Document:

EX-10.17

 Exhibit 10.17 

MODERNA INC. 
 SENIOR
EXECUTIVE CASH INCENTIVE BONUS PLAN 
  

	1.	 Purpose 

This Senior Executive Cash Incentive Bonus Plan (the “Incentive Plan”) is intended to provide an
incentive for superior work and to motivate eligible executives of Moderna Inc. (the “Company”) and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those of the
Company and its stockholders and to enable the Company to attract and retain highly qualified executives. The Incentive Plan is for the benefit of Covered Executives (as defined below). 

 

	2.	 Covered Executives 

From time to time, the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) may select certain key executives (the “Covered Executives”) to be eligible to receive bonuses hereunder. Participation in this Plan does not change the “at will” nature
of a Covered Executive’s employment with the Company. 
  

	3.	 Administration 

The Compensation Committee shall have the sole discretion and authority to administer and interpret the Incentive Plan. 

 

	4.	 Bonus Determinations 

(a) Corporate Performance Goals. A Covered Executive may receive a bonus payment under the Incentive Plan based upon the attainment of
one or more performance objectives that are established by the Compensation Committee and relate to financial and operational metrics with respect to the Company or any of its subsidiaries (the “Corporate Performance Goals”),
including the following: developmental, publication, clinical or regulatory milestones; cash flow (including, but not limited to, operating cash flow and free cash flow); revenue; corporate revenue; earnings before interest, taxes, depreciation and
amortization; net income (loss) (either before or after interest, taxes, depreciation and/or amortization); changes in the market price of the Company’s common stock; economic value-added; acquisitions, licenses or strategic transactions;
financing or other capital raising transactions; operating income (loss); return on capital, assets, equity, or investment; stockholder returns; return on sales; total shareholder return; gross or net profit levels; productivity; expense efficiency;
margins; operating efficiency; customer satisfaction; working capital; earnings (loss) per share of the Company’s common stock; bookings, new bookings or renewals; sales or market shares; number of prescriptions or prescribing physicians;
coverage decisions; leadership development, employee retention, and recruiting and other human resources matters; operating income and/or net annual recurring revenue, any of which may be (A) measured in absolute terms or compared to any
incremental increase, (B) measured in terms of growth, (C) compared to another company or companies or to results of a peer group, (D) measured against the market as a whole and/or as compared to applicable market indices and/or
(E) measured on a pre-tax or 

 
post-tax basis (if applicable). Further, any Corporate Performance Goals may be used to measure the performance of the Company as a whole or a business
unit or other segment of the Company, or one or more product lines or specific markets. The Corporate Performance Goals may differ from Covered Executive to Covered Executive.  

(b) Calculation of Corporate Performance Goals. At the beginning of each applicable performance period, the Compensation Committee will
determine whether any significant element(s) will be included in or excluded from the calculation of any Corporate Performance Goal with respect to any Covered Executive. In all other respects, Corporate Performance Goals will be calculated in
accordance with the Company’s financial statements, generally accepted accounting principles, or under a methodology established by the Compensation Committee at the beginning of the performance period and which is consistently applied with
respect to a Corporate Performance Goal in the relevant performance period. 
 (c) Target; Minimum; Maximum. Each Corporate
Performance Goal shall have a “target” (100 percent attainment of the Corporate Performance Goal) and may also have a “minimum” hurdle and/or a “maximum” amount. 

