RSUs awarded to, vested or expired for the management board members
In 2020, the management board were offered new RSUs under 2020 RSU Annual Long-Term Incentive Plan and the 2020 RSU Retention Plan, subject to acceptance. The members of the management board accepted all RSUs offered to them. The grant under the 2020 RSU Annual Long-Term Incentive Plan is the long-term portion of the bonus for 2019 and this RSU grant will vest in full three years after the offer date. The second RSU grant has a four-year vesting period, with 25% vesting each year and a first vesting date on 1 May 2021. The RSUs are not transferable. The table below sets forth the number of RSUs offered to and accepted by each management board member: Mr. Onno van de Stolpe: 18,317 RSUs, Mr. Bart Filius: 12,600 RSUs, Dr. Piet Wigerinck and Dr. Walid Abi-Saab: 12,080 RSUs each, Dr. Andre Hoekema: 832 RSUs and Mr. Michele Manto: 5,920 RSUs.
The main characteristics of the RSU plans for the management board members are as follows:
- The RSUs are offered for no consideration;
- Three or four year vesting periods apply, as set forth per plan in the table below;
- In case of termination of service before the vesting date, forfeiture rules apply.
Each RSU represents the right to receive, at Galapagos’ discretion, one Galapagos share or a payment in cash of an amount equivalent to the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the relevant vesting date. However, in respect of management board members, any vesting prior to the third anniversary of the offer date will always give rise to a payment in cash rather than a delivery of shares as an incentive.
No RSUs expired during financial year 2020. The table below sets forth the main characteristics of RSU plans issued to the management board members in 2019 and 2020, the number of RSUs awarded to each management board member under the respective RSU Plan, and the number of RSUs vested for and paid out to each management board member during 2020:
Management board member |
Plan |
Offer date |
Vesting period |
Vesting date |
Number of RSUs granted |
RSUs vested during 2020 |
Mr. Onno van de Stolpe |
Plan 2019.I |
16/10/2019 |
100% three years after offer date |
16/10/2022 |
15,000 |
|
Plan 2019.II |
16/10/2019 |
25% / year |
01/05/2020
|
25,606 |
6,401 |
|
Plan 2019.III |
16/10/2019 |
50% two years after offer date |
16/10/2021
|
16,922 |
|
|
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
2,392 |
|
|
Plan 2020.II |
06/05/2020 |
25% / year |
01/05/2021
|
15,925 |
|
|
Mr. Bart Filius |
Plan 2019.I |
16/10/2019 |
100% three years after offer date |
16/10/2022 |
5,000 |
|
Plan 2019.II |
16/10/2019 |
25% / year |
01/05/2020
|
17,924 |
4,481 |
|
Plan 2019.III |
16/10/2019 |
50% two years after offer date |
16/10/2021
|
16,922 |
|
|
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
1,452 |
|
|
Plan 2020.II |
06/05/2020 |
25% / year |
01/05/2021
|
11,148 |
|
|
Dr. Andre Hoekema |
Plan 2019.I |
16/10/2019 |
100% three years after offer date |
16/10/2022 |
3,000 |
|
Plan 2019.III |
16/10/2019 |
50% two years after offer date |
16/10/2021
|
16,922 |
|
|
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
832 |
|
|
Dr. Piet Wigerinck |
Plan 2019.I |
16/10/2019 |
100% three years after offer date |
16/10/2022 |
5,000 |
|
Plan 2019.II |
16/10/2019 |
25% / year |
01/05/2020
|
17,924 |
4,481 |
|
Plan 2019.III |
16/10/2019 |
50% two years after offer date |
16/10/2021
|
10,153 |
|
|
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
932 |
|
|
Plan 2020 II. |
06/05/2020 |
25% / year |
01/05/2021
|
11,148 |
|
|
Dr. Walid Abi-Saab |
Plan 2019.I |
16/10/2019 |
100% three years after offer date |
16/10/2022 |
5,000 |
|
Plan 2019.II |
16/10/2019 |
25% / year |
01/05/2020
|
17,924 |
4,481 |
|
Plan 2019.III |
16/10/2019 |
50% two years after offer date |
16/10/2021
|
10,153 |
|
|
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
932 |
|
|
Plan 2020.II |
06/05/2020 |
25% / year |
01/05/2021
|
11,148 |
|
|
Mr. Michele Manto |
Plan 2019.II |
16/10/2019 |
25% / year |
01/05/2020
|
5,121 |
1,280 |
Plan 2020.I |
06/05/2020 |
100% three years after offer date |
06/05/2023 |
612 |
|
|
Plan 2020.II |
06/05/2020 |
25% / year |
01/05/2021
|
5,308 |
|