2 . 2.4.2.2.3. Granting of performance shares Mr Jean-Paul Agon did not receive any performance shares in 2021. 2.4.2.2.4. Remuneration as Director Mr Jean-Paul Agon does not receive any remuneration as a Director. Mr Jean-Paul Agon does not receive any remuneration as a Director of Group companies. 2.4.2.2.5. Additional social protection schemes Mr Jean-Paul Agon continued to benefit, because of his classification as a senior manager during his term of corporate office and until the termination of his employment contract, from the additional social protection schemes and, in particular, the defined contribution pension scheme, and the employee benefit and healthcare schemes applicable to the Company’s employees. The amount of the employer’s contributions to the employee benefit and healthcare schemes for the period from 1 January to 30 April 2021 amounted to €1,392, and the amount of the employer’s contribution to the Defined Contribution Pension scheme amounted to €2,125. As for all other senior managers of the Group, the pension amount resulting from the employer contributions of the L’Oréal RCD must be deducted from the amount of the Pension Cover for the calculation of the life annuity potentially due under this plan so that these benefits are not combined (see section  2.4.3.4. “Application of the related-party agreements scheme” of this document). As a reminder, the lifetime risk related to the plans resulting from Article  83, 2° of the French General Tax Code is borne by the insurer. 2.4.2.3. Remuneration paid during the 2021 financial year or allocated for that year to  Mr Nicolas Hieronimus, Chief Executive Officer, over the period from 1 May to  31 December 2021 2.4.2.3.1. Fixed remuneration At its meeting of 11  February 2021, and on the recommendation of the Human Resources and Remuneration Committee, the Board of Directors decided to set Mr Nicolas Hieronimus’ fixed annual remuneration at the gross amount of €2,000,000, paid on a proportional basis for the period from 1 May to 31 December 2021. 2.4.2.3.2. Annual variable remuneration With regard to Nicolas Hieronimus’ annual variable remuneration for 2021, the target was set at €2,000,000 gross on an annual basis, or 100% of his fixed remuneration, with a maximum of 120% of fixed remuneration in the event of outperformance, or €2,400,000 gross. This sum represents the maximum amount of variable remuneration that may be paid to him. At its meeting on 11 February 2021, the Board of Directors had set the variable remuneration criteria applicable for 2021 and the respective weighting of such criteria. The financial criteria represent 60% of the variable remuneration while the non- financial criteria represent 40%. These financial criteria are directly correlated with the Company’s economic performance indicators: growth in sales and market share as compared to its main competitors, in operating profit, earnings per share (EPS) and cash-flow. On 9 February 2022, the Board of Directors, on the basis of the recommendations of the Human Resources and Remuneration Committee, assessed the performance of Mr  Nicolas Hieronimus. The rate of achievement was 116.45% of objectives. It was thus decided that, in respect of annual variable remuneration for 2021, Mr  Nicolas Hieronimus would be awarded an amount of €1,552,667 for the period between 1 May and 31 December 2021. FINANCIAL TARGETS 2021 (60% OF TOTAL ANNUAL VARIABLE REMUNERATION) Financial criteria Weighting 2021 Results Payment rate Target 100% of the fixed amount   Maximum 120% Board appraisal Like-for-like sales as compared to the budget (1) 15% €32,287.6 million 118%  Performance well above the budget. Sales growth differential compared to main competitors (2) 15% +6.9 points 120%  Maximum objective reached. Operating profit as compared to the budget (1) 10% €6,160.3 million 120%  Maximum objective reached. Earnings per share (3) as compared to the budget (1) 10% €8.82 120%  Maximum objective reached. Cash flow (4) as compared to the budget (1) 10% €5,653.3 million 119%  Performance well above the budget. RATE OF ACHIEVEMENT OF 2021 FINANCIAL TARGETS 119.3% (1) Budget not provided for reasons of confidentiality. (2) Panel of competitors: Unilever, Procter & Gamble, Estée Lauder, Shiseido, Beiersdorf, Johnson & Johnson, Henkel, LVMH, Kao and Coty. (3) Diluted share attributable to owners of the company per share excluding non-recurring items. (4) Cumulative operating cash flow = Cash flow generated by operating activities – purchases of tangible and intangible assets. 114 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 CORPORATE GOVERNANCE Remuneration of directors and corporate officers