QUADIENT - 2020 Universal Registration Document

6

FINANCIAL STATEMENTS Consolidated financial statements

The shares granted with performance conditions are dependent on the performance indicators below: growth in consolidated sales; ● current operating margin (current operating income ● divided by consolidated sales);

shareholder return (variation in the share price over ● the period plus dividends compared with the average performance of companies belonging to the same index as Quadient). The vesting period is three years in one block.

Number of shares granted

Of which subject to conditions (a)

Outstanding shares 31/01/2020

Outstanding shares 31/01/2021

Shares granted

Shares delivered

Shares cancelled

Start date

01/07/2015

199,500

199,500

90

-

(90)

-

-

27/03/2017

246,700 246,700

174,000

-

(26,158)

(147,842)

-

28/06/2018

226,600 226,600

220,500

-

-

(25,900)

194,600

26/04/2019

12,000

12,000

12,000

-

-

(11,000)

1,000

23/09/2019

391,030

391,030

391,030

-

-

(14,730)

376,300

06/01/2020

5,000

5,000

5,000

-

-

-

5,000

15/01/2021 386,000 Shares granted with performance conditions. Shares granted with performance conditions have a lock-up period (a) of two years, vs. three years for other shares. The date of the end of the lock-up period is the later date. 386,000 - - 386,000 - -

10-4-4: CHANGES IN SHARE-BASED PAYMENTS VALUATION

Expenses recorded with respect to the profit-sharing, incentive plans and share-based payments are as follows:

31 January 2021

31 January 2020

31 January 2019

31 January 2018

31 January 2017

Free share granted valuation

0.2

0.7

0.7

(0.6)

0.4

Long term incentives (phantom shares) 10-5:

As regards to the long term incentives plans, the liability shares attributed at the last share price before the end is recognized when the phantom shares are attributed of financial year. At each closing date, the provision is and the expense, spread out over the acquisition period revaluated based on the last share price and the (four years for 2016 plan and three years for 2017 plan), changes in headcount. represents the valuation of the number of phantom

Number of shares originally granted

Number of out-standing shares

31 January 2020

31 January 2021

Plan

Added Reversals

Other

July 2016

147,600

-

0.6

-

(0.6)

0.0

-

March 2017

98,020

-

0.8

-

(0.8)

0.0

-

LONG TERM INCENTIVES

1.4

-

(1.4)

0.0

-

At the 31 January 2021, there are no more long term incentives ongoing plans.

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UNIVERSAL REGISTRATION DOCUMENT 2020