2021 Universal Registration Document

CORPORATE GOVERNANCE

Corporate Officer remuneration

Short- termVariable remuneration The annual short-term variable remuneration for the Executive Corporate Officers of SOCIÉTÉ BIC is determined as a percentage of their fixed remuneration.

Annual variable remuneration as a percentage of fixed remuneration, if objectives are 100% achieved

Maximum variable remuneration, as a percentage of fixed remuneration (150% of target)

Position

Chief Executive Officer - 2022 policy Chief Executive Officer - 2021 policy

130% 125%

195% 187.5%

Executive Vice-President (if appointed)

75%

112.5%

The variable remuneration for 2022 will be calculated based on three quantitative objectives which measure the achievement of financial objectives in line with the guidance issued externally, and a qualitative measure which will focus on measurable, qualitative goals focused on the success of the transformation of the Company, the growth initiatives, and ESG targets in line with the Writing the Future, Together commitment taken by the company.

As part of the review of the compensation package of the Chief Executive Officer, it is proposed to increase the at-risk cash component of the compensation package to represent a larger portion of the overall compensation package, reinforcing focus on the delivery of short-term goals in line with the longer-term Horizon plan. With effect January 1, 2022 the at-target annual variable compensation will be increased from 125% to 130% of base salary, with a maximum variable remuneration of 195% of fixed remuneration.

2022

Variable remuneration criteria (all at Group level)

2021

Financial Objectives Net Sales, in value

25%

25%

Adjusted EBIT, in value

25%

25%

Cash Conversion Cycle, in number of days (1)

20%

20%

Qualitative Objectives Strategy • Horizon Plan Execution - lead the delivery of the second year of the Horizon Plan with • consistent, balanced and sustainable performance, ultimately driving continued momentum in 2023. M&A - continue to drive growth projects within the comprehensive M&A roadmap in line • with the Horizon strategy. Ensure appropriate focus is given to Risk, Operational and Management topics, and post-merger integration planning. Environment and Social - lead the execution of BIC's Environmental, Social and Societal • commitments, including the Writing the Future, Together targets, BIC's DE&I female representation targets, and the definition of a CO 2 emission reduction roadmap. Operations and Management: • Operational Excellence - lead the collaborative focus on key operating metrics and • processes to ensure the success of the Company's transformation process. Leadership Team & Horizon Capabilities Development - drive the development and the • integration of the capabilities needed to successully deliver the Horizon strategy.

30%

30%

TOTAL

100%

100%

The financial objectives are based on the operating plan recommended by the Audit Committee and approved by the Board of Directors, at budgeted foreign currency exchange rates. The achievement of each financial criteria will be assessed individually and the target for 100% payout will be equivalent to any guidance communicated externally. Payout of the bonus will be strongly aligned with business results. For each financial objective: each objective has a minimum level of performance, which is ● the level of business performance achieved in the prior year;

the target for payout of 100% will be the budget approved by ● the Board of Directors; the Board of Directors will fix the level of performance beyond ● the target that would trigger maximum payout of 150%; between each milestone, the payout is calculated by linear ● interpolation.

Cash Conversion Cycle = Days Sales Outstanding (DSO) + Days Inventory Outstanding (DIO) - Days Payable Outstanding (DPO) (1)

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• BIC GROUP - 2021 UNIVERSAL REGISTRATION DOCUMENT •

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