(d) Bonus Requirements; Individual Goals. Except as otherwise set forth in this Section 4(d): (i) any bonuses paid to Covered
Executives under the Incentive Plan shall be based upon objectively determinable bonus formulas that tie such bonuses to one or more performance targets relating to the Corporate Performance Goals, (ii) bonus formulas for Covered Executives
shall be adopted in each performance period by the Compensation Committee and communicated to each Covered Executive at the beginning of each performance period and (iii) no bonuses shall be paid to Covered Executives unless and until the
Compensation Committee makes a determination with respect to the attainment of the performance targets relating to the Corporate Performance Goals. Notwithstanding the foregoing, the Compensation Committee may adjust bonuses payable under the
Incentive Plan based on achievement of one or more individual performance objectives or pay bonuses (including, without limitation, discretionary bonuses) to Covered Executives under the Incentive Plan based on individual performance goals and/or
upon such other terms and conditions as the Compensation Committee may in its discretion determine. 
 (e) Individual Target Bonuses.
The Compensation Committee shall establish a target bonus opportunity for each Covered Executive for each performance period. For each Covered Executive, the Compensation Committee shall have the authority to apportion the target award so that a
portion of the target award shall be tied to attainment of Corporate Performance Goals and a portion of the target award shall be tied to attainment of individual performance objectives. 

(f) Employment Requirement. Subject to any additional terms contained in a written agreement between the Covered Executive and the
Company, the payment of a bonus to a Covered Executive with respect to a performance period shall be conditioned upon the Covered Executive’s employment by the Company on the bonus payment date. If a Covered Executive was not employed for an
entire performance period, the Compensation Committee will pro rate the bonus based on the number of days employed during such period. 

  
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	5.	 Timing of Payment 

(a) With respect to Corporate Performance Goals established and measured on a basis more frequently than annually (e.g., quarterly or
semi-annually), the Corporate Performance Goals will be measured at the end of each performance period after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or
individual goals for such period are met, payments will be made as soon as practicable following the end of such period, but not later 74 days after the end of the fiscal year in which such performance period ends. 

(b) With respect to Corporate Performance Goals established and measured on an annual or multi-year basis, Corporate Performance Goals will be
measured as of the end of each such performance period (e.g., the end of each fiscal year) after the Company’s financial reports with respect to such period(s) have been published. If the Corporate Performance Goals and/or individual goals for
any such period are met, bonus payments will be made as soon as practicable, but not later than 74 days after the end of the relevant fiscal year. 

(c) For the avoidance of doubt, bonuses earned at any time in a fiscal year must be paid no later than 74 days after the last day of such
fiscal year. 
  

	6.	 Amendment and Termination 

The Company reserves the right to amend or terminate the Incentive Plan at any time in its sole discretion. 

Adopted by the Board of Directors: September 29, 2018 

  
 3EX-10.18

 Exhibit 10.18 

Moderna, Inc. 
 Non-Employee Director Compensation Policy 
 The purpose of this Non-Employee
Director Compensation Policy (the “Policy”) of Moderna, Inc., a Delaware corporation (the “Company”), is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis,
high-caliber directors who are not employees or officers of the Company or its subsidiaries (“Outside Directors”). This Policy will become effective as of the effective time of the registration statement for the Company’s
initial firm commitment underwritten public offering of equity securities (the “Effective Date”). In furtherance of the purpose stated above, all Outside Directors shall be paid compensation for services provided to the Company as
set forth below: 
  

	 	I.	 Cash Retainers 

 

	 	(a)	 Annual Retainer for Board Membership: $50,000 for general availability and participation in meetings and
on conference calls of our Board of Directors (the “Board of Directors”). No additional compensation for attending individual Board of Director meetings. 

 

	 	(b)	 Additional Annual Retainer for Non-Executive Chairman of the Board
of Directors: $30,000 

  

	 	(c)	 Additional Annual Retainers for Committee Membership: 

 

					
	 Audit Committee Chairperson:
	  	$	20,000	 
	 Audit Committee non-Chairperson member:
	  	$	10,000	 
	 Compensation & Talent Committee Chairperson:
	  	$	15,000	 
	 Compensation & Talent Committee non-Chairperson
member:
	  	$	7,500	 
	 Nominating and Corporate Governance Committee Chairperson:
	  	$	10,000	 
	 Nominating and Corporate Governance Committee
non-Chairperson member:
	  	$	5,000	 
	 Product Development Committee Chairperson:
	  	$	15,000	 
	 Product Development non-Chairperson member:
	  	$	7,500	 

 No additional compensation for attending individual committee meetings. All cash retainers will be paid quarterly, in arrears,
or upon the earlier resignation or removal of the Outside Director. 

