Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 261

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 261
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, 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 annual general meetings on June 8, 2021, May 4, 2022 ,on May 2, 2023 and on 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 . RSUs granted under the ArcelorMittal Equity Incentive Plan are designed to provide a retention incentive to beneficiaries. RSUs are subject to “cliff vesting” after 3 years with 100% of t he grant vesting on the third anniversary of the grant contingent upon the continued active employment of the beneficiary within the Company. Awards in connection with PSUs are subject to the fulfillment of performance criteria such as ROCE, TSR, EPS and gap to competition (until 2022). Since 2021, the performance criteria for the PSUs for the Executive Office and Executive Officers include an ESG criteria comprised of a health & safety, a climate action and a diversity & inclusion ("D&I") targe t. For health & safety, the target is to halve the fatality frequency rate versus a defined baseline (the baseline is the adjusted average frequency rate over 5 years before the grant). For D&I, the target up to this point has been to reduce the gap between the Company's 2030 target of having 25% women in management and 2020 baseline. Good progress has been made in strengthening the number of women in leadership, and given the critical importance of rapidly improving safety results across the Company, ArcelorMittal will give consideration to increasing the safety component. For climate, the CO 2 emission target has been set to be reached by the end of the vesting period.

147

| Management report |

On December 5, 2024, the Company issued the 2024 grant whose conditions were as follows:

|           |                                                                          | Executive Office                          |                         |                         |                          |   |                                                | Executive Officers                        |                    |                     |                    |                     |
| 2024Grant | l                                                                        | PSUs with a three year performance period |                         |                         |                          |   | l                                              | PSUs with a three year performance period |                    |