Annual Report 2022

Annual Report 2022

Executive remuneration paid in 2022

Compensation of our CEO

The following table sets forth information regarding compensation we paid to Mr. Van Hauwermeiren for services performed during the fiscal year ended December 31, 2022.

Compensation (in $)

 

Financial year ended
December 31, 2022

Base salary

 

638,901

Short-term incentive

 

766,682

Option awards 1)

 

4,174,684

RSUs 2)

 

2,159,689

Employer social security contribution stock options 3)

 

–

Non‑Equity Incentive Plan compensation

 

–

Pension contributions

 

23,384

Social security costs

 

–

Other 4)

 

14,958

Total

 

7,778,298

1)

Amount shown represents the expenses with respect to the option awards granted in 2022 to Mr. Van Hauwermeiren measured using the Black Scholes formula. For a description of the assumptions used in valuing these awards, see note 13 to our financial statements included elsewhere in this Annual Report. These amounts do not reflect the actual economic value realized by Mr. Van Hauwermeiren.

2)

Amounts shown represent the expenses with respect to the RSUs awards granted in 2022, measured using the Black Scholes formula. For a description of the assumptions used in valuing these awards, see note 13 to our consolidated financial statements in section 6 “Consolidated Financial Statements”.

3)

We incur employer social security costs with respect to the options granted to members of our senior management. The amount of employer social security costs depends on the actual economic value realized and therefore varies based on the price of our ordinary shares. At each reporting date, we make a calculation of the exposure.

4)

Consists of $11,615 attributable to the lease of a company car, $182 in employer-paid medical insurance premiums and $3,161 of allowance.

Increase in base salary for our CEO

Our CEO base salary increased by 10% from fiscal year 2021 to fiscal year 2022. The 10% increase was deemed appropriate by our remuneration & nomination committee to more closely align our CEO base pay to that of the reference group, and considering the continued high performance of the CEO and the Company through its rapid growth over the past years. We note that our CEO’s base pay continues to be below the reference group 50th percentile. The aforementioned 10% includes inflation correction and merit increase.

Variable vs fixed compensation determination for CEO

The mix between fixed and variable cash based remuneration components (excluding equity compensation) for our executive director for the last three years is set out below:

(in $) 1)

 

2022

 

2021

 

2020

Fixed

 

677,243

 

621,071

 

599,230

Variable

 

766,682

 

523,799

 

456,362

Total

 

1,443,925

 

1,144,871

 

1,055,593

1)

Using a fixed exchange rate of 1.05 USD / 1 EUR, taking into account that our CEO’s salary is paid in EUR but our functional and reporting currency is in USD.

The ratio between fixed and variable cash payments to our CEO for the fiscal year ended December 31, 2022 equals $677,243 / $766,682 or 46.9% / 53.1%, respectively.

Short-term incentives

Name

 

Type

 

Company strategy

 

Measure

 

Assesment of performance

 

Achievement

 

Overall achievement (in %)

 

Overall pay-out
(in %)

Tim Van Hauwermeiren
CEO

 

Building the Business

 

Commercial launch performance

 

Outperform VYVGART launch forecast

 

Four quarterly beat & raise events. Internal launch forecast significantly exceeded, while reinforcing our science-based, patient-focused and transparent foundation and reputation

 

Overachieved

 

200%

 

200%

 

 

Financing

 

Raise > $500 million to finance business plan

 

$805 million raised despite unfavorable market conditions

 

Overachieved

 

 

 

 

 

Building the Organization

 

Pipeline development (co-creation)

 

Live the cultural pillar of co-creation, including modelling exemplary collaboration with external experts in our IIP

 

Personally engaged in our IIP work for undisclosed antibody targets; successfully coached next-gen scientists and guided seamless transition of the chief scientist officer role

 

Achieved

 

 

 

 

 

 

Commercial launch performance (empowerment)

 

Ensure Company-wide alignment behind business plan to support key priorities and empower our people

 

Spent more than five months on the road with newly installed commercial organization in support of our launch priorities. Personally welcomed all new hires and reinforced key priorities across the company

 

Achieved

 

 

 

 

Keith Woods
COO

 

Building the Business

 

Commercial launch performance

 

Outperform VYVGART launch forecast

 

Four quarterly beat & raise events. Internal launch forecast significantly exceeded, while reinforcing our science-based, patient-focused and transparent foundation and reputation

 

Overachieved

 

200%

 

200%

 

 

Commercial expansion

 

