Annual Report 2025

Annual Report 2025

Non-Executive Director Remuneration

Total Non-Executive Director remuneration in the year ended December 31, 2025

Remuneration of Non-Executive Directors – Total

Name

 

Cash retainer fees earned or paid in cash
(in $)1)

 

Stock option awards
(in $)

 

RSU awards
(in $)

 

Total
(in $)

Peter Verhaeghe

 

142,000

 

–

 

394,903

 

536,903

Steve Krognes

 

95,941

 

–

 

394,903

 

490,844

Pamela Klein

 

77,500

 

–

 

394,903

 

472,403

Donald deBethizy2)

 

37,547

 

–

 

–

 

37,547

Anthony Rosenberg

 

82,500

 

–

 

394,903

 

477,403

James Daly

 

97,500

 

–

 

394,903

 

492,403

Camilla Sylvest

 

70,000

 

–

 

394,903

 

464,903

Ana Céspedes

 

80,941

 

–

 

394,903

 

475,844

Brian Kotzin

 

90,000

 

–

 

394,903

 

484,903

1)

This total amount includes the travel allowance of USD 5,000 for in-person attendance of each board meeting held outside the respective Non-Executive Director’s official continent of residence in accordance with clause 3.5.2 of the 2025 Remuneration Policy.

2)

Donald deBethizy retired from the Board of Directors, the Remuneration and Nomination and Research and Development Committee on May 27, 2025.
  • The breakdown of the Non-Executive Director cash-fee structure and RSU grants can be found in the tables on the next page.
  • The annual cash retainer fees were at the 50th percentile of cash remuneration in the peer group for 2025 remuneration. Additionally, the Non-Executive Director RSU target amount of $400,000 was at the 50th percentile of the 2024 peer group for 2025 remuneration.
  • There is a difference between the annual equity compensation target amount of $400,000 and the value at grant of $394,903. On the Reference Date, the annual equity compensation target amount of $400,000 was divided by the average closing price of the Company’s shares of the 30 calendar days preceding the Reference Date which amounted to $569.17. The Company’s share price on the grant date of June 30, 2025 was $561.74.

Non-Executive Director Shareholding

Non-Executive Directors are required to hold at least 5x annual Board of Director membership retainer fees ($60,000 in 2025) worth of Company stock for the duration of their role. As of December 31, 2025, all Non-Executive Directors comply with this requirement.

Deviations

In the year ended December 31, 2025, the Company did not deviate from the decision-making process for Executive and Non-Executive Director pay and no deviations took place from the 2021 Remuneration Policy or the 2025 Remuneration Policy.

Annual Cash (top) and Equity (Bottom) Compensation for Non-Executive Directors

Remuneration of Non-Executive Directors – Cash

 

 

 

 

 

 

In $

Relevant body

 

Position

 

Fees in $

 

Peter Verhaeghe

 

Steve Krognes

 

Pamela Klein

 

Donald deBethizy

 

Anthony Rosenberg

 

James Daly

 

Camilla Sylvest

 

Ana Céspedes

 

Brian Kotzin

Board of Directors

 

Chairperson

 

119,500

 

119,500

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

Member

 

60,000

 

–

 

60,000

 

60,000

 

24,355

 

60,000

 

60,000

 

60,000

 

60,000

 

60,000

 

Travel Allowance

 

5,000

 

–

 

5,000

 

5,000

 

–

 

–

 

5,000

 

–

 

5,000

 

5,000

Audit and Compliance Committee

 

Chairperson

 

25,000

 

–

 

25,000

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

Member

 

12,500

 

12,500

 

–

 

–

 

–

 

12,500

 

12,500

 

–

 

–

 

–

Remuneration and Nomination Committee

 

Chairperson

 

20,000

 

–

 

–

 

–

 

8,118

 

–

 

–

 

–

 

11,882

 

–

 

Member

 

10,000

 

10,000

 

5,941

 

–

 

–

 

–

 

–

 

–

 

4,059

 

–

Commercial Committee

 

Chairperson

 

20,000

 

–

 

–

 

–

 

–

 

–

 

20,000

 

–

 

–

 

–

 

Member

 

10,000

 

–

 

–

 

–

 

–

 

10,000

 

–

 

10,000

 

–

 

–

Research and Development Committee

 

Chairperson

 

20,000

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

25,000

 

Member

 

12,500

 

–

 

–

 

12,500

 

5,074

 

–

 

–

 

–

 

–

 

–

Total

 

 

 

 

 

142,000

 

95,941

 

77,500

 

37,547

 

82,500

 

97,500

 

70,000

 

80,941

 

90,000
Remuneration of Non-Executive Directors – Equity

 

 

RSUs granted in 20251)

 

 

Name

 

# RSUs

 

Key terms

 

Value at grant in $2)

 

Total

Peter Verhaeghe

 

703

 

RSUs granted in 2025 vest after 1 year and are subject to a 3-year holding period from the date of grant

 

394,903

 

394,903

Ana Céspedes

 

703

 

 

394,903

 

394,903

James Daly

 

703

 

 

394,903

 

394,903

Pamela Klein

 

703

 

 

394,903

 

394,903

Brian Kotzin

 

703

 

 

394,903

 

394,903

Steve Krognes

 

703

 

 

394,903

 

394,903

Anthony Rosenberg

 

703

 

 

394,903

 

394,903

Camilla Sylvest

 

703

 

 

394,903

 

394,903

1)

Donald deBethizy was not granted any RSUs in 2025 because he retired from the Board of Directors on May 27, 2025.

2)

There is a difference between the annual equity compensation target amount of $400,000 and the value at grant of $394,903. On the Reference Date, the annual equity compensation target amount of $400,000 was divided by the average closing price of the Company’s shares of 510.88 EUR/$569.17 in the 30 calendar days preceding the Reference Date. The Company’s share price on the grant date of June 30, 2025 was $479.30/$561.74.