Moderna Inc. of the United States just signed a contract with an Italian company to supply covid-19 vaccines in three months and accept a payment of EUR 10,000,000 in four months. Which one of the following statements is most correct about this contract?

		Moderna has operating exposure because the payment is made in a foreign currency and at a later date
		The Italian importer has operating exposure because the payment is made at a later date
		Moderna has transaction exposure because the payment is made in a foreign currency and at a later date
		The Italian importer has transaction exposure because the payment is made in the home currency and at a later date
		Neither company has transaction exposure