Deliver successful Japan launch, EMA approval for VYVGART in gMG in Q3, sales in Germany in Q4, Canada regulatory submission in Q3

 

Significantly exceeded internal target. Marketing approval in Germany ahead of schedule

 

Overachieved

 

 

 

 

 

Building the Organization

 

Commercial performance (co-creation)

 

Live the cultural pillar of co-creation leveraging collaboration between local teams globally

 

New operating model for cross-regional collaboration between local commercial organizations implemented and fully operational, contributing to above expectation launches, cross-regional sharing of learnings on ongoing basis and commercial and scientific teams aligned on patient-focused objectives

 

Achieved

 

 

 

 

 

 

Succession planning & development

 

High quality personal development plans in place for all direct reports.
Identify excellent successor with broad buy-in across the entire commercial organization in accordance with long-term succession plan

 

High quality personal development plans in place. Selection of successor progressed significantly (and completed as of the date of this Annual Report) per succession plan.

 

Achieved

 

 

 

 

Karl Gubitz
CFO

 

Building the Business

 

Financing

 

Raise > $500 million to finance the business plan

 

$ 805 million raised despite unfavorable market conditions

 

Overachieved

 

125%

 

125%

 

 

Commercial performance, transparency, stakeholder relations

 

Ensure internal and external alignment of expectations around financial launch performance

 

Expectations on commercial launch performance evolved in line with launch dynamic, while reinforcing science-based, patient-focused and transparent foundation and reputation.

 

Achieved

 

 

 

 

 

Building the Organization

 

Financial performance, Excellence

 

Drive expense discipline and capital allocation focused on innovation. Establish procurement, management reporting

 

Procurement and management reporting established; internal efficiency gain measured as significantly cost-saving. Significantly improved forecasting and budgeting processes.

 

Achieved

 

 

 

 

 

 

Financial performance, Innovation

 

Improve our enterprise-wide processes and tools, including usability and user-friendliness

 

Achieved, including in relation to finance related tools (enterprise resource planning system simplification) as measured through internal survey results.

 

Achieved

 

 

 

 

Remuneration of other members of our senior management

The following table sets forth information regarding aggregate compensation we paid to members of our senior management team (excluding our CEO Mr. Van Hauwermeiren) during the fiscal year ended December 31, 2022. We note that these numbers also include compensation paid to persons who were part of our senior management for part of 2022 (i.e., Mr. Wim Parys, Ms. Malini Moorthy and Mr. Luc Truyen).

(in $)

 

Compensation

Base salary

 

3,560,204

Short-term incentive

 

2,310,530

Option awards 1)

 

14,218,284

RSUs 2)

 

7,434,327

Employer social security contribution stock options 3)

 

1,100,665

Termination benefits

 

–

Pension contributions

 

81,030

Social security costs

 

1,014,821

Other 4)

 

356,581

Total

 

30,076,443

1)

Amounts shown represent the expenses with respect to the option awards granted in 2022 to Mr. Karl Gubitz, Mr. Keith Woods, Mr. Luc Truyen, Mr. Arjen Lemmen. Ms. Malini Moorthy and Ms. Andria Wilk measured using the Black Scholes formula. For a description of the assumptions used in valuing these awards, see note 13 to our consolidated financial statements incorporated elsewhere in this Annual Report. These amounts do not reflect the actual economic value realized by these members of our senior management.

2)

Amounts shown represent the expenses with respect to the RSUs awards granted in 2022, measured using the Black Scholes formula. For a description of the assumptions used in valuing these awards, see note 13 to our consolidated financial statements in section 6 “Consolidated Financial Statements”.

3)

The Company incurs employer social security costs with respect to the option awards granted to the members of our senior management. The amount of employer social security costs depends on the actual economic value realized and therefore varies based on the price of our ordinary shares. At each reporting date, the Company makes a calculation of the exposure.

4)

Consists of $35,536 attributable to the leases of company cars, $232,517 in car, housing and other allowances and $88,529 in employer-paid medical insurance premiums.

