2024 universal registration document

2.4 Remuneration of Directors and corporate officers

2.4.4 Summary table of the remuneration of Jean-Paul Agon, Chairman of the Board of Directors

1. AMF summary table

The table set out below, presented in the form recommended by the French Financial Markets Authority (AMF), clearly shows that there are no concurrent benefits under the suspended employment contract and the corporate office. It is also stated that the AMF considers that a company complies with the AFEP-MEDEF Code when it explains the maintenance of the employment contract of a corporate officer as an employee in the Company and his or her personal situation and provides detailed substantiation in this respect⁽¹⁾.

	Employment contract	Supplementary pension scheme	Indemnities or benefits due or which may become due as a result of termination or change of duties	Indemnities relating to a non-compete clause
	Yes	No	Yes	No	Yes	No	Yes	No
Jean-Paul Agon Chairman of the Board		X		X		X		X
Nicolas Hieronimus Chief Executive Officer	X⁽¹⁾		X⁽²⁾			X⁽³⁾	X⁽⁴⁾

Employment contract

Supplementary pension scheme

Indemnities or benefits due or which may become due as a result of termination or change of duties

Indemnities relating to a non-compete clause

Yes

Jean-Paul Agon

Chairman of the Board

Nicolas Hieronimus

Chief Executive Officer

X⁽¹⁾

X⁽²⁾

X⁽³⁾

X⁽⁴⁾

Nicolas Hieronimus has been a Director since 20 April 2021, and has served as Chief Executive Officer since 1 May 2021. Nicolas Hieronimus’ employment contract is suspended for the entire length of his executive corporate office. This suspension was approved by the Annual General Meeting on 20 April 2021.
Nicolas Hieronimus belongs to a Garantie de Ressources des Retraités Anciens Cadres Dirigeants scheme (Retirement Income Guarantee for Former Senior Executives), which is detailed in section 2.4.3.5. This defined benefit pension scheme makes the granting of entitlement to benefits conditional on the beneficiary finishing their career in the company; L’Oréal does not finance them on an individual basis per employee.
No indemnity is due for termination of the corporate office. Under the employment contract, pursuant to the schedule of indemnities of the French National Collective Bargaining Agreement for the Chemicals Industry, in the event of dismissal, except in the event of gross misconduct or gross negligence, the dismissal indemnity may not be greater than 20 months of the remuneration payable under the employment contract (see section 2.4.3.4. on the cumulative amount of the contractual indemnity and the indemnity due in consideration of the non-compete clause).
In respect of the employment contract, pursuant to the provisions of the National Collective Bargaining Agreement for the Chemical Industries, in the event of termination of the employment contract (excluding voluntary or compulsory retirement), the indemnity due in consideration of the non-compete clause would be payable every month for two years on the basis of two thirds of the monthly fixed remuneration related to the employment contract unless the executive corporate officer were to be released from application of the clause (see section 2.4.3.4. on the accumulated amount of the convention indemnity and the indemnity due in consideration of the non-compete clause).

2.4.4 Summary table of the remuneration of Jean-Paul Agon, Chairman of the Board of Directors

In €	Amounts allocated	Amounts paid	Amounts allocated	Amounts paid
	2024		2023
Fixed remuneration	1,166,667	1,166,667	1,600,000	1,600,000
Annual variable remuneration	-	-	-	-
Exceptional remuneration	-	-	-	-
Remuneration for term of office as a Director	-	-	-	-
Benefits in kind	-	-	-	-
TOTAL	1,166,667	1,166,667	1,600,000	1,600,000

SUMMARY TABLE OF REMUNERATION AND PERFORMANCE SHARES GRANTED TO JEAN-PAUL AGON, CHAIRMAN OF THE BOARD OF DIRECTORS

In €	2024	2023
Remuneration due in respect of the financial year	Remuneration due in respect of the financial year 2024 1,166,667	Remuneration due in respect of the financial year 2023 1,600,000
Value of performance shares granted during the financial year	Value of performance shares granted during the financial year 2024 N/A	Value of performance shares granted during the financial year 2023 N/A
TOTAL	TOTAL 2024 1,166,667	TOTAL 2023 1,600,000

HISTORY OF THE STOCK OPTIONS GRANTED TO JEAN-PAUL AGON SINCE HIS APPOINTMENT AS A CORPORATE OFFICER THAT CAN STILL BE EXERCISED AT 31 DECEMBER 2024

N/A.

TABLE OF SHARE SUBSCRIPTION OR PURCHASE OPTIONS EXERCISED BY JEAN-PAUL DURING FINANCIAL YEAR 2024

N/A.