ESP”). 

  
 Page 1 of 8 

	 	•	 	 You are not eligible to receive an annual bonus or other forms of incentive compensation with respect to your
work for the Company during the fiscal year 2022 or thereafter except as otherwise provided in this Agreement. 

  

	 	•	 	 You shall have the right to retain any and all vested restricted stock units and to exercise any and all vested
options that you hold to purchase the equity of the Company as of the end of the Transition Period, and any such exercise shall be made under and shall be subject to, the terms of any and all applicable unit option and grant plans, equity incentive
plans, and all other equity award plans and all agreements relating to any of the foregoing (collectively referred to as the “Equity Documents”), including without limitation the time limits on exercise.

 

	 	•	 	 You and the Company have agreed that your voluntary retirement does not constitute “Good Reason” as
defined in and for purposes of the ESP. 

  

	 	•	 	 On the earliest of the Retirement Date, the Last Day Worked, or such alternative earlier date designated by the
Company, you will be deemed to have resigned from all officer positions that you hold with the Company or any of its respective subsidiaries and affiliates. You shall execute any documents in the form requested by the Company to confirm or
effectuate any such resignations. 

  

	 	•	 	 You are obligated, to the maximum extent permitted by applicable law, to comply with the obligations outlined in
the Employee Confidentiality, Assignment, Noncompetition, and Nonsolicitation Agreement you executed in connection with the inception of your employment (the “Restrictive Covenants Agreement”), although the Company acknowledges that
any non-competition and employee non-solicitation provisions contained in the Restrictive Covenants Agreement are not enforceable in the state in which you currently reside. 

With those understandings, you and the Company agree as follows: 

1. Conditions. Subject to the terms of this Agreement, you will be entitled to continue to be employed at the Company through the Transition Period and
receive the Transition Benefits (defined below) provided you satisfy each of the following (collectively, the “Conditions”): (i) you timely enter into this Agreement, do not timely revoke it, and at all times comply with
its terms; (ii) your employment is not terminated by the Company for Cause, due to death or Disability, or as a result of your voluntary resignation before the Retirement Date; (iii) you work cooperatively and in good faith with the
Company during the Transition Period; and (iv) at all times, you comply with the terms of the Restrictive Covenants Agreement (as modified by this Agreement) and all other agreements between you and the Company. 

2. Transition Benefits. If you satisfy each of the Conditions, the Company will provide you with the following post-employment benefits (collectively,
the “Transition Benefits”): 
 (a) Strategic Consulting. 

1. You agree to provide, between the Retirement Date and March 2, 2026 (the “Strategic Consulting Period”), strategic
consulting services concerning financial matters (the “Services”) as requested by the Company’s Chief Executive Officer (“CEO”), on a timetable mutually agreed between you and the CEO via telephone and/or
written consultations. You shall retain the sole control and discretion to determine the methods by which you perform the Services. 

 2. As full consideration for the performance of the Services, you shall (a) continue to
vest through July 8, 2024 in (i) the unvested portions of the New Hire Equity Award, as that term is defined in the Offer of Employment dated June 2, 2020 between you and ModernaTX, Inc. (the “Offer Letter”) and
(ii) the unvested portions of the 2021 Annual Equity Grant issued on February 9, 2021 (which shall include the portions of the 2021 Annual Equity Grant issued as an option award and as an RSU award), both subject to the terms of the Equity
Documents; and (b) continue to vest through March 2, 2026 in the unvested portions of the 2022 Annual Equity Grant issued to you on March 1, 2022. The vesting for the portion of your 2021 Annual Equity Grant issued as a
performance-based restricted stock unit award, or PSU, will end on the last date of the Transition Period. 
 3. You acknowledge and agree
that you are not eligible for any cash compensation related to performing the Services and that the opportunity to continue vesting in the New Hire Equity Award, the 2021 Annual Equity Grant, and the 2022 Annual Equity Grant is adequate
consideration to support this Agreement. You may exercise any vested portions of either the New Hire Equity Award, the 2021 Annual Equity Grant, or the 2022 Annual Equity Grant under the terms of the Equity Documents and subject to the Insider
Trading Policy of Moderna, Inc., a copy of which you acknowledge you have received. 
 4. You further acknowledge that the Company’s
Code of Business Ethics and Conduct (available at www.modernatx.com) will be applicable throughout the Strategic Consulting Period. 

