Related party transactions
On 10 April 2019, the members of the board of directors and the executive committee were offered new warrants under Warrant Plan 2019, subject to acceptance. The final number of accepted warrants under Warrant Plan 2019 was enacted by notary deed on 12 July 2019. The members of the board and the executive committee accepted all warrants offered to them. Under Warrant Plan 2019, the warrants have an exercise term of eight years as of the date of the offer. The exercise price of the warrants is €95.11. 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 2023.
The table below sets forth the number of warrants offered under Warrant Plan 2019 to each member of the board and executive committee in office during the first six months of 2019:
Name |
Title |
Number of 2019 warrants offered |
Onno van de Stolpe |
Chief Executive Officer; Executive director |
100,000 |
Raj Parekh |
Non-executive director; Chairman of the board |
15,000 |
Peter Guenter |
Non-executive director |
7,500 |
Howard Rowe |
Non-executive director |
7,500 |
Katrine Bosley |
Non-executive director |
7,500 |
Mary Kerr |
Non-executive director |
7,500 |
Piet Wigerinck |
Chief Scientific Officer |
50,000 |
Bart Filius |
Chief Operating Officer; Chief Financial Officer |
65,000 |
Andre Hoekema |
Chief Business Officer |
50,000 |
Walid Abi-Saab |
Chief Medical Officer |
50,000 |
We note that Mr. Peter Guenter was appointed as a non-executive, independent director by the shareholders’ meeting on 30 April 2019 and the board mandates of Dr. Werner Cautreels and Dr. Christine Mummery ended on 30 April 2019.
During the first six months of 2019, there were no changes to related party transactions disclosed in the 2018 annual report that potentially had a material impact on the financials of the first six months of 2019.