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Novavax bosses cash out for $46 million with COVID-19 vaccine trials still under way

Novavax bosses cash out for $46 million with COVID-19 vaccine trials still under way | 11 Jan 2021 | Top executives at U.S. pharmaceutical company Novavax Inc aren't waiting to see how well [or if] their COVID-19 vaccine works before they reap the financial rewards. Chief Executive Stanley Erck and three of his top lieutenants have sold roughly $46 million of company stock since the start of last year, according to a Reuters review of securities filings, capitalizing on a near 3,000% rally in Novavax shares fueled by investors betting on the success of the shot under development. Erck cashed out $8.7 million over the course of 2020, eclipsing the $2.2 million in shares he sold in the previous five years. The stock sale amounts to more than 20% of his vested stake in Novavax, or less than 10% if stock options that are yet to vest are counted, according to the review of the filings, an analysis by compensation consultant Farient Advisors LLC and a company spokeswoman.