Annual Report 2023

Annual Report 2023

Remuneration of Other Senior Management Members

For the purposes of the equity reporting by the Company under European legislation, all senior level employees reporting directly to the CEO qualify as the Company’s ‘senior management members’, and for the purposes U.S. governance reporting requirements, as the Company’s ‘executives’. For that reason and in compliance with U.S. disclosure requirements, the remuneration disclosures in relation to this more extensive group of senior personnel (excluding the NEOs) in this remuneration report is presented on an aggregated basis, with the exception of equity remuneration, which presented on an individual basis.

Aggregate compensation for other senior management members

The following table sets forth information regarding aggregate compensation paid to members of the senior management (other than the NEOs) during fiscal year ended December 31, 2023.

(in $)

 

Compensation

Base salary

 

2,202,303

Corporate bonus

 

17,790

Variable short term incentive

 

1,134,786

Compensation in the form of stock options

 

13,333,334

Compensation in the form of RSUs

 

5,534,702

Other benefits1)

 

882,154

Total

 

23,105,069

1)

Other benefits consists of the lease of a company car, employer-paid medical insurance premiums, pension contributions, social security costs and allowances.

Equity for other senior management members granted in 2023

The following table sets forth information regarding stock option and RSU awards granted to members of the senior management during fiscal year ended December 31, 2023:

 

 

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 grant1) in $

 

Total

Peter Ulrichts

 

3,350

 

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

 

1,287,586.88

 

15,000

 

355.40

 

387.35

 

1/3 vests after year 1
2/3 vest in monthly instalments in year 2 and 3

 

3,420,785

 

4,708,372

Malini Moorthy

 

3,350

 

 

1,287,586.88

 

15,000

 

355.40

 

387.35

 

 

2,626,062

 

3,913,649

Luc Truyen

 

3,350

 

 

1,287,586.88

 

15,000

 

355.40

 

387.35

 

 

3,420,785

 

4,708,372

Arjen Lemmen

 

3,350

 

 

1,287,586.88

 

15,000

 

355.40

 

387.35

 

 

2,626,062

 

3,913,649

Andria Wilk

 

1,000

 

 

384,354.29

 

4,600

 

355.40

 

387.35

 

 

1,239,639

 

1,623,994

1)

These amounts do not reflect the actual economic value realized by the beneficiary. Amounts shown represent the expenses with respect to the Stock options awards granted in 2023 measured using the Black Scholes formula with unobservable assumptions. The assumptions used in the fair valuation differ between Belgian beneficiaries versus non-Belgian beneficiaries. The fair value of equity granted to Belgian beneficiaries was higher than that of non-Belgian beneficiaries resulting in stock based compensation expense to be higher for Belgian beneficiaries than other beneficiaries. For a description of the assumptions used in valuing these awards, see note 13 to our consolidated financial statements in section “Consolidated Financial Statements”.

The table below shows (i) the stock options held as of January 1, 2023, (ii) the stock options granted to members of senior management (other than the NEOs) which 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. Each stock option was granted pursuant to the Equity Incentive Plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Specifi­cation plan

 

Performance period

 

Award date

 

Vesting date

 

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 forfeited

 

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 Ulrichts, CSO

 

Equity incentive plan

 

28/06/2018–
01/06/2021

 

28/06/2018

 

(1)

 

31/12/2021

 

01/01/2022–
28/06/2023

 

80.82

 

750

 

–

 

750

 

–

 

–

 

–

 

–

 

–

 

–

 

 

21/12/2018–
01/12/2021

 

21/12/2018

 

(1)

 

31/12/2021

 

01/01/2022–
21/12/2023

 

86.32

 

5,250

 

–

 

5,250

 

–

 

–

 

–

 

–

 

–

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

(1)

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

12,870

 

–

 

7,870

 

–

 

–

 

–

 

–

 

5,000

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

(1)

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

9,900

 

–

 

–

 

–

 

2,550

 

–

 

–

 

9,900

 

–

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

(1)

 

31/12/2024

 

01/01/2025–
24/12/2026

 

309.20

 

3,420

 

–

 

–

 

–

 

1,140

 

1,140

 

1,140

 

3,420

 

3,420

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

(1)

 

31/12/2025

 

01/01/2026–
23/12/2027

 

359.60

 

16,000

 

–

 

–

 

–

 

8,377

 

7,623

 

7,623

 

16,000

 

16,000

 

 