(b) 2022 Bonus Award. Notwithstanding the existence of any policies or practices which require you to be actively employed at the time
bonus awards are distributed to be eligible for an annual bonus award, the Company agrees that you shall receive your 2022 annual bonus award at target, prorated to your dates of employment at the Company in 2022 (January 1, 2022 through the
Retirement Date). 
 (c) Post-Retirement Equity Exercise. Any options to purchase the Company’s common stock granted to you under
the Moderna, Inc. 2018 Stock Option and Incentive Plan (the “2018 Plan”), to the extent vested, exercisable, and outstanding at the end of the Strategic Consulting Period will remain exercisable through twelve (12) months
following the end of the Strategic Consulting Period (but in no event will such options remain exercisable beyond the original expiration date applicable to such option), provided, however, that if you voluntarily resign for any reason prior
to the Retirement Date, the exercise period applicable to any such stock options will be governed in accordance with the Equity Documents and will not be extended as set forth in this section. 

3. General Release of Claims. In consideration for, among other terms, the opportunity to remain employed through the Transition Period and the
Transition Benefits, to which you acknowledge that you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities (including, without limitation, direct and indirect parent
companies (including, without limitation, Moderna, Inc.), and direct and indirect subsidiaries and direct and indirect affiliates), its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and
fiduciaries of such plans, and the past, present and future officers, directors, stockholders, members, managers, employees, attorneys, accountants, agents and representatives of each of the foregoing in their official and personal capacities
(collectively referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when you sign this
Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees, to the maximum extent permitted by applicable law. This release includes, without limitation, all Claims: relating to your employment
by and termination of employment with the Company; of wrongful discharge; of breach of contract; of discrimination or retaliation under federal, state, or local law (including, without limitation, Claims of discrimination or retaliation under Title
VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Rehabilitation Act of 1973, the Civil Rights Act of 1991, the Americans with Disabilities Act of 1991 (ADA), the Family and Medical Leave Act (FMLA), the Age Discrimination In
Employment Act (ADEA), the Older Workers Benefit Protection Act (OWBPA), the Employee Retirement Income Security Act (ERISA), the Worker Adjustment and Retraining Notification Act (WARN), the California Labor Code, the California Fair Employment and
Housing Act (FEHA), the Massachusetts Fair Employment Practices Act, Massachusetts General Laws ch. 151B, and any other federal, state, or local statute or regulation regarding discrimination in employment or the termination of employment; any
claims or 

 
allegations brought under the Equal Pay Act, the National Labor Relations Act (NLRA), or for non-payment of wages, bonuses, commissions, severance pay (under the ESP or otherwise), or other
compensation, including but not limited to under the California Labor Code, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Parental Leave Act, the Massachusetts Labor and Industries Act, the Massachusetts
right of privacy law, the Massachusetts Wage Act, the Massachusetts Earned Sick Time law, the Massachusetts Equal Pay Act, and the Massachusetts Minimum Fair Wage Law; and for libel, slander, breach of contract, breach of the implied covenant of
good faith and fair dealing, unjust enrichment, quantum meruit, assault, battery, intentional infliction of emotional distress, tort or any other theory under the common law of any state); for stock, stock options, unit options, units, incentive
units, restricted stock units or any other equity interests or rights to acquire equity interests in the Company or any other Releasee; and for damages or other remedies of any sort, including, without limitation, compensatory damages, punitive
damages, injunctive relief and attorney’s fees. 
 Notwithstanding the foregoing, this general release does not release any Claim: (a) that arises
after the Revocation Period, including any rights that may arise under the Equity Documents; (b) for unemployment or workers’ compensation benefits; (c) for vested rights under ERISA-covered employee benefit plans as applicable on the
date you sign this Agreement; (d) for coverage under any officer, director, or executive indemnification agreement (the “Indemnification Agreement”) and under applicable directors and officers liability insurance for acts or
omissions while serving as an officer of the Company; (e) under this Agreement or (f) that by law cannot be waived. You agree not to accept damages of any nature, other equitable or legal remedies for your benefit, or attorney’s fees
or costs from any of the Releasees concerning any Claim released by this Agreement. As a material inducement to the Company to enter into the Agreement, you represent that you have not assigned any Claim to any third party and that you have not
filed any complaints, charges, applications, lawsuits, or arbitrations against the Company or any of the Releasees. To the extent that you have knowledge concerning a potential violation of any federal, state, or local law, you represent that you
have fully disclosed such information to the Company as of the Effective Date of this Agreement. 
 You covenant not to sue the Company and/or the Releasees
for any of the Claims released above, agree not to participate in any class, collective, representative, or group action that may include any of the Claims released above, and will affirmatively opt-out of any such class, collective, representative,
or group action. You agree not to participate in, seek to recover in, or assist in any litigation or investigation by other persons or entities against the Company and/or the Releasees, except as required by law. 

