Annual Report 2023

Annual Report 2023

Non-Executive Remuneration

In accordance with the 2021 Remuneration Policy, the remuneration of the non-executive directors consists of (i) a fixed fee calculated on the basis of their membership or chairmanship of the Board of Directors and/or its committees and (ii) a long term equity incentive in the form of stock options and RSUs. It is noted that as part of the changes proposed for the 2021 Remuneration Policy, subject to its approval at the 2024 General Meeting, the Company will no longer compensate non-executive directors with stock options, but only in the form of cash and RSUs please refer to section 3.4.1 ‘Say-on-pay and proposed Amendments to the 2021 Remuneration Policy’.

Total non-executive remuneration

The following table sets forth the information regarding the compensation earned by the non-executive directors during fiscal year ended December 31, 2023:

Name

 

Fees earned or paid in cash
(in $)

 

Stock option awards
(in $)

 

RSU awards
(in $)

 

Total
(in $)

Peter K.M. Verhaeghe

 

94,629

 

431,179

 

134,524

 

660,332

Werner Lanthaler

 

11,716

 

–

 

–

 

11,716

Steve Krognes

 

64,438

 

377,772

 

193,440

 

635,649

Pamela Klein

 

56,777

 

280,113

 

134,524

 

471,414

J. Donald deBethizy

 

67,592

 

280,113

 

134,524

 

482,229

Anthony A. Rosenberg

 

62,185

 

280,113

 

134,524

 

476,822

James M. Daly

 

67,592

 

280,113

 

134,524

 

482,229

Camilla Sylvest

 

54,073

 

210,085

 

101,085

 

365,244

Ana Cespedes

 

54,073

 

140,057

 

67,262

 

261,392

Annual cash compensation

The Board of Directors has set the annual base remuneration, the annual remuneration for members of the audit and compliance committee, the research and development committee, the remuneration and nomination committee and the commercialization committee and, in each case, the additional remuneration for the respective chairperson as follows:

 

 

 

 

 

 

 

 

in $

Relevant body

 

Position

 

Fees in €

 

Fees in $

 

Peter K.M. Verhaeghe

 

Werner Lanthaler1)

 

Steve Krognes1)

 

Pamela
Klein

 

J. Donald deBethizy

 

Anthony A. Rosenberg

 

James M.
Daly

 

Camilla Sylvest

 

Ana
Cespedes

Board of Directors

 

Chairperson

 

75,000

 

81,110

 

81,110

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

Member

 

45,000

 

48,666

 

–

 

8,111

 

44,611

 

48,666

 

48,666

 

48,666

 

48,666

 

48,666

 

48,666

Audit & Compliance committee

 

Chairperson

 

15,000

 

16,222

 

–

 

2,704

 

14,870

 

–

 

–

 

–

 

–

 

–

 

–

 

Member

 

7,500

 

8,111

 

8,111

 

–

 

–

 

–

 

–

 

8,111

 

8,111

 

–

 

–

Remuneration & Nomination committee

 

Chairperson

 

10,000

 

10,815

 

–

 

–

 

–

 

–

 

10,815

 

–

 

–

 

–

 

–

 

Member

 

5,000

 

5,407

 

5,407

 

901

 

4,957

 

–

 

–

 

–

 

–

 

–

 

5,407

Commercialization committee

 

Chairperson

 

10,000

 

10,815

 

–

 

–

 

–

 

–

 

–

 

–

 

10,815

 

–

 

–

 

Member

 

5,000

 

5,407

 

–

 

–

 

–

 

–

 

–

 

5,407

 

–

 

5,407

 

–

Research & Development committee

 

Chairperson

 

15,000

 

16,222

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

Member

 

7,500

 

8,111

 

–

 

–

 

–

 

8,111

 

8,111

 

–

 

–

 

–

 

–

Total

 

 

 

 

 

 

 

94,629

 

11,716

 

64,438

 

56,777

 

67,592

 

62,185

 

67,592

 

54,073

 

54,073

1)

Resigned from Board of Directors following the board meeting of February 28, 2023 upon appointment and onboarding of Mr. Krognes.

Compared to 2022, no changes were in 2023 made to the levels of cash compensation for the non-executive directors.

Equity compensation

In 2023, in accordance with the 2021 Remuneration Policy, the non-executive directors received grants of stock options and RSUs, as follows:

 

 

RSUs granted in 2023

 

Stock options granted in 2023

 

 

Name

 

# RSUs

 

Key terms

 

Value at grant in $

 

# Stock
options

 

Exercise
price in €

 

Exercise
price in $

 

Key terms

 

Value at grant in $

 

Total

Peter K.M. Verhaeghe

 

350

 

RSUs vest and are settled in 4 equal instalments of 25% over a 4 year period

 

134,524

 

1,600

 

355.40

 

387.35

 

Vesting upon third anniversary of the grant

 

431,179

 

565,703

Werner Lanthaler

 

–

 

 

–

 

–

 

–

 

–

 

 

–

 

–

Steve Krognes

 

525

 

 

193,440

 

2,400

 

355.40

 

387.35

 

 

377,772

 

571,212

Pamela Klein

 

350

 

 

134,524

 

1,600

 

355.40

 

387.35

 

 

280,113

 

414,637

J. Donald deBethizy

 

350

 

 

134,524

 

1,600

 

355.40

 

387.35

 

 

280,113

 

414,637

Anthony A. Rosenberg

 

350

 

 

134,524

 

1,600

 

355.40

 

387.35

 

 

280,113

 

414,637

James M. Daly

 

350

 

 

134,524

 

1,600

 

355.40

 

387.35

 

 

280,113

 

414,637

Camilla Sylvest

 

263

 

 

101,085

 

1,200

 

355.40

 

387.35

 

 

210,085

 

311,170

Ana Cespedes

 

175

 

 

67,262

 

800

 

355.40

 

387.35

 

 

140,057

 

207,319

The table below shows (i) the stock options held at January 1, 2023, (ii) the stock options granted to the non-executive directors which have vested during the year ended December 31, 2023, (iii) the number of stock options scheduled to vest in the years ending December 31, 2024, December 31, 2025 and December 31, 2026 and (iv) the respective exercise price of such stock options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Board member

 

Perfor­mance
period

 

Award date

 

Vesting date

 

End of retention period

 

Exercise period

 

Grant price in €

 

Stock options held at the beginning
of the year

 

Stock options awar­ded

 

Stock options exercised

 

Stock options vested

 

Stock options subject to a service condition

 

Stock options awarded and unvested

 

Stock options held at the end of the year

 

Stock options subject to a retention period

Peter K.M. Verhaeghe

 

30/09/2014–
30/09/2017

 

30/09/2014

 

(1)

 

31/12/2017

 

01/01/2018–
30/09/2024

 

3.95

 

1,969

 

–

 

1,969

 

–

 

–

 

–

 

–

 

–

 

30/09/2014–
30/09/2017

 

30/09/2014

 

(1)

 

31/12/2017

 

01/01/2018–
30/09/2024

 

2.44

 

2,885

 

–

 

2,885

 

–

 

–

 

–

 

–

 

–

 

18/12/2014–
18/12/2017

 

18/12/2014

 

(1)

 

31/12/2017

 

01/01/2018–
18/12/2024

 

7.17

 

5,000

 

–

 

3,000

 

–

 

–

 

–

 

2,000

 

–

 

18/06/2016–
18/06/2019

 

18/06/2016

 

(1)

 

31/12/2019

 

01/01/2020–
18/06/2026

 

11.38

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

10,000

 

–

 

–

 

3,333

 

–

 

–

 

10,000

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

01/01/2026–
23/12/2032

 

359.60

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

01/01/2027–
03/07/2033

 

355.40

 

–

 

1,600

 

–

 

–

 

–

 

1,600

 

1,600

 

1,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

55,254

 

1,600

 

7,854

 

3,333

 

–

 

7,000

 

49,000

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Werner Lanthaler

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

10,000

 

–

 

10,000

 

–

 

–

 

–

 

–

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

5,580

 

–

 

5,580

 

–

 

–

 

–

 

–

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

10,000

 

–

 

1,126

 

3,333

 

–

 

–

 

8,874

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

01/12/2024

 

24/12/2022–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

–

 

2,700

 

–

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

28,280

 

–

 

16,706

 

3,333

 

–

 

–

 

11,574

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steve Krognes

 

03/04/2023–
03/04/2026

 

03/04/2023

 

(2)

 

31/12/2026

 

03/04/2024–
03/04/2033

 

340.70

 

–

 

2,400

 

–

 

–

 

–

 

2,400

 

2,400

 

2,400

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

–

 

2,400

 

–

 

–

 

–

 

2,400

 

2,400

 

2,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pamela Klein

 

18/06/2015–
18/06/2018

 

18/06/2015

 

(1)

 

N/A

 

18/06/2016–
18/06/2025

 

11.44

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

18/06/2016–
18/06/2019

 

18/06/2016

 

(1)

 

N/A

 

18/06/2017–
18/06/2026

 

11.38

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

10,000

 

–

 

8,500

 

–

 

–

 

–

 

1,500

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

10,000

 

–

 

–

 

3,333

 

–

 

–

 

10,000

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

31/12/2024

 

24/12/2022–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

23/12/2023–
23/12/2032

 

359.60

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

1,600

 

–

 

–

 

–

 

1,600

 

1,600

 

1,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

35,400

 

1,600

 

8,500

 

3,333

 

–

 

7,000

 

28,500

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

J. Donald deBethizy

 

18/06/2016–
18/06/2019

 

18/06/2016

 

(1)

 

N/A

 

18/06/2017–
18/06/2026

 

11.38

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

10,000

 

–

 

–

 

3,333

 

–

 

–

 

10,000

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

31/12/2024

 

24/12/2022–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

23/12/2023–
23/12/2032

 

359.60

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

1,600

 

–

 

–

 

–

 

1,600

 

1,600

 

1,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

45,400

 

1,600

 

–

 

3,333

 

–

 

7,000

 

47,000

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthony A. Rosenberg

 

13/12/2016–
13/12/2019

 

13/12/2016

 

(1)

 

N/A

 

13/12/2017–
13/12/2026

 

14.13

 

15,000

 

–

 

–

 

–

 

–

 

–

 

15,000

 

–

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

10,000

 

–

 

–

 

–

 

–

 

–

 

10,000

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

8,840

 

–

 

–

 

–

 

–

 

–

 

8,840

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

5,840

 

–

 

2,200

 

3,333

 

–

 

–

 

3,640

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

31/12/2024

 

24/12/2022–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

23/12/2023–
23/12/2032

 

359.60

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

1,600

 

–

 

–

 

–

 

1,600

 

1,600

 

1,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

45,080

 

1,600

 

2,200

 

3,333

 

–

 

7,000

 

44,480

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James M. Daly

 

28/06/2018–
28/06/2021

 

28/06/2018

 

(1)

 

N/A

 

28/06/2019–
28/06/2028

 

80.82

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

21/12/2018–
21/12/2021

 

21/12/2018

 

(1)

 

N/A

 

21/12/2019–
21/12/2028

 

86.32

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

20/12/2019–
20/12/2022

 

20/12/2019

 

(1)

 

N/A

 

20/12/2020–
20/12/2029

 

135.75

 

10,000

 

–

 

10,000

 

–

 

–

 

–

 

–

 

–

 

21/12/2020–
21/12/2023

 

21/12/2020

 

(1)

 

N/A

 

21/12/2021–
21/12/2030

 

247.60

 

10,000

 

–

 

–

 

3,333

 

–

 

–

 

10,000

 

–

 

24/12/2021–
24/12/2024

 

24/12/2021

 

(2)

 

31/12/2024

 

24/12/2022–
24/12/2031

 

309.20

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

23/12/2023–
23/12/2032

 

359.60

 

2,700

 

–

 

–

 

–

 

–

 

2,700

 

2,700

 

2,700

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

1,600

 

–

 

–

 

–

 

1,600

 

1,600

 

1,600

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

25,400

 

1,600

 

10,000

 

3,333

 

–

 

7,000

 

17,000

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camilla Sylvest

 

03/10/2022–
03/10/2025

 

03/10/2022

 

(2)

 

31/12/2025

 

03/10/2023–
03/10/2032

 

368.50

 

4,050

 

–

 

–

 

–

 

–

 

4,050

 

4,050

 

4,050

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

1,200

 

–

 

–

 

–

 

1,200

 

1,200

 

1,200

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

4,050

 

1,200

 

–

 

–

 

–

 

5,250

 

5,250

 

5,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ana Cespedes

 

23/12/2022–
23/12/2025

 

23/12/2022

 

(2)

 

31/12/2025

 

23/12/2023–
23/12/2032

 

359.60

 

4,050

 

–

 

–

 

–

 

–

 

4,050

 

4,050

 

4,050

 

03/07/2023–
03/07/2026

 

03/07/2023

 

(2)

 

31/12/2026

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

800

 

–

 

–

 

–

 

800

 

800

 

800

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

4,050

 

800

 

–

 

–

 

–

 

4,850

 

4,850

 

4,850

1)

1/3rd of the stock options vests on the first anniversary of the date of grant and the remaining 2/3rd vests in equal monthly instalments (24 in total) over the next two years, each time upon the 1st day of each next month.

2)

Stock options vest upon third anniversary of the grant.

The table below shows (i) the RSUs held at January 1, 2023, (ii) the RSUs granted to the non-executive directors which have vested during the year ended December 31, 2023 and (iii) RSUs scheduled to vest in the years ending December 31, 2024, December 31, 2025, December 31, 2026 and December 31, 2027 (in number of RSUs):

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Board member

 

Performance period

 

Award date

 

Vesting date

 

End of reten­tion period

 

RSUs held at the beginning of the year

 

RSUs awarded

 

RSUs vested

 

RSUs subject to a service condition

 

RSUs awarded and unvested

 

RSUs held at the closing of the year

 

RSUs subject to a retention period

Peter K.M. Verhaeghe

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

150

 

–

 

300

 

300

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

600

 

–

 

150

 

–

 

450

 

450

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

350

 

–

 

–

 

350

 

350

 

–

Total

 

 

 

 

 

 

 

 

 

1,050

 

350

 

300

 

–

 

1,100

 

1,100

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Werner Lanthaler

 

24/12/2021–28/02/2023

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

–

 

–

 

–

 

–

 

–

Total

 

 

 

 

 

 

 

 

 

450

 

–

 

450

 

–

 

–

 

–

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Steve Krognes

 

03/04/2023–03/04/2027

 

03/04/2023

 

(1)

 

N/A

 

–

 

525

 

–

 

–

 

525

 

525

 

–

Total

 

 

 

 

 

 

 

 

 

–

 

525

 

–

 

–

 

525

 

525

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pamela Klein

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

150

 

–

 

300

 

300

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

600

 

–

 

150

 

–

 

450

 

450

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

350

 

–

 

–

 

350

 

350

 

–

Total

 

 

 

 

 

 

 

 

 

1,050

 

350

 

300

 

–

 

1,100

 

1,100

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

J. Donald deBethizy

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

150

 

–

 

300

 

300

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

600

 

–

 

150

 

–

 

450

 

450

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

350

 

–

 

–

 

350

 

350

 

–

Total

 

 

 

 

 

 

 

 

 

1,050

 

350

 

300

 

–

 

1,100

 

1,100

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthony A. Rosenberg

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

150

 

–

 

300

 

300

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

600

 

–

 

150

 

–

 

450

 

450

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

350

 

–

 

–

 

350

 

350

 

–

Total

 

 

 

 

 

 

 

 

 

1,050

 

350

 

150

 

–

 

1,100

 

1,100

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James M. Daly

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

450

 

–

 

150

 

–

 

300

 

300

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

600

 

–

 

150

 

–

 

450

 

450

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

350

 

 

 

–

 

350

 

350

 

–

Total

 

 

 

 

 

 

 

 

 

1,050

 

350

 

300

 

–

 

1,100

 

1,100

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camilla Sylvest

 

03/10/2022–03/10/2026

 

03/10/2022

 

(1)

 

N/A

 

900

 

–

 

225

 

–

 

675

 

675

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

263

 

–

 

–

 

263

 

263

 

–

Total

 

 

 

 

 

 

 

 

 

900

 

263

 

225

 

–

 

938

 

938

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ana Cespedes

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

900

 

–

 

225

 

–

 

675

 

675

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

175

 

–

 

–

 

175

 

175

 

–

Total

 

 

 

 

 

 

 

 

 

900

 

175

 

225

 

–

 

850

 

850

 

–

1)

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

Holding requirements

In 2023, the Company implemented the following holding requirements for non-executive directors: 3x annual cash retainer.

The minimum equity stake is required to be built up over a maximum of five years and continues to apply for the duration of employment and for two years thereafter.

Severance arrangements

In fiscal year 2023, no severance payments were granted to the non-executive directors.

Non-executive equity treatment on departure

In 2023, the Company has updated the terms of the Equity Incentive Plan applicable to non-executive directors, with respect to leaver rules. In particular, and following shareholder feedback on the potential negative impact of having multi-year service based vesting requirements for non-executive director equity, the Equity Incentive Plan was updated to reflect that non-executive directors will lose their unvested equity if they are dismissed by the general meeting, but not if they resign on their own initiative or if, at the end of their term, they do not apply for re-appointment. In the proposed Draft 2024 Remuneration Policy, the Company is further developing this further and proposed a 1 year vest term combined with a 3 year post vest holding requirement for equity.

Applying the same principles as for prior board departures after full terms of service, for Mr. Lanthaler, the Company has agreed that equity granted during his 8 year term of service (there was no equity grant in 2022) is deemed vested, but that such equity is not exercisable other than after completion of the vesting terms set at grant. To address specifically the potential tax cost of vested but unexercisable equity, Mr. Lanthaler was granted the right to exercise or sell such portions of his vested equity to allow him to cover immediate tax liability resulting from the vesting of such equity.