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P. 115
Annual General Meeting of Shareholders 2021
The incidence of social security charges on share-based compensation programs (Matching and PAV)
is considered, which was suspended in late 2017, based on the Brazilian Labor Reform provision, which
attributed the characteristic of exempt premium. In 2020, after the legislative evolution of the topic, in
particular the revocation of MP 905/2019, the Company, supported by external opinions, concluded that
the exemption was not applicable, with retroactive payment and a change in the procedure for future
payments being recommended. Thus, for 2021, charges were budgeted for both the current cycles
(2021) and for the cycles already closed and paid in previous years (retroactive to 2018, 2019 and 2020).
Below, we show the amounts actually paid in 2020 segmented between the suspended programs for
2019 and the 2020 programs.
Variable compensation (R$)
Staturory Officers 2018A 2019A 2020A 2021E
Annual bonus 31,237,935 - 36,629,008 41,700,179
Share-based Compensation (VSP) 9,704,915 25,676,497 16,097,816 23,586,492
Share-based Compensation (Matching) 9,917,159 - 29,894,388 42,555,299
Others 14,983,080 3,885,703 9,709,809 71,075,032
Termination of position 68,346,722 17,899,948 39,473,869 17,945,244
Total including charges 134,189,811 47,462,149 131,804,890 196,862,246
Total excluding charges 119,206,731 46,335,066 122,226,672 141,652,392
Variable Compensation
Normalized (R$)
Statutory Officers 2018R 2019R1 2020R 2021P
Annual bonus 31,237,935 17,580,362 19,048,646 41,700,179
Share-based Compensation (VSP) 9,704,915 25,676,497 16,097,816 23,586,492
Share-based Compensation (Matching) 9,917,158 7,614,066 22,280,322 42,555,299
Others 14,983,080 7,401,776 6,193,737 71,075,032
Termination of position 68,346,722 17,899,948 39,473,869 17,945,244
Total including charges 134,189,810 76,172,650 103,094,390 196,862,246
Total excluding charges 119,206,730 72,081,219 96,769,063 141,652,392
1 - Based on compensation executed in 2020.
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