Related party transactions

On 19 April 2018, the members of the board of directors and the executive committee were offered new warrants under Warrant Plan 2018, subject to acceptance. The final number of accepted warrants under Warrant Plan 2018 was enacted by notary deed on 24 August 2018. Under Warrant Plan 2018, the warrants have an exercise term of eight years as of the date of the offer. The exercise price of the warrants is €79.88. Each warrant gives the right to subscribe for one new Galapagos share. As regards the directors, the warrants vest over a period of 36 months at a rate of 1/36th 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 2022.

The table below sets forth the number of warrants accepted under Warrant Plan 2018 by each member of the board and executive committee in office during the first nine months of 2018:

During the first nine months of 2018, there were no changes to related party transactions disclosed in the 2017 annual report that potentially had a material impact on the financials of the first nine months of 2018.