03/07/2023–
01/07/2026

 

03/07/2023

 

(1)

 

31/12/2026

 

01/01/2027–
03/07/2028

 

355.40

 

 

 

15,000

 

–

 

–

 

–

 

15,000

 

15,000

 

15,000

 

15,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,190

 

15,000

 

13,870

 

–

 

12,067

 

23,763

 

23,763

 

49,320

 

34,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malini Moorthy, Legal Counsel

 

Equity incentive plan

 

01/04/2022–
01/04/2025

 

01/04/2022

 

(1)

 

N/A

 

01/04/2023–
01/04/2032

 

282.50

 

24,000

 

–

 

7,500

 

–

 

13,333

 

10,667

 

10,667

 

16,500

 

–

 

 

03/07/2023–
01/07/2026

 

03/07/2023

 

(1)

 

N/A

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

15,000

 

–

 

–

 

–

 

15,000

 

15,000

 

15,000

 

–

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,000

 

15,000

 

7,500

 

–

 

13,333

 

25,667

 

25,667

 

31,500

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luc Truyen, CMO

 

Equity incentive plan

 

01/10/2021–
01/10/2024

 

01/10/2021

 

(1)

 

31/12/2024

 

01/01/2025–
01/10/2026

 

259.50

 

24,000

 

–

 

–

 

–

 

8,000

 

6,667

 

6,667

 

24,000

 

24,000

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

(1)

 

31/12/2025

 

01/01/2026–
23/12/2027

 

359.60

 

16,000

 

–

 

–

 

–

 

5,333

 

10,667

 

10,667

 

16,000

 

16,000

 

 

03/07/2023–
01/07/2026

 

03/07/2023

 

(1)

 

31/12/2026

 

01/01/2027–
03/07/2028

 

355.40

 

–

 

15,000

 

–

 

–

 

 

 

15,000

 

15,000

 

15,000

 

15,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,000

 

15,000

 

–

 

–

 

13,333

 

32,334

 

32,334

 

55,000

 

55,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arjen Lemmen, Vice President of Corporate Development & Strategy

 

Equity incentive plan

 

28/06/2018–
01/06/2021

 

28/06/2018

 

(1)

 

31/12/2021

 

01/01/2022–
28/06/2028

 

80.82

 

695

 

–

 

–

 

–

 

–

 

–

 

–

 

695

 

–

 

 

21/12/2018–
01/12/2021

 

21/12/2018

 

(1)

 

31/12/2021

 

01/01/2022–
21/12/2028

 

86.32

 

15,952

 

–

 

–

 

–

 

–

 

–

 

–

 

15,952

 

–

 

 

20/12/2019–
01/12/2022

 

20/12/2019

 

(1)

 

31/12/2022

 

01/01/2023–
20/12/2029

 

135.75

 

50,000

 

–

 

12,445

 

–

 

–

 

–

 

–

 

37,555

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

(1)

 

31/12/2023

 

01/01/2024–
21/12/2030

 

247.60

 

50,000

 

–

 

–

 

–

 

16,667

 

–

 

–

 

50,000

 

–

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

(1)

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

16,000

 

–

 

–

 

–

 

5,334

 

5,333

 

5,333

 

16,000

 

16,000

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

(1)

 

N/A

 

23/12/2023–
23/12/2032

 

359.60

 

16,000

 

–

 

–

 

–

 

5,333

 

10,667

 

10,667

 

16,000

 

16,000

 

 

03/07/2023–
01/07/2026

 

03/07/2023

 

(1)

 

N/A

 

03/07/2024–
03/07/2033

 

355.40

 

–

 

15,000

 

–

 

–

 

–

 

15,000

 

15,000

 

15,000

 

15,000

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148,647

 

15,000

 

12,445

 

–

 

27,334

 

31,000

 

31,000

 

151,202

 

47,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andria Wilk, Global Head of Quality

 

Equity incentive plan

 

20/12/2019–
01/12/2022

 

20/12/2019

 

(1)

 

31/12/2022

 

01/01/2023–
20/12/2024

 

135.75

 

9,400

 

–

 

9,400

 

–

 

–

 

–

 

–

 

–

 

–

 

 

21/12/2020–
01/12/2023

 

21/12/2020

 

(1)

 

31/12/2023

 

01/01/2024–
21/12/2025

 

247.60

 

9,900

 

–

 

–

 

–

 

2,662

 

–

 

–

 

9,900

 

–

 

