Financial Assistance in Connection with Long-Term Incentive

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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

13 December 2023
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 FY24 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.
In connection with the FY24 LTI Scheme, Meridian has given financial assistance pursuant to section
80 of the Companies Act 1993.

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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)
5,000 Meridian Energy Limited ordinary shares Purchased on market $4.9815 per share
23,000 Meridian Energy Limited ordinary shares Purchased on market $5.0508 per share
44,000 Meridian Energy Limited ordinary shares Purchased on market $4.9881 per share
32,929 Meridian Energy Limited ordinary shares Purchased on market $4.9624 per share
50,307 Meridian Energy Limited ordinary shares Purchased on market $5.0195 per share
27,764 Meridian Energy Limited ordinary shares Purchased on market $4.9634 per share
8,082 Meridian Energy Limited ordinary shares Purchased on market $5.0111 per share
28,693 Meridian Energy Limited ordinary shares Purchased on market $5.0156 per share
25,852 Meridian Energy Limited ordinary shares Purchased on market $4.9961 per share
13,122 Meridian Energy Limited ordinary shares Purchased on market $4.9985 per share
3,545 Meridian Energy Limited ordinary shares Purchased on market $5.0000 per share
8,206 Meridian Energy Limited ordinary shares Purchased on market $5.0011 per share
29,500 Meridian Energy Limited ordinary shares Purchased on market $5.1252 per share

Recipients of the financial
assistance

Eligible Participants of Meridian Energy’s FY24 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
FY24 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 value of the shares purchased was
$1,505,655.03 including brokerage.

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ENDS
For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Philip Clark
Head of Communications
027 838 5710