Related party transactions

On 2 March 2016, the acceptance of the warrants offered on 22 December 2015 to members of the Board of Directors and the Executive Committee under Warrant Plan 2015 (B) was enacted. These warrants have a term of eight years. The exercise price of the warrants is €49.00. Each warrant gives the right to subscribe to one new Galapagos share. As regards the Directors, the warrants vest over a period of 36 months at a rate of 1/36^th per month. As regards the other beneficiaries, the warrants vest only and fully on the third anniversary of the notary deed enacting the acceptance of the warrants. The warrants are not transferable and can in principle not be exercised prior to 2 March 2019.

On 1 June 2016, the members of the Board of Directors and the Executive Committee were offered new warrants under Warrant Plan 2016, subject to acceptance. As of the date of this report, the acceptance period for Warrant Plan 2016 is still ongoing, so the final number of warrants granted to members of the Board of Directors and the Executive Committee cannot be determined yet. Under Warrant Plan 2016, the warrants have an exercise term of eight years as of the date of the offer. The exercise price of the warrants is €46.10. Each warrant gives the right to subscribe to one new Galapagos share. As regards the Directors, the warrants vest over a period of 36 months at a rate of 1/36^th per month. As regards the other beneficiaries, the warrants vest only and fully on the first day of the fourth calendar year following the calendar year in which the grant was made. The warrants are not transferable and can in principle not be exercised prior to 1 January 2020.

The table below sets forth the number of warrants (i) accepted under Warrant Plan 2015 (B), and (ii) offered under Warrant Plan 2016 for each member of the Board and Executive Committee in office during the first six months of 2016:

During the first six months of 2016, there were no changes to related party transactions disclosed in the 2015 Annual Report or the listing prospectus approved by the FSMA on 10 May 2016 that potentially had a material impact on the financials of the first six months of 2016.