Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 16

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 16
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 of the SICs and separate
account contracts are contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Master Trust.
The fund deposits a lump sum with the issuer and receives a guaranteed interest rate for a specified time. There are currently no reserves
against contract values for credit risk of the contract issuers or otherwise and do not permit the insurance companies to terminate the
agreement prior to the scheduled maturity date. Each contract is subject to early termination penalties that may be significant.

The crediting rates for SICs and separate
account contracts are periodically reset during the year and are based on the performance of the contract’s underlying assets. Interest
is accrued on either a simple interest or fully compounded basis and paid either periodically or at the end of the contract term. The
average crediting rate for the investment contracts was 3.39% and 3.16% for 2024 and 2023, respectively.

Certain events could limit the ability
of the Master Trust to transact at contract value with the issuer. Such events include the following: (i) amendments to the Plan
documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan’s prohibition
on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the Plan sponsor or other plan sponsor
events (e.g. divestures or spin-offs of a subsidiary) which cause a significant withdrawal from the Plan or (iv) the failure of the
trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan Administrator
does not believe that the occurrence of any such event, which would limit the Plan’s ability to transact at contract value with
participants, is probable.

Participant-directed redemptions have
no restrictions; however, the Plan is required to provide a one-year redemption notice to liquidate its entire interest in the fund.

The following represents the disaggregation
of contract value between types of investment contracts held by the Master Trust for the FBRIC at December 31, 2024 and 2023:

| Stable value fund               |     | 2024 |             |     | 2023 |             |
|:--------------------------------|:----|:-----|------------:|:----|:-----|------------:|
| Cash reserves common trust fund |     |      |  12,219,011 |     | $    |  25,512,932 |
| Synthetic