 Cash retainers owing to Outsider Directors shall be annualized, meaning that with respect to Outside
Directors who join the Board of Directors during the calendar year, such amounts shall be pro-rated based on the number of calendar days served by such director. 

 

	 	II.	 Equity Retainers 

All grants of equity retainer awards to Outside Directors pursuant to this Policy will be automatic and nondiscretionary and will be made in accordance with
the following provisions: 
 (a) Value. For purposes of this Policy, “Value” means with respect to (i) any award
of stock options the grant date fair value of the option (i.e., Black-Scholes Value) determined in accordance with the reasonable assumptions and methodologies employed by the Company for calculating the fair value of options under ASC 718; and
(ii) any award of restricted stock and restricted stock units the product of (A) the closing market price on The Nasdaq Global Market (or such other market on which the Company’s common stock is then principally listed) of one share
of the Company’s common stock on the grant date, and (B) the aggregate number of shares pursuant to such award. 
 (b)
Revisions. The Compensation & Talent Committee (the “Compensation Committee”) in its discretion may change and otherwise revise the terms of awards to be granted under this Policy, including, without limitation, the
number of shares subject thereto, for awards of the same or different type granted on or after the date the Compensation Committee determines to make any such change or revision. 

(c) Sale Event Acceleration. In the event of a Sale Event (as defined in the Company’s 2018 Stock Option and Incentive Plan (the
“Stock Plan”)), the equity retainer awards granted to Outside Directors pursuant to this Policy shall become 100% vested and exercisable. 

(d) Initial Grant. Upon initial election to the Board of Directors, each new Outside Director will receive an initial, one-time grant of a non-statutory stock option (the “Initial Grant”) with a Value of $355,000, an exercise price per share equal to the closing price of a
share of the Company’s common stock on the date of grant and a term of ten years, that vests in full on the one-year anniversary of the grant date; provided, however, that all vesting ceases if the
director resigns from our Board of Directors or otherwise ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting. If any Initial Grant to an Outside Director is to become
effective as of Effective Date, it shall have an exercise price per share equal to the per share “price to the public” (or equivalent) set forth on the cover page for the final prospectus relating to the Company’s initial public
offering. 
 (e) Annual Grant. On the date of the Company’s Annual Meeting of Stockholders, each Outside Director who will
continue as a member of the Board of Directors following such Annual Meeting of Stockholders will receive a grant of a non-statutory stock option on the date of such Annual Meeting of Stockholders (the
“Annual Grant”) with a Value of $355,000, an exercise price per share equal to the closing price of a share of the Company’s common stock on the date of grant and a term of ten years, that vests in full on the earlier of
(i) the one-year anniversary of the grant date or (ii) the next Annual Meeting of Stockholders; provided, however, that all vesting ceases if the director resigns from our Board of Directors or
otherwise 

 
ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting. If a new Outside Director joins our Board of Directors on a date
other than the date of the Company’s Annual Meeting of Stockholders, then such Outside Director will be granted a pro-rata portion of the Annual Grant based on the time between such Outside
Director’s appointment and the next Annual Meeting of Stockholders, on the first eligible grant date following such Outside Director’s appointment to our Board of Directors. 

 

	 	III.	 Expenses 

The Company will reimburse all reasonable out-of-pocket expenses incurred by
Outside Directors in attending meetings of the Board of Directors or any committee thereof. 
  

	 	IV.	 Maximum Annual Compensation 

The aggregate amount of compensation, including both equity compensation and cash compensation, paid to any Outside Director in a calendar year period shall
not exceed $1,500,000 for the first year of service and $1,000,000 for each year of service thereafter (or such other limits as may be set forth in Section 3(b) of the Stock Plan or any similar provision of a successor plan). For this purpose,
the “amount” of equity compensation paid in a calendar year shall be determined based on the grant date fair value thereof, as determined in accordance with ASC 718 or its successor provision, but excluding the impact of estimated
forfeitures related to service-based vesting conditions. 
 Date Policy Approved: September 29, 2018

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