ANNUAL REPORT 2012 - TiGenix

the grant of warrants from the 2012 warrants
plan to the members of the executive
management :
The board of directors DECIDED unanimously
to determine the exercise price of the
warrants at EUR 1.00 per warrant.
- Eduardo Bravo, CEO : 1,360,000 warrants,
- Claudia D’Augusta, CFO : 480,000 warrants,
and
- Wilfried Dalemans, CTO : 400,000 warrants.
The remainder of the warrants issued
pursuant to the 2012 warrants plan would
be offered to the other employees of the
Company and its subsidiaries, as set out in
the attached overview.
The nomination and remuneration
committee further proposes that the exercise
price of the warrants would be determined
at EUR 1.00 per warrant.
As regards the grant of 1,360,000 warrants to
Eduardo Bravo at an exercise price of EUR
1.00 per warrant, the board of directors is of
the opinion that this is justified by the fact
that this constitutes a strong motivation for
Eduardo Bravo to maximise his efforts for (the
results of) the Company and to commit for
a longer term to the Company. In addition,
this grant of warrants does not have negative
patrimonial consequences for the Company
itself. On the contrary, the net assets of the
Company shall be reinforced when the
warrants will be effectively exercised.
The board of directors DECIDED unanimously
to grant 2,240,000 warrants, issued in
accordance with the 2012 warrants plan, to
the members of the executive management
and to grant the remainder of the warrants
to the other employees of the Company and
its subsidiaries as set out above.
Finally, as regards the beneficiaries of the
2012 warrants plan who are subject to
taxation in Belgium and who wish to opt for
a taxation upon the grant of the warrants,
the board of directors DECIDED unanimously
that that is only possible by means of using
response form “B” (attached), including the
commitments set out therein in respect of
non-transferability and non-exercisability of
the warrants before 1 January 2016.
Remuneration of the members of the
executive management for 2012
Willy Duron presented to the board of
directors the proposal of the nomination
and remuneration committee regarding
the remuneration of the members of the
executive management for 2012 :
Eduardo Bravo, CEO :
- Fixed remuneration for 2012 : equal to the
fixed remuneration for 2011;
- Variable remuneration : a potential bonus of
maximum 50 % of the fixed remuneration;
- Company car : for a value equal to the
company car granted in 2011;
- Grant of warrants : in accordance with the
previous resolution.
Gil Beyen BVB, represented by Gil Beyen,
CBO :
- Fixed remuneration for 2012 : equal to (pro
rata) the fixed remuneration for 2011 (pro
rata because in 2012 the role of the CBO
196 TiGenix I annual report 2012