Company: GLPG
Filing Date: 2025-03-27
Form Type: 20-F
Source: 0001558370-25-003806
Chunk: 392

Company: GALAPAGOS NV
Filing Date: 2025-03-27
Form: 20-F
Item: Item 16I
Chunk 392
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 up to $100.0million and potential milestones, which are dependent on successful completion of certain development and commercial milestones, as detailed in the agreement. At December 31, 2024 the commitment for potential milestones amounts to $465.0million on an undiscounted and non-risk adjusted basis. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales.

On September 23, 2022, we entered into a license agreement with another pharmaceutical company to support our cell therapy programs in oncology. Under the terms of this agreement we have the obligation to pay potential milestones, which are dependent on successful completion of certain development and commercial milestones, as detailed in the agreement. At December 31, 2024, this commitment amounts to €243.5million on an undiscounted and non-risk adjusted basis. This amount represents the maximum amount that would be paid if all milestones would be achieved but excludes variable royalty payments based on unit sales.

F-58

Table of Contents

32. Share based payments
SUBSCRIPTION RIGHT PLANS
Presented below is a summary of subscription right activities for the reported periods. Various subscription right plans were approved by the Board of Directors for the benefit of our employees, and for members of the Executive Committee and of the Board of Directors and independent consultants.
The subscription rights offered to members of the Board of Directors vest over a period of36 monthsat a rate of1/36thper month. Effective January 1, 2020, we no longer grant subscription rights to members of the Board of Directors (Non-Executive Directors), taking into account the stricter rules of the Belgian Companies Code and 2020 Corporate Governance Code.
Within the framework of the authorized capital and for the benefit of the Executive Committee members and employees of the Galapagos group, the Board of Directors issued “ Subscription Right Plan 2024 BE”, “ Subscription Right Plan 2024 RMV” and “ Subscription Right Plan 2024 ROW”, for a total of1,340,000subscription rights (after acceptance by the beneficiaries) on May 16, 2024, and for a total of41,000subscription rights (after acceptance by the beneficiaries) on October 1, 2024.
Following table shows when a subscription right becomes exercisable, per issued plan:
Subscription right exercisable as from: Cliff vesting Graded vesting
First tranche of 25% Second tranche of 25% Third tranche of