Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 268

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 7
Chunk 268
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 damages, liabilities, costs, and expenses incurred due to third-party claims related to their roles in the separation, except in cases of willful misconduct or gross negligence. The indemnification amount is limited to a proportionate share based on the funds remaining with Galapagos after the separation. Similarly, SpinCo will indemnify these individuals for any losses, claims, damages, liabilities, costs, and expenses incurred due to third-party claims related to their roles in the separation, except in cases of willful misconduct or gross negligence, but only from and after the effective time of the separation. The indemnification amount is limited to a proportionate share based on the initial capital allocation to SpinCo.

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A proposal to provide a discharge from liability for the Directors of Galapagos in relation to the separation, the preparation, and implementation thereof shall be submitted to the Extraordinary Shareholders’ Meeting of Galapagos in connection with the approval of the separation.
Transactions with related companies
From time to time, in the ordinary course of our business, we may contract for services from companies in which certain of the members of our Board of Directors or Executive Committee may serve as director or advisor. The cost of these services is negotiated on an arm’s length basis, and none of these arrangements are material to us.
Agreements with our Board members and Executive Committee members
Management arrangements
In 2024, all Executive Committee members have provided their services under agreements with the Galapagos Group, with a notice period, or indemnity in lieu of notice period, of nine months for the CEO and six months for the other Executive Committee members. The agreements do not provide for severance payments. In the event of termination, Galapagos may enter into non-competition undertakings with the CEO and the other Executive Committee members providing for non-competition indemnities. In the event their contract with the group is terminated as a result of a change of control of Galapagos, the CEO and the other Executive Committee members would be entitled to the immediate vesting of subscription rights and severance compensation of (i) 12 months' base salary for the CEO and (ii) nine months' base salary for the other Executive Committee members. The paragraphs below set forth the main terms of the agreements.
Stoffels IMC BV, permanently represented by Dr. Paul Stoffels
On January 26, 2022, we entered into a management agreement, subject to Belgian law, with Stoffels IMC BV (permanently represented by