Company: SNY
Filing Date: 2025-02-13
Form Type: 20-F
Source: 0001121404-25-000010
Chunk: 229

Company: Sanofi
Filing Date: 2025-02-13
Form: 20-F
Chunk 229
---
 General Tax Code, deferred compensation as defined in section 4 of Article L. 22-10-9.4 of the French Commercial Code can be offset against corporate profits as a taxable expense up to a limit set at three times the annual social security ceiling per beneficiary. The pension entitlement is not cumulative with (i) any termination benefit paid in the event of forced departure or (ii) any non- compete indemnity.

| SANOFIFORM 20-F2024 | 131 |

| PART I                                             |
| ITEM 6. Directors, Senior Management and Employees |

Termination arrangements The termination benefit only becomes payable if the departure of the Chief Executive Officer is forced, i.e. in the event of removal from office or resignation linked to a change in strategy or control of Sanofi. Compensation for non-renewal of the term of office is irrelevant in the case of the Chief Executive Officer, because this office is held for an indefinite term. In addition, no termination benefit is payable and the arrangement is deemed to have been rescinded in the following circumstances: • removal from office for gross or serious misconduct (faute grave ou lourde) ; • if the Chief Executive Officer elects to leave Sanofi to take up another position; • if the Chief Executive Officer is assigned to another position within Sanofi; or • if the Chief Executive Officer takes his pension. Payment of the termination benefit is contingent upon fulfillment of a performance condition, which is deemed to have been met if the attainment rate for the individual variable compensation objectives exceeded 90% of the target; that condition is assessed over the three financial years preceding the Chief Executive Officer leaving office. The amount of the termination benefit is capped at 24 months of the Chief Executive Officer’s most recent total compensation on the basis of (i) the fixed compensation effective on the date of leaving office and (ii) the last variable compensation received prior to that date subject to fulfillment of the performance condition. The amount of the termination benefit is reduced by any amount received as consideration for the non-compete undertaking, such that the aggregate amount of those two benefits may never exceed two years of total fixed and variable compensation. Non-compete undertaking In the event of his departure from Sanofi, the Chief Executive Officer undertakes, during the 12-month period following his departure, not to join a competitor of Sanofi as an employee or corporate officer, or to provide services to or cooperate with such a competitor. In return for this undertaking, he receives an indemnity corresponding to one year’s total compensation