Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 260

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 260
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 level of every performance target is calculated separately, and these are added up. Individual performance and assessment ratings define the individual annual performance bonus multiplier that will be applied to the annual performance bonus calculated based on actual performance against the performance measures. Those

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individuals who consistently perform at expected levels will have an individual multiplier of 1. For outstanding performers, an individual multiplier of up to 1.5 may cause the annual performance bonus pay-out to be higher than 200% of the target annual performance bonus, up to 360% of the target annual performance bonus being the absolute maximum for the Executive Chairman and the CEO. Similarly, a reduction factor will be applied for those at the lower end. In exceptional circumstances, the ARCG Committee can exercise discretion in the final determination of the annual performance bonus. The achievement level of performance for the annual performance bonus for the Executive Chairman, the CEO, the CFO and the other Executive Officers is summarized as follows:

| Functional level           |     | Target achievement threshold@ 80% |     | Target achievement@ 100% |     | Target achievement@ 120% | Target achievement ≥ ceiling@ 140% |
| Executive Chairman and CEO |     | 60% of base pay                   |     | 120% of base pay         |     | 180% of base pay         | 240% of base pay                   |
| CFO and Executive Officers |     | 40% of base pay                   |     | 80% of base pay          |     | 120% of base pay         | 160% of base pay                   |

ArcelorMittal Equity Incentive Plan ArcelorMittal operates a long-term incentive plan ("the ArcelorMittal Equity Incentive Plan") to incentivize shareholder wealth creation in excess of performance of a peer group and incentivize executives to achieve strategy. The ArcelorMittal Equity Incentive Plan is intended to align the interests of the Company’s shareholders and eligible employees by allowing them to participate in the success of the Company. The ArcelorMittal Equity Incentive Plan provides for the grant of RSUs and PSUs to eligible employees of the Company (including the Executive Officers) and is designed to incentivize employees, improve the Company’s long-term performance and retain key employees. The maximum number of PSUs and RSUs available for grant during any given year is subject to the prior approval of the Company’s shareholders at the annual general meeting. The 2020, 2021, 2022