Incentive plan awards – value vested or earned during the year The table below shows, for each named executive: • the value of stock options that vested in 2022 is the amount that would have been realized if they had been exercised on the vesting date, based on the closing price of Manulife common shares on the TSX • the value of stock options that was received in 2022 is the actual gain realized by named executives who have exercised options • the value of share-based awards that vested and were paid in 2022 • the annual cash bonus earned for 2022. Share-based Option-based awards awards Annual incentive Value vested Value received Value vested Value earned during the year during the year during the year during the year Roy Gori $548,602 $0 $6,068,645 $3,920,304 Phil Witherington $163,858 $0 $1,805,658 $1,562,000 Marc Costantini $0 $0 $0 $1,417,543 Marianne Harrison $247,969 $1,151,140 $2,817,576 $1,426,930 Scott Hartz $155,346 $1,156,268 $1,625,495 $1,751,477 Stock options exercised in 2022 Ms. Harrison and Mr. Hartz exercised stock options in 2022 under our automatic stock option exercise program (see below): Grant date Number of options Exercise price ($) Gain ($) Marianne Harrison Feb 21, 2012 19,270 $12.64 $276,230 Feb 19, 2013 110,985 $15.52 $874,910 Scott Hartz Feb 21, 2012 38,541 $12.64 $552,475 Feb 19, 2013 76,593 $15.52 $603,793 Automatic stock option exercise program Executives with outstanding stock options are given the opportunity to elect to have their vested stock options automatically exercised prior to expiration. This program is designed to protect executives from having stock options expire in-the-money if they were unable to exercise due to a black out period, or if they were in possession of material non-public information. Elections were made during a time when they were not in possession of any material non-public information and are irrevocable. If an executive leaves Manulife, any elections under the program will terminate. About deferred share units In 2022, executives in Canada and the U.S. were given the opportunity to exchange some or all of their annual incentive award, vested restricted share units and vested performance share units for deferred share units, subject to local tax rules and rulings. We may also grant deferred share units to some new hires and to other executives in special situations. Deferred share units are notional shares that track the value of Manulife common shares and earn dividend equivalents at the same rate as dividends paid on the common shares. They can only be redeemed for cash when the executive retires or leaves Manulife. For each unit redeemed, the executive will receive the market value of a Manulife common share at the time of redemption. Vesting conditions are specific to each grant, however deferred share units received in exchange for other vested awards, as described above, vest immediately. Deferred share units align executives with the long-term interests of shareholders and are only transferable if the executive dies. 90 Manulife Financial Corporation