Share-based compensation plan

6 Months Ended

Jun. 30, 2024

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Disclosure of share-based payment arrangements [text block]

22 SHARE-BASED COMPENSATION PLAN

The Company has 3 (three) share-based, long-term compensation plans: (i) Phantom stock option plan (“PS”); (ii) Share Appreciation Rights (“SAR”), both settled in local currency; and (iii) restricted shares, settled in shares.

The characteristics and measurement method of each plan were disclosed in the annual financial statements for the year ended December 31, 2023 (Note 22), which did not change during the six-month period ended June 30, 2024.

22.1 Long term compensation plans (“PS and SAR”)

The roll-forward arrangements are set out below:


	Number of shares
	06/30/2024	12/31/2023
Opening balance	9,728,425	7,583,185
Granted during of the period	2,957,142	3,391,581
Exercised (1)	(1,332,211)	(871,208)
Exercised due to resignation (1)	(14,419)	(30,800)
Abandoned/cancelled due to resignation	(410,399)	(344,333)
Closing balance	10,928,538	9,728,425

(1)The average price of the share options exercised and exercised due to termination of employment on June 30, 2024 was R$59.28 (fifty-nine reais and twenty-eight cents) (R$58.07 (fifty-eight reais and seven cents) as at December 31, 2023).

22.2 Restricted shares plan

The position is set forth below:

Grant date

Fair value on grant date (1)

Shares granted

Restricted year for transfer of shares

01/02/2022

R$53.81

115,754

01/02/2025

01/02/2023

R$52.00

103,482

01/02/2026

01/02/2023

R$49.58

165,052

01/02/2026

01/02/2024

R$53.63

115,034

01/02/2027

01/02/2024

R$52.91

164,808

01/02/2027

04/25/2024

R$52.89

337,465

04/02/2025

04/25/2024

R$52.89

220,540

04/02/2026

04/25/2024

R$52.89

56,535

04/02/2027

05/13/2024

R$57.15

1,870,000

04/01/2029

3,148,670

(1)Amounts expressed in Reais.

In the six-month period ended June 30, 2024, the plan granted on January 2, 2021 had its lockup period concluded and, therefore, 114.244 shares were transferred to benefits. The balance of shares delivered was carried out in counterpart to treasury shares (Note 24.2).

22.3 Measurement assumptions

The amounts corresponding to the services received and recognized are set forth below:


	Liabilities and Equity		Statement of income and Equity
	06/30/2024	12/31/2023	06/30/2024	06/30/2023
Non-current liabilities
Provision for phantom stock plan	291,166	268,489	(91,292)	(32,731)
Equity
Stock options granted	39,121	26,744	(12,377)	(4,159)
Shares granted	(4,877)		4,877
	34,244	26,744	(7,500)	(4,159)
			(98,792)	(36,890)