Company: SNY
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001104659-25-063669
Chunk: 7

Company: Sanofi
Filing Date: 2025-06-27
Form: 11-K
Chunk 7
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 be 100% vested in their Company matching contribution account after two years
of service. Participants are always 100% vested in their pre-tax, catch up, and after-tax contribution accounts (contributions and related
earnings). Prior to April 1, 2012, employees who were participants on or before December 31, 2005 were 100% vested in their
Company matching contribution account (contribution and related earnings), and employees hired on or after January 1, 2006 were 100%
vested in their Company matching contribution account after three years of service.

Notes Receivable from Participants
– Plan participants may borrow from $1,000 up to a maximum equal to the lesser of 50% of the value of their vested account balance
or $50,000 less their highest outstanding loan balance in the preceding 12 months, subject to certain limitations described in the Plan
document. Loans bear interest at a rate commensurate with the prevailing market rate, as determined by the Company. Currently, interest
rates associated with participant loans range from 3.25% to 9.50%. Principal and interest are paid ratably though payroll deductions generally
over a term of up to five years. A participant may not have more than two loans outstanding at any point in time. Extended terms of up
to 15 years are available should the loan relate to the purchase of a primary residence.

Payment of Benefits –
Plan participants who leave the Company as a result of death, disability, retirement, or termination may choose one or a combination of
the following distribution methods: 1) receive the entire amount of their vested account balance in one lump-sum payment; 2) receive
a partial distribution of the vested account balance; 3) receive the distribution in the form of recurring annual installments over a
period of between three and fifteen years; 4) or, a combination of these methods. If a participant dies, the participant’s designated
beneficiary will receive the payments.

In-service withdrawals are
available in certain limited circumstances, as defined by the Plan.

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Sanofi U.S. Group Savings Plan

Notes to the Financial Statements

December 31, 2024 and 2023

Forfeitures – Forfeited
non-vested accounts may be used to pay administrative expenses and/or off-set the amount of employer contributions, which are to be paid
to the Plan. At December 31, 202