 

24/12/2021–
01/12/2024

 

24/12/2021

 

(1)

 

31/12/2024

 

01/01/2025–
24/12/2031

 

309.20

 

4,446

 

–

 

–

 

–

 

757

 

756

 

756

 

4,446

 

4,446

 

 

23/12/2022–
01/12/2025

 

23/12/2022

 

(1)

 

31/12/2025

 

01/01/2026–
23/12/2027

 

359.60

 

4,600

 

–

 

–

 

–

 

2,347

 

2,253

 

2,253

 

4,600

 

4,600

 

 

03/07/2023–
01/07/2026

 

03/07/2023

 

(1)

 

31/12/2026

 

01/01/2027–
03/07/2033

 

355.40

 

–

 

4,600

 

–

 

–

 

770

 

3,830

 

4,600

 

4,600

 

3,830

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,346

 

4,600

 

9,400

 

–

 

6,536

 

6,839

 

7,609

 

23,546

 

12,876

1)

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

The table below shows (i) the RSUs held as of January 1, 2023, (ii) the RSUs granted to members of senior management (other than the NEOs) which vested during the year ended December 31, 2023 and (iii) the number of RSUs scheduled to vest in the years ending December 31, 2024, December 31, 2025, December 31, 2026 and December 31, 2027. Each RSU was granted pursuant to the Equity Incentive Plan:

 

 

 

 

 

 

 

 

 

 

Information regarding the reported financial year

 

 

 

 

 

 

 

 

 

 

Opening balance

 

During the Year

 

Closing balance

Name of Directors, Position

 

Performance period

 

Award date

 

Vesting date

 

End of reten­tion period

 

RSUs held at the beginning of the year

 

RSUs awarded

 

RSUs forfeited

 

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 Ulrichts, CSO

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

570

 

–

 

–

 

190

 

–

 

380

 

380

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

3,600

 

–

 

–

 

900

 

–

 

2,700

 

2,700

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

3,350

 

–

 

–

 

–

 

3,350

 

3,350

 

–

Total

 

 

 

 

 

 

 

 

 

4,170

 

3,350

 

–

 

1,090

 

–

 

6,430

 

6,430

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Malini Moorthy, Legal Counsel

 

01/04/2022–01/04/2026

 

01/04/2022

 

(1)

 

N/A

 

5,400

 

–

 

–

 

1,350

 

–

 

4,050

 

4,050

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

3,350

 

–

 

–

 

–

 

3,350

 

3,350

 

–

Total

 

 

 

 

 

 

 

 

 

5,400

 

3,350

 

–

 

1,350

 

–

 

7,400

 

7,400

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Luc Truyen, CMO

 

01/10/2021–01/10/2025

 

01/10/2021

 

(1)

 

N/A

 

4,050

 

–

 

–

 

1,350

 

–

 

2,700

 

2,700

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

3,600

 

–

 

–

 

900

 

–

 

2,700

 

2,700

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

3,350

 

–

 

–

 

–

 

3,350

 

3,350

 

–

Total

 

 

 

 

 

 

 

 

 

7,650

 

3,350

 

–

 

2,250

 

–

 

8,750

 

8,750

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arjen Lemmen, Vice President of Corporate Development & Strategy

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

2,700

 

–

 

–

 

900

 

–

 

1,800

 

1,800

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

3,600

 

–

 

–

 

900

 

–

 

2,700

 

2,700

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

3,350

 

–

 

–

 

–

 

3,350

 

3,350

 

–

Total

 

 

 

 

 

 

 

 

 

6,300

 

3,350

 

–

 

1,800

 

–

 

7,850

 

7,850

 

–

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andria Wilk, Global Head of Quality

 

24/12/2021–24/12/2025

 

24/12/2021

 

(1)

 

N/A

 

741

 

–

 

–

 

247

 

–

 

494

 

494

 

–

 

23/12/2022–23/12/2026

 

23/12/2022

 

(1)

 

N/A

 

1,000

 

–

 

–

 

250

 

–

 

750

 

750

 

–

 

03/07/2023–03/07/2027

 

03/07/2023

 

(1)

 

N/A

 

–

 

1,000

 

–

 

–

 

–

 

1,000

 

1,000

 

–

Total

 

 

 

 

 

 

 

 

 

1,741

 

1,000

 

–

 

497

 

–

 

2,244

 

2,244

 

–

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.

2)

RSUs are vested at date of the grant.