Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 239

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 6
Chunk 239
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 below, the numbers of subscription rights issued under Warrant Plan 2002 Belgium are divided by four to avoid confusion in entitlements and rights. 
Generally, unless our Board of Directors at the time of the grant of the subscription right determines a higher exercise price, the exercise price of a subscription right will at least be equal to:

●   the last closing price of our ordinary shares on Euronext Brussels and Amsterdam prior to the date on which the subscription right is offered; or
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●   the average closing price of our ordinary shares on Euronext Brussels and Amsterdam over the thirty-day period preceding the date on which the subscription right is offered.
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However, for the subscription rights offered under Warrant Plan 2002 Belgium, since the ordinary shares of our company were not yet traded or listed on a stock exchange at the time of the relevant offers, the exercise price was to be determined by our Board of Directors at the time of the offer and had to be at least equal to the market value of the former Class D shares, as determined by the Board of Directors at that time and as certified by the auditor of our Company. In addition, the exercise price could not be lower than (i) the book value of the existing shares as appearing from the last approved annual accounts of the company at the date of the offer and (ii) €1.
From 2002 until December 31, 2024, an aggregate of 23,035,809 subscription rights were granted. Of these 23,035,809 subscription rights:

●   4,491,841 subscription rights lapsed because they were not timely exercised by their beneficiaries, due to their beneficiaries no longer being employed by the Company or because another condition for vesting was not met; and
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●   6,632,859 subscription rights were exercised.
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As a result, as of December 31, 2024, there were 11,911,109 subscription rights outstanding, representing approximately 18.08% of the total number of all our issued and outstanding voting financial instruments. 
The table below sets forth the details of all subscription rights granted under the subscription right plans for employees, members of the Board of Directors, members of the Executive Committee and independent consultants in force as per December 31, 2024, including the plan under which the subscription rights were granted, the offer date, exercise price, expiry date, number of subscription rights exercised, number of subscription rights voided and