Option awards to our senior management in 2022

The following table sets forth information regarding option awards granted to our senior management during the fiscal year ended December 31, 2022:

Name

 

Stock options

 

Expiration date

 

Exercise price
(in $)

 

Exercise price
(in EUR)

Tim Van Hauwermeiren 1)

 

25,000

 

23/12/2032

 

383.55

 

359.6

Keith Woods 2)

 

16,000

 

23/12/2032

 

383.55

 

359.6

Karl Gubitz

 

16,000

 

01/07/2032

 

381.31

 

357.5

Hans de Haard 3)

 

–

 

–

 

–

 

–

Malini Morthy

 

24,000

 

01/04/2032

 

301.31

 

282.5

Luc Truyen 1)

 

16,000

 

23/12/2032

 

383.55

 

359.6

Wim Parys 4)

 

–

 

–

 

–

 

–

Arjen Lemmen

 

16,000

 

23/12/2032

 

383.55

 

359.6

Andria Wilk 1)

 

4,600

 

23/12/2032

 

383.55

 

359.6

1)

On December 23, 2022, the Company granted options for which Belgian tax resident beneficiaries have a 60-day period to choose between a contractual term of five or ten years.

2)

Keith Woods retired as COO effective March 13, 2023 and was succeeded by Karen Massey effective March 13, 2023.

3)

Prof. de Haard retired effective December 31, 2022 and, therefore, was not granted any equity in 2022 and was succeeded by Peter Ulrichts effective January 1, 2023.

4)

Mr. Parys retired effective March 30, 2022 and, therefore, was not granted any equity in 2022 and was succeeded by Mr. Truyen effective April 1, 2022.

The following table sets forth information regarding RSUs granted to our senior management during the fiscal year ended December 31, 2022:

Name

 

# of RSUs

 

Vesting End Date 2)

Tim Van Hauwermeiren

 

5,700

 

23/12/2026

Keith Woods

 

3,600

 

23/12/2026

Karl Gubitz

 

3,600

 

01/07/2026

Prof. Hans de Haard

 

–

 

–

Malini Moorthy

 

5,400

 

01/04/2026

Wim Parys 1)

 

–

 

–

Arjen Lemmen

 

3,600

 

23/12/2026

Luc Truyen 1)

 

3,600

 

23/12/2026

Andria Wilk

 

1,000

 

23/12/2026

1)

Mr. Parys retired effective March 30, 2022 and, therefore, was not granted any equity incentives in 2021 and was succeeded by Luc Truyen effective April 1, 2022.

2)

RSUs vest equally over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant. RSUs do not have an expiry date.

The table below shows (i) the stock options held as of January 1, 2022, (ii) the stock options granted to our senior management which vested during the year ended December 31, 2022, (iii) the number of stock options scheduled to vest in the years ending December 31, 2023, December 31, 2024 and December 31, 2025 and (iv) the respective exercise price of such stock options. Each stock option was granted pursuant to our Equity Incentive Plan:

Remuneration in Stock Options CEO and Senior Management

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Specifi­cation of plan

 

Perfor­mance
period

 

Award date

 

Vesting date 1)

 

End of retention period

 

Exercise period

 

Exercise price of stock option (in €)

 

Stock options held at the begin­ning
of the year

 

Stock options awar­ded

 

Stock options exer­cised

 

Stock options vested during the year

 

Stock options subject to a perfor­mance condition

 

Stock options awar­ded and unvested

 

Stock options held at the end of the year

 

Stock options subject to a reten­tion period

Tim van Hauwermeiren, chief executive officer

 

Equity Incentive Plan

 

14/12/2017–
01/12/2020

 

14/12/2017

 

Please
refer to
footnote.

 

31/12/2020

 

01/01/2021–
14/12/2027

 

21.17

 

80,000

 

–

 

(7,500)

 

–

 

–

 

–

 

72,500

 

–

 

 

21/12/2018–
01/12/2021

 

21/12/2018

 

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

80,000

 

–

 

–

 

–

 

–

 

–

 

80,000

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

80,000

 

–

 

–

 

26,667

 

–

 

–

 

80,000

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

16,667

 

16,667

 

16,667

 

50,000

 

50,000

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

25,000

 

–

 

–

 

8,333

 

16,667

 

16,667

 

25,000

 

25,000

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

 

31/12/2025

 

01/01/2026–
23/12/2032

 

359.60

 

–

 

25,000

 

–

 

–

 

25,000

 

25,000

 

25,000

 

25,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

315,000

 

25,000

 

(7,500)

 

51,667

 

58,334

 

58,334

 

332,500

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keith Woods, chief operations officer

 

Equity Incentive Plan

 

21/12/2018–
01/12/2021

 

21/12/2018

 

Please
refer to
footnote.

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

25,000

 

–

 

(25,000)

 

–

 

–

 

–

 

–

 

N/A

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

50,000

 

–

 

(15,000)

 

16,700

 

–

 

–

 

35,000

 

N/A

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

16,668

 

16,667

 

16,667

 

50,000

 

N/A

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

 

N/A

 

24/12/2022–
24/12/2031

 

309.20

 

16,000

 

–

 

–

 

5,333

 

10,667

 

10,667

 

16,000

 

N/A

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

 

N/A

 

23/12/2023–
23/12/2032

 

359.60

 

–

 

16,000

 

–

 

–

 

16,000

 

16,000

 

16,000

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

141,000

 

16,000

 

(40,000)

 

38,701

 

43,334

 

43,334

 

117,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Karl Gubitz, chief financial officer

 

Equity Incentive Plan

 

01/07/2021–
01/07/2024

 

01/07/2021

 

Please refer to footnote.

 

N/A

 

01/07/2022–
01/07/2031

 

255.10

 

24,000

 

–

 

–

 

11,333

 

12,667

 

12,667

 

24,000

 

N/A

 

 

01/07/2022–
01/07/2025

 

01/07/2022

 

 

N/A

 

01/07/2023–
01/07/2032

 

357.50

 

–

 

16,000

 

–

 

–

 

16,000

 

16,000

 

16,000

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

16,000

 

–

 

11,333

 

28,667

 

28,667

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prof Hans de Haard, chief scientific officer

 

Equity Incentive Plan

 

29/06/2012–
29/06/2015

 

29/06/2012

 

Please refer to footnote.

 

31/12/2017

 

01/01/2018–
18/12/2024

 

2.44

 

108,996

 

–

 

(108,996)

 

–

 

–

 

–

 

–

 

–

 

 

30/09/2014–
30/09/2017

 

30/09/2014

 

 

31/12/2018

 

01/01/2019 –
15/12/2025

 

2.44

 

35,826

 

–

 

(35,826)

 

–

 

–

 

–

 

–

 

–

 

 

18/12/2014–
01/12/2017

 

18/12/2014

 

 

31/12/2017

 

01/01/2018–
18/12/2024

 

7.17

 

109,000

 

–

 

–

 

–

 

–

 

–

 

109,000

 

–

 

 

15/12/2015–
01/12/2018

 

15/12/2015

 

 

31/12/2018

 

01/01/2019–
15/12/2025

 

9.47

 

28,200

 

–

 

–

 

–

 

–

 

–

 

28,200

 

–

 

 

25/05/2016–
01/05/2019

 

25/05/2016

 

 

31/12/2019

 

01/01/2020–
25/05/2026

 

11.47

 

28,200

 

–

 

–

 

–

 

–

 

–

 

28,200

 

–

 

 

13/12/2016–
01/12/2019

 

13/12/2016

 

 

31/12/2019

 

01/01/2020–
13/12/2026

 

14.13

 

28,200

 

–

 

–

 

–

 

–

 

–

 

28,200

 

–

 

 

26/06/2017–
01/06/2020

 

26/06/2017

 

 

31/12/2020

 

01/01/2021–
26/06/2027

 

18.41

 

14,353

 

–

 

–

 

–

 

–

 

–

 

14,353

 

–

 

 

14/12/2017–
01/12/2020

 

14/12/2017

 

 

31/12/2020

 

01/01/2021–
14/12/2027

 

21.17

 

43,200

 

–

 

–

 

–

 

–

 

–

 

43,200

 

–

 

 

21/12/2018–
01/12/2021

 

21/12/2018

 

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

50,000

 

–

 

–

 

–

 

–

 

–

 

50,000

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

50,000

 

–

 

–

 

16,666

 

–

 

–

 

50,000

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

33,334

 

–

 

–

 

50,000

 

50,000

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

16,000

 

–

 

–

 

16,000

 

–

 

–

 

16,000

 

16,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

561,975

 

–

 

(144,822)

 

66,000

 

 

 

 

 

417,153

 

66,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luc Truyen, chief medical officer

 

Equity Incentive Plan

 

01/10/2021–
01/10/2024

 

01/10/2021

 

Please refer to footnote.

 

31/12/2024

 

01/01/2025–
01/10/2026

 

259.50

 

24,000

 

–

 

–

 

9,333

 

14,667

 

14,667

 

24,000

 

24,000

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

 

31/12/2025

 

01/01/2026–
23/12/2032

 

359.60

 

–

 

16,000

 

–

 

–

 

16,000

 

16,000

 

16,000

 

16,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

16,000

 

 

 

9,333

 

30,667

 

30,667

 

40,000

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wim Parys, chief medical officer

 

Equity Incentive Plan

 

21/12/2018–
01/12/2021

 

21/12/2018

 

Please refer to footnote.

