Financial performance 2024 consolidated financial statements 05 8.2.1 Share grants and performance share plans Changes in the number of share grants and performance share rights are as follows: 2024 2023 Number of share grants or performance share rights outstanding Number of share grants or performance share rights outstanding At January 1 7,303,830 5,949,494 Granted 3,107,516 3,257,003 Forfeited (621,054) (1,061,855) Shares delivered (931,739) (840,812) AT DECEMBER 31 8,858,553 7,303,830 Excellence Plan 2024 Plan In November 2024, 2,589,138 rights to performance shares were granted to Group employees and the Managers. The rights are subject to a four-year vesting period ending in November 2028 without any lock-up period. The shares will vest at the end of this period if the performance objectives are met (stock market performance, environmental performance of manufacturing operations, employee engagement rate, sales growth and ROCE). The fair value of each performance share right is estimated at €22.44. This fair value is based on the share price at the grant date, less the present value of expected dividends that will not be received by grantees during the vesting period. The estimated value of the stock market performance condition is deducted from the grant-date fair value of the performance share rights based on the probability of this condition being met. The €42 million estimated total cost of the 2024 Excellence Plan will be recognized over the vesting period. The share grants and performance share plans have the following characteristics: Grant date December 31, 2024 December 31, 2023 Vesting date Fair value at grant date Number of share grants or performance share rights outstanding Number of share grants or performance share rights outstanding France Other countries France Other countries 2020 2024 2024 18.91 18.91 - 948,984 2020 2022 N/A 25.39 N/A - - 2021 2025 2025 27.40 27.40 739,796 1,228,236 2022 2026 2026 16.40 16.40 1,816,589 1,869,607 2023 2027 2027 20.34 20.34 2,634,989 2,679,985 2023 2027 2027 24.48 24.48 559,663 577,018 2024 2028 2028 22.44 22.44 2,589,138 - 2024 2028 2028 25.64 25.64 518,378 - NUMBER OF SHARE GRANTS OR PERFORMANCE SHARE RIGHTS OUTSTANDING 8,858,553 7,303,830 The expense recognized in 2024 for performance share plans amounts to €34 million (2023: €30 million). It is included in "Segment other income and expenses". 388 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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