ModernaThe board approved the purchase of a gold parachute by CEO Stephane Bancel, which was worth $9.4million in 2019, before Covid-19 shook the global order.

Bancel’s change-in-control payment, or $9222.5 million in total, has had a fluctuating value. This is because the stock of biotech companies has seen its share price swing widely as the pandemic unfolds and the progress of vaccine development. Bancel’s exit package includes $1.5m cash severance payments and $2.5m bonus, if the company’s sale occurs and Bancel is terminated.

Moderna’s share price reached an all time high of $497.49 just before booster shots were approved by the Food and Drug Administration for their blockbuster. CovidVaccines for the most vulnerable. They were valued at $253.98 Dec. 31, and traded for $140 per share on Wednesday.

Even at that reduced share price, his exit package — which only becomes a reality only if the company’s sold and he loses his job — is eye popping. Moderna did not respond to requests for comment.

The company released Wednesday the price of the golden parachut. It was included in its annual proxy report, detailing compensation packages for top-paid executives. It shows how executives are rewarded at this young biotech firm, where most of the compensation is tied to volatile equity.

He received $18.2 Million in total compensation for 2021, which is 41% more than 2020. Bancel earned $15 million last year in stock options and stock awards, plus a $1.5million bonus to go along with his $990 385 salary. Moderna provided personal security to Bancel and his family with an additional $661,000 in last year’s budget.

Moderna President Stephen Hoge only received half of the total compensation. On top of his regular salary, he also cashed out $165.9million in stock options 2021. Juan Andres was Chief Tech Officer and also put aside $194.3 millions in stock options.

Moderna was a biotech company that was not well-known outside of the industry. Its blockbuster movie 2021 is a great example. A successful vaccine last year saw Moderna become a profitable biotech firm. Moderna posted a net income of $12.2 Billion after reporting a loss in 2020 of $747 M. Moderna’s stock price shot up 143% as it successfully launched its Covid 2-dose vaccine in 2021.

Moderna still has the only product that is commercially available, but the company continues to develop shots for other diseases. Moderna’s vaccines were sold for $17.7billion in 2021. This account accounts for almost all the company’s revenues. Based on sales agreements signed with countries around the globe, Moderna projects $19 billion in 2022 sales.

Hoge receives $7.8 million in stock options, options, and bonuses. He also gets a $819,000 bonus on top of his regular salary. Hoge has a 48% rise in total compensation over 2020.

Andres was paid $6.6million in total compensation, $5 million in options and stock awards as well as a bonus of $756,000. The total amount he received was 55% higher than 2020.

David Meline, chief financial officer, earned $5.2 million total in pay. He also received $4 million stock options and options. A $560,000 bonus was added to his regular salary. Meline’s total pay dropped by 44% from 2020.

Moderna’s chief commercial officer Corinne L. Legoff was fired last year. According to Moderna’s proxy report, the company is seeking someone who has more experience with consumer health. Le Goff was paid $1 million in a severance package.

Moderna’s profit-making from the vaccine has drawn sharp criticism from Oxfam, Oxfam America and others. They also failed to make more efforts to distribute their technology to poorer nations. Oxfam America has 376 shares of Moderna stock. They have filed a proposal at the annual shareholders meeting in order to determine if it is possible to transfer the intellectual property from the biotech company to help boost vaccine production across the developing world. Moderna’s annual shareholders meeting will be held on April 28.

Oxfam stated that it believed Moderna could cause backlash by not sharing the information required to make its vaccine in low and middle income countries. This would threaten Moderna’s social license and weaken relations with America.

Moderna’s board has asked shareholders to reject the plan. Rebutting the recommendation, the board stated that Oxfam would not recommend the vaccine because it could have an adverse effect on safety, quality, and long-term confidence of the messenger RNA technology, which is used to make shots.

Moderna and the National Institutes of Health are currently in dispute over patent rights to the technology behind the shots. Dr. Anthony Fauci was the chief medical advisor of the White House and suggested to reporters that the NIH licenses the technology internationally if Moderna prevails in the patent dispute.

Moderna board stated that the company had agreed to provide 650 million doses of Covax vaccines. This international alliance promotes access to Covid in low- and middle-income countries. Moderna also stated that it would not enforce any Covid-related patents during the epidemic. Moderna has reached an agreement with Kenya in principle to establish a vaccine manufacturing facility in East Africa. This will support African immunization.