James Mock
ModernaAbout James Mock
James Mock, 48, is Chief Financial Officer of Moderna, overseeing accounting, FP&A, business development, treasury, real estate, investor relations, internal audit and tax; he joined in September 2022 after serving as CFO of PerkinElmer and earlier senior finance roles at GE (1999–2018) . In 2024, Moderna generated $3.1 billion in net product sales while reducing cash operating costs by 27% year-over-year, as the company transitioned to a multi-product commercial model amid market pressure . Over the most recent three-year period ending 12/31/2024, Moderna’s TSR ranked at the 1st percentile vs. peers; over five years, TSR ranked at the 100th percentile, reflecting the pandemic boom then post-pandemic recalibration .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PerkinElmer | Senior Vice President & CFO | 2018–2022 | Led public-company finance function, relevant to scaling and controls at Moderna |
| General Electric | Various finance roles; most recently VP, Corporate Audit Staff | 1999–2018 | Deep audit/controls expertise and global finance leadership experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships disclosed in proxy |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $227,885 | $792,308 | $826,200 (paid); $832,000 annualized after March 2024 increase |
| Target Bonus (% of Salary) | 90% (NEO policy) | 90% | 90% |
| Actual Bonus Paid ($) | $259,644 (includes sign-on bonus in 2022) | $583,200 | $611,021 (corporate 102% x individual 80%) |
Performance Compensation
| Element | Metric/Goal | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Corporate scorecard; individual modifier | 100% of cash bonus | 90% of salary = $748,800 | Corporate factor 102%; individual 80% → $611,021 | Cash paid; no vesting |
| 2024 Annual Equity Mix (CFO) | Options / RSUs / PSUs | 33% / 33% / 33% | Target $3.5M | Granted 2/27/2024: Options 23,635 @ $96.20; RSUs 12,377; PSUs target 12,377 | Options: 4-yr standard; PSUs 3-yr; RSUs time-based |
| Special Equity (Feb 27, 2024) | Retention + ERP implementation objectives | Options $3.0M; RSUs $0.5M; PSUs $0.5M | Target $4.0M | Options 60,216 @ $96.20; RSUs 5,304; PSUs 5,304 | Options: 50% vest 2nd anniversary, 50% vest 3rd; RSUs/PSUs quarterly over 1 year |
| Special Equity (Dec 5, 2024) | Long-term retention | 100% RSUs | Target $8.0M | RSUs 188,761 (grant-date value $8.105M) | RSUs vest over 4 years starting 12/5/2025 |
| PSUs (2022–2024 program) | Pipeline diversification, combo vaccines, global manufacturing (AU/CA/UK), digital capabilities | CFO PSUs are 33% of annual equity mix | 3-year goals | 55% payout; vested value ~11% of original target amid stock decline | 3-year performance period ending 12/31/2024; vesting post-determination |
Equity Ownership & Alignment
| Ownership Measure | As of Mar 5, 2025 | As of Sep 30, 2025 |
|---|---|---|
| Shares Beneficially Owned (incl. exercisable options/RSUs in 60 days) | 59,676; “<1%” of shares outstanding | 77,087; “<1%” of shares outstanding |
| Stock Ownership Guideline (Executives) | 3× salary requirement; counting only owned shares; hold 50–100% of vested RSUs until compliant | Compliance status for Mr. Mock not disclosed |
Outstanding equity detail (selected line items at 12/31/2024):
- Options: 10/5/2022, 21,938 exercisable + 21,938 unexercisable @ $125.62 (exp. 10/5/2032) ; 2/28/2023, 8,767 exercisable + 11,273 unexercisable @ $138.81 (exp. 2/28/2033) ; 2/27/2024 annual, 23,635 unexercisable @ $96.20 (exp. 2/27/2034) ; 2/27/2024 special, 60,216 unexercisable @ $96.20 (exp. 2/27/2034) .
- RSUs: 10/5/2022, 11,622 unvested ; 2/28/2023, 2,959 unvested ; 2/27/2024 annual, 12,377 unvested ; 2/27/2024 special, 1,326 vested (first tranche) ; 12/5/2024 special, 188,761 unvested (4-yr schedule) .
- PSUs: 2/28/2023, 5,260 outstanding ; 2/27/2024 annual, 12,377 outstanding; 2/27/2024 special, 1,326 vested (at target) .
Policies shaping alignment:
- 10b5-1 plans required for executive stock sales .
- Hedging and pledging prohibited; none of NEOs had sought/obtained approval for such transactions .
- Insider selling history: as of November 15, 2024, Mr. Mock had not exercised options or sold RSU shares except for tax withholding since joining in September 2022, per CD&A disclosure .
Employment Terms
| Provision | Key Terms |
|---|---|
| Executive Severance Plan (without CoC) | If terminated other than for cause/death/disability, cash severance and COBRA-related employer contribution; details covered by plan (not itemized in proxy) |
| Change-of-Control (Double Trigger) | If terminated without cause or resigns for good reason within 12 months post-CoC: 150% of base salary; 150% of target bonus; pro-rated current-year bonus; lump-sum 18 months health employer contribution; full acceleration of time-based awards; pro-rated acceleration of performance awards at better of target/actual |
| Clawback Policy | Applies to performance-based compensation for Executive Committee; mandatory recoupment of excess pay after accounting errors; discretionary recoupment for misconduct causing material harm |
| Equity Grant Governance | Grants approved by Board/Compensation Committee; delegation to officers for non-Exec awards per policy; Executive Committee awards require Committee/Board approval |
| Insider Trading Policy | Prohibits short sales, derivatives/hedging, margin borrowing, and pledging; 10b5-1 plans required for planned sales |
| Tax Gross-ups | No tax gross-ups on severance/change-of-control benefits; 280G “cut-back” if beneficial |
Investment Implications
- Retention and potential selling pressure: Two 2024 special equity awards (including 188,761 RSUs vesting over four years from 12/5/2025) materially increase scheduled vesting supply; expect programmatic 10b5-1 sales and tax-withholding sales around vest dates, which can create episodic stock overhang .
- Alignment and risk: Low direct beneficial ownership (<1%) with strict no-hedging/pledging and stock ownership guidelines enforces alignment, but compliance status for Mr. Mock is not disclosed; clawback and double-trigger CoC terms are investor-friendly, limiting one-time windfall risk while securing continuity .
- Pay-for-performance: 2024 cash bonus below target (individual 80%) reflects accountability for forecast and revenue shortfalls; PSU programs paid 55% for 2022–2024 cycle, indicating rigorous long-term hurdles and sensitivity to stock performance .
- Signal from governance: 2024 say-on-pay passed with 91% support, and Compensation Committee used special, time-vested RSUs to address retention amid stock decline—suggests ongoing focus on stability through 2027 while balancing dilution and performance linkage .