Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 455

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 455
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, respectively), the target is to reduce by 40% the gap between the Company's 2030 target of having 25% women in management and 2020 baseline. For climate ( 10% and 5% award vesting for Executive Office and Executive Officers, respectively), the CO 2 emission target has been set to be reached by the end of the vesting period. The employees eligible to receive PSUs are a sub-set of the group of employees eligible to receive RSUs. RSUs granted under the ArcelorMittal Equity Incentive Plan are designed to provide a retention incentive to eligible employees. RSUs are subject to “cliff vesting” after 3 years , with 100% of the grant vesting on the third anniversary of the grant contingent upon the continued active employment of the eligible employee within the Company. 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 AGM. The 2021, 2022, 2023 and 2024 Caps for the number of PSUs/RSUs that may be allocated to the Executive Office and other retention and performance based grants below the Executive Office level, were approved at the AGMs on June 8, 2021, May 4, 2022, May 2, 2023 and April 30, 2024, respectively, at a maximum of 3,500,000 shares, 3,500,000 shares, 3,500,000 shares and 5,500,000 shares , respectively.

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| Consolidated financial statements                          |
| (millions of U.S. dollar, except share and per share data) |

Conditions of the 2024 grant were as follows:

|           |                                                                        | Executive Office                        |                        |                        |                         |   |                                            | Executive Officers                      |                    |                    |                    |                     |
| 2024Grant | l                                                                      | PSUs with athreeyear performance period |                        |                        |                         |   | l                                          | PSUs with athreeyear performance period |                    |                    |                    |                     |
| l         | Value at grant180%of base salary for the ExecutiveChairman and the CEO |                                         |                        |                        |                         |   |                                            |                                         |                    |                    |                    |                     |
| l         | Vesting conditions:                                                    |                                         |                        |                        |                         | l | Vesting conditions: