Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 482

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 19
Chunk 482
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2.II, Plan 2023.II and Plan 2024.II: these plans are designed with the aim to retain a specific group of our key employees and members of the Executive Committee whose retention is considered so important for our future performance that an additional incentive is desired. The beneficiaries are nominated by the Remuneration Committee and the Board of Directors approves the list of beneficiaries. The four-year vesting period is designed to be aligned with long-term shareholder interests;
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●   Plan 2021.III and Plan 2022.III: these plans are intended to compensate employees who transferred from Gilead to us in the framework of the transfer of European commercialization rights for the long-term incentive plans within Gilead under which unvested RSU awards lapsed upon transfer out of the Gilead group. These employees received a one-time Restricted Stock Units grant from us.
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The main characteristics of all these plans are as follows:
●   the RSUs are offered for no consideration;
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●   generally four-year vesting period, with 25% vesting each year, except for some plans or some beneficiaries for which the RSUs will all vest at the same time three years after the offer date (bullet vesting); vest 50% after two years and 50% after three years or vest over three years with 34% vesting the first year and 33% in each of the remaining two years;
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●   payout will be in cash or shares, at our discretion, it being understood that in respect of members of the Executive Committee, 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;
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●   any unvested RSUs are forfeited upon termination of service before the vesting date.
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F-63

The table below sets forth a summary of RSUs outstanding at December 31, 2024, per RSU plan:
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      ​          ​                    ​                     ​        ​        ​      ​      ​       ​       ​        ​         ​        ​      
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​                                                       ​       Outstanding       ​                     ​                  ​        Outstanding
​                ​                                      ​   ​           per   ​   Granted   ​   Forfeited   ​   Paid in cash   ​            per
​                ​                                  Offer   ​    January