Executive Long-Term Incentive Scheme Financial Assistance

Release




PG 2

Stock Exchange Listings NZX (MEL) ASX (MEZ)


Meridian Energy’s provision of financial assistance in connection
with its Executive Long-Term Incentive Scheme

28 May 2020
Meridian Energy Limited (Meridian) has an executive long term incentive scheme (LTI Scheme) for certain senior
employees of Meridian. The LTI Scheme is intended to attract and retain key employees and align the interests of
participants with those of shareholders.
In connection with the FY20 LTI Scheme, the Company issued rights to acquire ordinary shares in the Company (Share
Rights) to participants who accepted the offer to participate in the LTI Scheme (Participants). Each Share Right entitles
the holder to one ordinary share in the Company and an additional number of shares equal to the value of gross cash
dividends per share which would have been paid to a New Zealand tax resident who held a share for the duration of the
vesting period, calculated using a 10-day volume weighted average price.
The number of Share Rights that vest is dependent on:
(a) Meridian’s total shareholder return over a 3-year performance period (Performance Period) relative to
Meridian’s cost of equity and the total shareholder return over the Performance Period of a defined group of
NZX Main Board and ASX listed peer companies (Performance Hurdles); and
(b) if the Participant continues to be employed by Meridian during the vesting period (Employment Condition),
(together the Vesting Conditions).
Share Rights will lapse where the Vesting Conditions are not satisfied (although this is subject to the Board's discretion in
relation to the Employment Condition).
Meridian will meet its obligations under the LTI Scheme by acquiring its own shares on-market, holding these shares as
treasury stock for the Performance Period, and transferring these shares to the Participants if the Vesting Conditions are
met and the Participants exercise their Share Rights.

PG 3
In connection with the FY20 LTI Scheme, Meridian has given financial assistance pursuant to section 80 of the
Companies Act 1993.
The details of the financial assistance provided by Meridian are as follows:

Shares in respect of which the
financial assistance was provided
Method of purchase for the
shares
Consideration paid for the
shares
27,873 Meridian Energy Limited
ordinary shares
Purchased on market 4.7979 per share
50,000 Meridian Energy Limited
ordinary shares
Purchased on market 4.8000 per share
100,000 Meridian Energy Limited
ordinary shares
Purchased on market 4.7722 per share
53,536 Meridian Energy Limited
ordinary shares
Purchased on market 4.7900 per share

Recipients of the financial
assistance
Neal Barclay (Chief Executive)
Mike Roan (Chief Financial Officer)
Guy Waipara (General Manager, Generation and Natural Resources)
Chris Ewers (General Manager, Wholesale)
Lisa Hannifin (Chief Customer Officer)
Tania Palmer (Chief People Officer)
Nic Kennedy (Chief Executive, Flux Federation)
Jason Stein (Chief Executive, Meridian Energy Australia)
Nature and amount of the financial
assistance
The financial assistance was given in the form of Meridian acquiring its
own shares on market in connection with the FY20 LTI Scheme. These
shares will be held as treasury stock for the Performance Period, and
transferred to the Participants if the Vesting Conditions are met and the
Participants exercise their Share Rights.
The aggregate amount of the shares purchased was $1,110,711.48
including brokerage.

PG 4
ENDS
For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Polly Atkins
Senior Communications Specialist
021 174 1715