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

125,000

 

–

 

(85,000)

 

–

 

–

 

–

 

40,000

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

50,000

 

–

 

–

 

16,667

 

–

 

–

 

50,000

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

16,666

 

16,667

 

16,667

 

50,000

 

50,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225,000

 

 

 

(85,000)

 

33,333

 

16,667

 

16,667

 

140,000

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arjen Lemmen, vice president of corporate development & strategy

 

Equity Incentive Plan

 

26/06/2017–
01/06/2020

 

26/06/2017

 

Please refer to footnote.

 

31/12/2020

 

01/01/2021–
26/06/2027

 

18.41

 

4,306

 

–

 

(4,306)

 

–

 

–

 

–

 

–

 

–

 

 

14/12/2017–
01/12/2020

 

14/12/2017

 

 

31/12/2020

 

01/01/2021–
14/12/2027

 

21.17

 

6,328

 

–

 

(6,328)

 

–

 

–

 

–

 

–

 

–

 

 

28/06/2018–
01/06/2021

 

28/06/2018

 

 

31/12/2021

 

01/01/2022–
21/12/2028

 

80.82

 

3,195

 

–

 

(2,500)

 

–

 

–

 

–

 

695

 

–

 

 

21/12/2018–
01/12/2021

 

21/12/2018

 

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

15,952

 

–

 

–

 

–

 

–

 

–

 

15,952

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

50,000

 

–

 

–

 

12,518

 

–

 

–

 

50,000

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

16,666

 

16,667

 

16,667

 

50,000

 

50,000

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

16,000

 

–

 

–

 

5,333

 

10,667

 

10,667

 

16,000

 

16,000

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

 

N/A

 

23/12/2023–
23/12/2032

 

359.60

 

–

 

16,000

 

–

 

–

 

16,000

 

16,000

 

16,000

 

–

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145,781

 

16,000

 

(13,134)

 

34,517

 

43,334

 

43,334

 

148,647

 

66,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andria Wilk, Global Head of Quality

 

Equity Incentive Plan

 

20/12/2019–
01/12/2022

 

20/12/2019

 

Please refer to footnote.

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

9,400

 

–

 

–

 

2,354

 

–

 

–

 

9,400

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

9,900

 

–

 

–

 

2,663

 

2,662

 

2,662

 

9,900

 

9,900

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

4,446

 

–

 

–

 

2,935

 

756

 

756

 

4,446

 

4,446

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

 

31/12/2025

 

01/01/2026–
23/12/2032

 

359.60

 

–

 

4,600

 

–

 

–

 

4,600

 

4,600

 

4,600

 

4,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,746

 

4,600

 

–

 

7,952

 

8,018

 

8,018

 

28,346

 

18,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malini Moorthy, general counsel

 

Equity Incentive Plan

 

01/04/2022–
01/04/2025

 

01/04/2022

 

Please refer to footnote.

 

N/A

 

01/04/2023–
01/04/2035

 

282.50

 

–

 

24,000

 

–

 

–

 

24,000

 

24,000

 

24,000

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

 

 

 

 

24,000

 

24,000

 

24,000

 

 

1)

1/3 of the option vests on the first anniversary of the Award Date and the remaining 2/3rd vest during the following two years in equal parts of 1/24th, each time upon the 1st day of each month.

The table below shows (i) the RSUs held as of January 1, 2022, (ii) the RSUs granted to our senior management which vested during the year ended December 31, 2022 and (iii) the number of RSUs scheduled to vest in the years ending December 31, 2023, December 31, 2024, December 31, 2025 and December 31, 2026. Each RSU was granted pursuant to the Equity Incentive Plan:

Remuneration in Restricted Stock Units (RSU’s) CEO and Senior Management

 

 

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

The main conditions of RSU plan

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Specifi­cation of plan

 

Perfor­mance
period

 

Award date

 

Vesting date 1)

 

End of reten­tion period

 

RSU’s held at the beginning of the year

 

RSU’s awar­ded

 

RSU’s vested

 

RSU’s subject to a performance condition

 

RSU’s awarded and unvested

 

RSU’s held at the closing of the year

 

RSU’s subject to a reten­tion period

Tim van Hauwermeiren, chief executive officer

 

Equity Incentive Plan

 

24/12/2021–
24/12/2025

 

24/12/2021

 

Please
refer to
footnote.