Waiver of Unknown Claims. You and the Company (the “Parties”) acknowledge the language of Section 1542 of the California
Civil Code, which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

The Parties expressly waive the protection of Section 1542 and understand and agree that claims or facts in addition to or different from those which are
now known or believed by them to exist may be discovered. The Parties intend to settle fully and release all claims they now have against one another and by you against the Company and the other Releasees, whether known or unknown, suspected, or
unsuspected, except as to claims that cannot lawfully be released. 
 4. Cooperation. You hereby agree that to the maximum extent permitted by
applicable law, you have not and shall not in any way voluntarily assist, aid, or participate in the pursuit of any claims or actions brought by another against the Company or Releasees. If your assistance is requested or required in the pursuit of
any claims brought against the Company or Releasees, you agree to provide written notice to the Company within two (2) business days of such request, unless requested by a governmental authority to the contrary. Without additional

 
compensation, you agree to cooperate with the Company and Releasees (including its and their counsel) in investigating, defending, prosecuting, litigating, filing, initiating, or asserting any
actual or potential claims or other matters involving the Company and Releasees. You agree to make yourself available during and outside of regular business hours for such cooperation; provided that the Company shall not utilize this Section
to require you to make yourself available to an extent that would unreasonably interfere with any subsequent professional responsibilities that you may have. You agree to appear without the necessity of a subpoena to testify truthfully in any legal
proceedings in which the Company calls you as a witness. In connection with fulfilling your obligations under this section, your pre-approved, out-of-pocket reasonable expenses will be reimbursed by the Company, which shall not include any
attorneys’ fees, except as provided by the Company’s by-laws and/or any applicable insurance policies. 
 5. Return of Company Property. You
agree not to dispose of any property of the Company including, without limitation, information, or documents (including, without limitation, computerized data and any copies made of any computerized data or software) (all the foregoing are
collectively referred to as the “Documents”) without the prior written authorization of the Company. On or before the end of the Transition Period, you shall return to the Company all property of the Company, including, without
limitation, computer equipment, electronic devices, iPads, iPhones, mobile devices, software, access cards, credit cards, files and any Documents containing information concerning the Company, and its actual or prospective business or business
relationships. After returning all Documents and property of the Company, you shall delete and purge any duplicates of files or documents that may contain Company information from any non-Company computer or other devices that remain in your
property. If you discover that you continue to retain any such property, you shall return it to the Company or destroy it immediately. 
 6.
Non-disparagement. 
 (a) Subject to Section 7 below, you agree not to make any false, disparaging, critical, or
detrimental statements concerning the Company or any of the Releasees; its or their products or services provided or to be provided; its or their current or former officers, directors, stockholders, members, employees, managers, or agents; and its
or their business affairs or financial condition. You further agree not to take any actions or conduct yourself in any way that would reasonably be expected to affect adversely the reputation or goodwill of the Company or its affiliates; or its or
their products or services provided or to be provided; or its or their current or former officers, directors, stockholders, members, employees, managers, or agents. This non-disparagement obligation shall not in any way affect your obligation to
testify truthfully in any legal proceeding. 
 (b) The Company agrees that each of the members of the Company’s current Executive
Committee will not make any false, disparaging, critical, or detrimental statements concerning your employment with the Company or take any actions that would reasonably be expected to affect adversely your professional reputation. This
non-disparagement obligation shall not in any way affect any Executive Committee member’s obligation to testify truthfully in any legal proceeding. 

