02 Corporate governance report Information about the components of compensation paid or awarded to the corporate officers 2.4.4 COMPENSATION PACKAGE OF YVES CHAPOT, GENERAL MANAGER The Compensation and Appointments Committee of the Supervisory Board has reviewed all the components of the compensation paid to Yves Chapot in 2024 or awarded to him in respect of 2024 in his capacity as General Manager, pursuant to the 2024 compensation policy. This policy is described in the Corporate Governance Report (the “2024 compensation policy”) reproduced in the 2023 Universal Registration Document(1) and was presented to the Annual Shareholders Meeting of May 17, 2024 by the Chair of the Compensation and Appointments Committee(2). COMPENSATION PAID TO YVES CHAPOT DURING FISCAL YEAR 2024 (1) Long-term compensation corresponds to the number of performance shares delivered in 2024 under the 2020 allocation plan. 2.4.4.1 Fixed compensation In application of the 2024 compensation policy, the fixed compensation received by Yves Chapot amounted to €770,000.00. 2.4.4.2 Annual variable compensation Yves Chapot’s annual variable compensation was determined in application of the 2024 compensation policy, based on the recommendation of the Supervisory Board. All quantitative and qualitative objectives were set at the start of 2024 and were not adjusted during the year. The Compensation and Appointments Committee carefully reviewed achievement rates for each of the criteria. In conclusion of this review, the Committee recommended that the Supervisory Board approve the compensation components presented in the table below, leading to annual variable compensation of €579,828.48. Concerning the quantifiable qualitative criteria, the Committee's conclusions were as follows: n for the “Implementation of the strategy (deployment of the transformations)” criterion, the Committee analyzed the results of the Balanced Score Card. Having noted the progress made in deploying the People, Profit and Planet aspects of Michelin’s strategy, the Committee decided that the indicator-based objectives had been 85%-met; n concerning the “Corporate social responsibility” criterion (Total Case Incident Rate: improvements to the safety of Michelin Group employees), the Committee noted that the improvement rate of 1.03 was below the threshold rate; n for the “Gender balance” criterion, the Committee noted that the percentage of Group management positions held by women (24.3%) was very close to the ceiling percentage; n for the “CO2 emissions (Scopes 1 and 2)” criterion, the Committee noted that actual emissions (2.018 mt) were higher than the target. After discussing the matter during its meeting on February 11, 2025, the Supervisory Board approved the Compensation and Appointments Committee’s recommendations, which were then also approved by the General Partners. (1) See sections 3.3.1 and 3.3.2 of the 2023 Universal Registration Document. (2) See the information/presentations on the May 17, 2024 Annual Shareholders Meeting on the Company’s website www.michelin.com. 43% Annual variable compensation 35% Fixed compensation 23%(1) Long-term incentive bonus Subject to performance conditions 125 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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