Executive Long-Term Incentive Scheme Financial Assistance

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M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
287-2 9 3 D u r h a m S t r e e t N o r t h , C h r i s t c h u r c h 8 0 1 3
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Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy’s provision of financial assistance in
connection with its Long-Term Incentive Scheme

30 November 2022
Meridian Energy Limited (Meridian) has a 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 FY23 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 growth over the Performance Period of the NZX 50
Gross Index (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.

m e r i d i a n e n e r g y . c o . n z
PG 2

In connection with the FY23 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 (excluding
brokerage)
75,000 Meridian Energy Limited
ordinary shares
Purchased on market $4.5810 per share
75,000 Meridian Energy Limited
ordinary shares
Purchased on market $4.5772 per share
75,000 Meridian Energy Limited
ordinary shares
Purchased on market $4.6648 per share
75,000 Meridian Energy Limited
ordinary shares
Purchased on market $4.6417 per share
75,000 Meridian Energy Limited
ordinary shares
Purchased on market $4.6986 per share
114,925 Meridian Energy Limited
ordinary shares
Purchased on market $4.6717 per share

Recipients of the financial
assistance
Eligible Participants of Meridian Energy’s FY23 LTI Scheme.

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
FY23 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
$2,276,416.78 including brokerage.
ENDS
For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Rheilli Uluilelata
External Communications Advisor
022 589 1052