Vulnerabilities in software systems result from faults, which occur at different stages in a software's life cycle, for example, in the design (i.e., undesired feature-interactions), the development (i.e., buffer overflows), or the operation (i.e., configuration errors). Various databases provide detailed information about vulnerabilities in software systems or the way to exploit it, but face severe limitations. The information is scattered across these databases, fluctuates in quality and granularity, and provides only an insight into a single vulnerability per entry. Even for a single software system it is challenging for any security-related stakeholder to determine the threat level, which consists of all vulnerabilities of the software system and its environment (i.e., operating system). Manual vulnerability management is feasible only to a limited extend if we want to identify all configurations that are affected by vulnerabilities, or determine a system's threat level and the resulting risk we have to deal with. For variant-rich systems, we also have to deal with variability, allowing different stakeholders to understand the threats to their particular setup. To deal with this variability, we propose vulnerability feature models, which offer a homogeneous view on all vulnerabilities of a software system. These models and the resulting analyses offer advantages in many disciplines of the vulnerability management process. In this paper, we report the research plan for our project, in which we focus on the model-based evaluation of vulnerabilities. This includes research objectives that take into account the design of vulnerability feature models, their application in the process of vulnerability management, and the impact of evolution, discovery, and verification of vulnerabilities. CCS CONCEPTS • Security and privacy → Vulnerability management; • Software and its engineering → Software product lines.