Severance clauses and payments
Severance payments for departing members of the Executive Committee
On 30 August 2021, Galapagos announced the planned retirement of its Chief Executive Officer Onno van de Stolpe and after a transition period Stoffels IMC BV, permanently represented by Dr. Paul Stoffels, took over as Chief Executive Officer effective 1 April 2022. The retirement package of our former Chief Executive Officer, Onno van de Stolpe, has been disclosed in the annual report for financial year 2021.
In 2022, Dr. Andre Hoekema retired from Galapagos per 31 December 2022 and as of 31 October 2022 he was no longer a member of the Executive Committee. He executed an advisory role until 31 December 2022, for which he continued to receive his base salary. He qualifies as a good leaver under the terms and conditions of the subscription right plans given his retirement.
For the avoidance of doubt, Dr. Hoekema will not receive a grant under the 2023 RSU Annual Long-Term Incentive Plan equivalent to his 2022 short-term cash bonus.
Effective 1 January 2023, Dr. Walid Abi-Saab is no longer a member of our Executive Committee. He will execute a purely advisory role until 31 May 2023, for which he will continue to receive a his 2022 base salary and retains entitlement to RSU pay-outs until the aforementioned date.
For the avoidance of doubt, Dr. Walid Abi-Saab will not receive a grant under the 2023 RSU Annual Long-Term Incentive Plan equivalent to his 2022 short-term cash bonus. He will qualify as a good leaver under the terms and conditions of the subscription right plans, pursuant to an exception granted by the Board of Directors under the relevant subscription right plans.