Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 91

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 16G
Chunk 91
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. This policy was approved by our Board during 2023, in accordance with applicable SEC regulations. For more information about our Clawback  

  Dividend Policy. This policy, in accordance                                                                                          

  Pre-approval of Principal Accountant Services.                                                                                          

Compensation of Directors
and Officers

The BCL provides that
the compensation payable to all directors (including those directors who are also members of senior management) in a fiscal year may
not exceed 5% of net income for such fiscal year, if the company is not paying dividends in respect of such net income. The BCL increases
the annual limitation on director compensation to up to 25% of net income if all the net income for such year is distributed as dividend.
The percentage decreases proportionally based on the relation between the net income and the dividends distributed. The BCL also provides
that the shareholders’ meeting may approve the remuneration of the directors in excess of the limits set by the BCL in case the
company has no net income or the net income is low, if the relevant directors performed during such fiscal year special commitments or
technical-administrative functions. The audit committee issues an opinion with respect to the reasonableness of the fees of members of
the Board of Directors. Also, the aggregate amount payable to the Board of Directors’ members will be previously submitted to the
Compensation Committee (as defined below) for its opinion as to whether the compensation proposed is consistent with compensation received
by directors at other comparable local companies. The compensation of all directors and members of the supervisory committee requires
shareholders’ approval at an ordinary shareholders’ meeting.

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  Table of Contents  

At the ordinary shareholders’
meeting held on April 7, 2025, the compensation for Pampa’s directors was set for a total amount of Ps. 14,058 million for the year
ended December 31, 2024. This amount includes fees, remunerations, gratifications and benefits of compensation agreements.

Compensation Plans

Stock-based Compensation Plan

With the aim of aligning
personnel performance with our strategic plan and creating a transparent and direct link between value creation for the shareholders and
personnel remuneration, on February 8, 2017, our board of directors approved the creation of stock-based compensation plan (the “ Plan”).
In order to implement the Plan, we can create individual plans each year.

The Company acquired 6
million of its own shares, out