(c) You agree to limit any communications regarding your transition to statements that are consistent with the Company’s prior and
contemporaneous announcement on or before the end of the Transition Period. 
 7. Protected Disclosures. Nothing contained in this Agreement
(including, without limitation, the Restrictive Covenants Agreement) limits your ability to file a charge or complaint with any federal, state, or local governmental agency or commission (a “Government Agency”). In addition, nothing
contained in this Agreement limits your ability to communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, nor does anything contained in this Agreement apply
to truthful testimony in litigation. If you file any charge or complaint with any Government Agency and if the Government Agency pursues any claim on your behalf, or if any other third party pursues any claim on your

 
behalf, you waive any right to monetary or other individualized relief (either individually or as part of any collective or class action); provided however that nothing in this Agreement
limits any right you may have to receive a whistleblower award or bounty for information provided to the Securities and Exchange Commission. Nothing in this Agreement (including, without limitation, the Restrictive Covenants Agreement) is intended
to conflict with 18 U.S.C. § 1833(b), which provides that: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in
confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or
other document filed in a lawsuit or other proceeding, if such filing is made under seal.” 
 8. Tax Treatment. The Company shall undertake to
make deductions, withholdings, and tax reports with respect to payments and benefits under this Agreement to the extent that it reasonably and in good faith determines that it is required to make such deductions, withholdings, and tax reports.
Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effects incurred because of the Transition Benefits. 

9. Section 409A. 
 (a) The Parties intend
that this Agreement will be administered in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (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 such payments comply with, or are exempt from, Section 409A of the Code. The Parties agree that this Agreement may be amended, as reasonably requested by either
party, and as necessary to fully comply with, or be exempt from, Section 409A of the Code and all related rules and regulations. 
 (b)
Anything in this Agreement to the contrary notwithstanding, if at the time of your separation from service within the meaning of Section 409A of the Code you are 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 you become entitled to under this Agreement on account of your separation from service would be considered deferred compensation otherwise subject to the
twenty percent (20%) additional tax imposed under Section 409A(a) 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 your
separation from service, or (B) your 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 under their original schedule. 

(c) To the extent that any payment or benefit described in this Agreement constitutes “nonqualified deferred compensation” under
Section 409A of the Code, and to the extent that such payment or benefit is payable upon your separation of employment, then such payments or benefits shall be payable only upon your “separation from service.” The determination of
whether and when a separation from service has occurred shall be made following the presumptions outlined in Treasury Regulation Section 1.409A-1(h). 

(d) The Company makes no representation or warranty and shall have no liability to you 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. 

10. Effect of Breach. If you fail to comply with any of your obligations under this Agreement (including the obligations under the Restrictive Covenants
Agreement) as determined by the Company in its sole and reasonable discretion, in addition to any other legal or equitable remedies it may have for such breach, including for damages and equitable relief, the Company shall have the right to
(i) if you are still employed, end your employment for Cause, (ii) terminate its payments and benefits to you under the Agreement including early termination of the Strategic Consulting Period; and/or (iii) seek recovery of any
payments made to you or for your benefit under this Agreement. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or under the Restrictive Covenants Agreement. 

 11. No Liability. This Agreement shall not be construed as an admission of any liability by the
Company or you of any act of wrongdoing. The Parties specifically disclaim that the Company or any of the Releasees has engaged in any wrongdoing or has taken any action that would be the basis for any finding of liability. 

12. Enforceability. Except for the General Release of Claims above, if any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement, or of the Restrictive Covenants 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. If the General Release of Claims is found to be invalid or unenforceable in whole or in part, the Company will have the option in its sole discretion either to sever the invalid or unenforceable portion and enforce the rest
of the Agreement or to cancel the entire Agreement. In the event the Company exercises the option to cancel the entire Agreement, the Agreement shall be null and void and none of the benefits outlined in Section 3 shall be owing, paid,
or provided, and if such amounts or benefits have been paid or provided, you shall repay to the Company the total gross amount or value of any such benefits already paid or provided, and the total gross amount of the amounts otherwise being waived
in Section 3. 
 13. Waiver; Amendment. No waiver of any provision of this Agreement 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. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. 

14. Forum; Relief. 
 (a) The Parties agree
that Massachusetts federal court shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim for violation of this Agreement. With respect to any such court action, you
(i) submit to the personal jurisdiction of such court, (ii) consent to service of process, and (iii) waive any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or venue.

 (b) This Agreement shall be construed under the laws of the Commonwealth of Massachusetts, without giving effect to any conflict of law
provisions that would cause the application of the laws of other jurisdictions. The Parties agree that this Agreement shall not be construed more strictly against one party than another because it may have been prepared in whole or in part by one of
the Parties. The Agreement’s headings are for reference purposes only and shall not affect its meaning or interpretation. References to agreements and other documents shall be deemed to include all subsequent amendments and other modifications.
References to statutes shall include all associated regulations or amendments. 
 (c) You agree that it would be difficult to measure the
harm caused to the Company that might result from any breach by you of your promises outlined in this Agreement and that money damages would be an inadequate remedy for any such breach. Accordingly, you agree that if you breach, or propose to
breach, any of your obligations under this Agreement, the Company shall be entitled, in addition to all other remedies, to an injunction or other appropriate equitable relief to restrain any such breach, without showing or proving any actual damage
to the Company and without the necessity of posting a bond. 

 15. Entire Agreement. This Agreement constitutes the entire agreement between you and the Company and
supersedes any previous agreements or understandings between you and the Company regarding your employment with and separation from the Company, including the June 2, 2020 Offer of Employment, provided however that the ESP, the
Indemnification Agreement, the Restrictive Covenants Agreement (as modified by this Agreement), and the Equity Documents shall remain in full force and effect. 

16. Time for Consideration; Effective Date. You understand and acknowledge that you have been given the opportunity to consider this Agreement for at
least 21 calendar days from your receipt of this Agreement before signing it (the “Consideration Period”). Any changes to this Agreement, material or otherwise, will not restart the running of the Consideration Period. In signing
this Agreement, you acknowledge that you have knowingly and voluntarily entered into this Agreement without any undue influence on the part of the Company or any of the Releasees. You acknowledge that the General Release of Claims is knowing and
voluntary, including without implication of limitation all claims under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq. If you sign this Agreement before the end of the Consideration Period, you acknowledge that such decision
was entirely voluntary and that you had the opportunity to consider this Agreement for the entire Consideration Period. You have seven (7) business days following your execution of this Agreement to revoke your assent by written notice to me
(such seven (7) business day period, the “Revocation Period”). For a revocation to be effective, it must be received by me on or before the expiration of the Revocation Period. This Agreement shall become effective only as of
the first (1st) business day after the expiration of the Revocation Period (the “Effective Date”). If you do not enter into this Agreement, your retirement will still be
effective, but you will not be entitled to all the Transition Benefits. You are advised to consult with an attorney before executing this Agreement. 
 17.
Counterparts. This Agreement may be executed in two counterparts, each of which shall be considered an original and all of which shall constitute one agreement. The signatures may be delivered by DocuSign or by scanned image (e.g., .pdf or
..tiff file extension name) as an attachment to an electronic mail (e-mail), and such electronic signature shall be treated in all respects as having the same effect as an inked signature. 

To accept this Agreement, you must return a signed, unmodified counterparty of this Agreement to me on or before the expiration of the Consideration
Period. By signing below, you acknowledge that you have been advised to discuss all aspects of this Agreement with your attorney, that you have carefully read and fully understand all the provisions of this Agreement, and that you are
voluntarily entering into this Agreement. 
 Thank you for your contributions to the Company and its mission of delivering on the promise of mRNA science to
create a new generation of transformative medicines for patients. 
  

	
	ModernaTX, Inc., by:
	
	 /s/ Tracey Franklin

	Tracey Franklin
	Chief Human Resources Officer

 The foregoing is agreed to and accepted by: 

 

	
	David Meline
	
	 /s/ David Meline

	Signature

 May 27, 2022 
 Date

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