 

N/A

 

5,700

 

–

 

(1,425)

 

4,275

 

4,275

 

4,275

 

N/A

 

 

23/12/2022–
23/12/2026

 

23/12/2022

 

 

N/A

 

–

 

5,700

 

–

 

5,700

 

5,700

 

5,700

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

5,700

 

5,700

 

(1,425)

 

 

 

 

 

9,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luc Truyen, chief medical officer

 

Equity Incentive Plan

 

01/10/2021–
01/10/2025

 

01/10/2021

 

Please
refer to
footnote.

 

N/A

 

5,400

 

–

 

(1,350)

 

4,050

 

4,050

 

4,050

 

N/A

 

 

23/12/2022–
23/12/2026

 

23/12/2022

 

 

N/A

 

–

 

3,600

 

–

 

3,600

 

3,600

 

3,600

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

5,400

 

3,600

 

(1,350)

 

 

 

 

 

7,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Keith Woods, chief operations officer

 

Equity Incentive Plan

 

24/12/2021–
24/12/2025

 

24/12/2021

 

Please
refer to
footnote.

 

N/A

 

3,600

 

–

 

(900)

 

2,700

 

2,700

 

2,700

 

N/A

 

 

23/12/2022–
23/12/2026

 

23/12/2022

 

 

N/A

 

–

 

3,600

 

–

 

3,600

 

3,600

 

3,600

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

3,600

 

3,600

 

(900)

 

 

 

 

 

6,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Karl Gubitz, chief financial officer

 

Equity Incentive Plan

 

01/07/2021–
01/07/2025

 

01/07/2021

 

Please
refer to
footnote.

 

N/A

 

5,400

 

–

 

(1,350)

 

4,050

 

4,050

 

4,050

 

N/A

 

 

01/07/2022–
01/07/2026

 

01/07/2022

 

 

N/A

 

–

 

3,600

 

–

 

3,600

 

3,600

 

3,600

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

5,400

 

3,600

 

(1,350)

 

 

 

 

 

7,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prof. Hans de Haard, chief scientific officer

 

Equity Incentive Plan

 

24/12/2021–
31/12/2022

 

24/12/2021

 

Please
refer to
footnote.

 

N/A

 

3,600

 

–

 

(3,600)

 

–

 

–

 

–

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

3,600

 

–

 

(3,600)

 

 

 

 

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malini Moorthy, general counsel

 

Equity Incentive Plan

 

01/04/2022–
01/04/2026

 

01/04/2022

 

Please
refer to
footnote.

 

N/A

 

–

 

5,400

 

–

 

5,400

 

5,400

 

5,400

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

–

 

5,400

 

–

 

 

 

 

 

5,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wim Parys

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

N/A

 

–

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

–

 

–

 

–

 

 

 

 

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arjen Lemmen, vice president of corporate development & strategy

 

Equity Incentive Plan

 

24/12/2021–
24/12/2025

 

24/12/2021

 

Please
refer to
footnote.

 

N/A

 

3,600

 

–

 

(900)

 

2,700

 

2,700

 

2,700

 

N/A

 

 

23/12/2022–
23/12/2026

 

23/12/2022

 

 

N/A

 

–

 

3,600

 

–

 

3,600

 

3,600

 

3,600

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

3,600

 

3,600

 

(900)

 

 

 

 

 

6,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andria Wilk, global head of quality

 

Equity Incentive Plan

 

24/12/2021–
24/12/2025

 

24/12/2021

 

Please
refer to
footnote.

 

N/A

 

988

 

–

 

(247)

 

741

 

741

 

741

 

N/A

 

 

23/12/2022–
23/12/2026

 

23/12/2022

 

 

N/A

 

–

 

1,000

 

–

 

1,000

 

1,000

 

1,000

 

N/A

Total

 

 

 

 

 

 

 

 

 

 

 

988

 

1,000

 

(247)

 

 

 

 

 

1,741

 

 

1)

Options vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.

Arrangements with respect to leaver equity

With respect to Mr. Wim Parys, the Board of Directors approved that his equity awards will continue to vest until the end of the month in which he last performs services as an advisor to the research and development committee of the Board of Directors. With respect to Prof. Hans de Haard, the Board of Directors determined his long-term equity incentives vested in full on December 31, 2022, consistent with the terms of his employment contract and in recognition of his significant contributions made as a founder of argenx and his ever-lasting impact on our current and future value creation including as a future member of the research and development committee, ambassador of our IIP and mentor to talent, all as set out in a service agreement entered into between us and Prof. de Haard, and for which no remuneration shall be paid.