Stéphane Bancel, chief executive of Moderna, had a good year in 2022, exercising stock options that netted him nearly $393 million. The company decided his pay wasn’t good enough.

The Cambridge, Mass.-based biotech, known for its lifesaving coronavirus vaccine, raised his salary last year by 50 percent to $1.5 million and increased his target cash bonus, according to a March securities filing. Bancel, 50, says he is donating the proceeds of stock sales to charity. He owns stock worth at least $2.8 billion and, as of the end of last year, had additional stock-based compensation valued at $1.7 billion. READ MORE