_460 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE Financial statements The share grants and performance share plans have the following characteristics: Grant date Vesting date Lock-up period Number of share grants or performance share rights outstanding December 31, 2023 Number of share grants or performance share rights outstanding December 31, 2022(1) France Other countries France Other countries 2019 2023 2023 None None - 852,764 2020 2024 2024 None None 948,984 1,939,884 2020 2022 None - - 2021 2025 2025 None None 1,228,236 1,257,376 2022 2026 2026 None None 1,869,607 1,899,470 2023 2027 2027 None None 2,679,985 - 2023 2027 2027 None None 577,018 - NUMBER OF SHARE GRANTS OR PERFORMANCE SHARE RIGHTS OUTSTANDING 7,303,830 5,949,494 (1) Data have been restated to reflect the four-for-one stock split on June 16, 2022. Recognition Plan In November 2023, the Group granted 577,018 free share rights to employees, with a four-year vesting period ending in November 2027 and no lock-up period. The shares will vest automatically at the end of the period provided that the employees concerned are still employed by the Group at that date. As the allocation per employee does not exceed 250 shares, they are not subject to any performance conditions. Note 17. MARKET RISKS AND DERIVATIVE FINANCIAL INSTRUMENTS 17.1 Interest rate risk The Company does not hold any interest rate instruments. 17.2 Currency risk At December 31, 2023, the Company had receivables corresponding to royalties with a net book value of €163 million. These receivables have been converted into euros at the year‑end exchange rate. The policy is to hedge currency risk through forward foreign currency contracts. The forwards are measured at fair value through profit or loss. 17.3 Equity risk The Company holds shares in subsidiaries and affiliates and other equity interests that are measured at value in use.
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