Executive Compensation Equity-based incentives Restricted share units Performance share units Stock options What they Notional shares that pay Notional shares that pay Rights to buy are out based on the price of out based on our Manulife Manulife common shares performance and on the common shares price of Manulife in the future at common shares a specified price Vesting and Vest and pay out Vest and pay out within Vest 25% every payout within three years three years. The number year for four The payout value is equal of units that vest years from the to the average closing depends on our grant date price of Manulife common performance against Stock options shares on the TSX for the absolute and relative granted from 10 trading days before performance conditions 2015 to 2020 the day they vest that are set at the grant cannot be multiplied by the number date, aligned with our exercised until of restricted share units strategy and approved five years from by the board the grant date 90% of the payout value The payout value is except under delivered in cash and equal to the average extenuating remaining 10% of payout closing price of Manulife circumstances value delivered in Manulife commonsharesonthe common shares TSX for the 10 trading The exercise purchased on the open days before the day they price is equal market vest, multiplied by the to the grant number of performance price share units, the The value is the performance factor and difference beginning with the 2021 between the grants, the relative TSR exercise price modifier and the price of 90% of the payout value Manulife delivered in cash and common remaining 10% of shares on the payout value delivered TSX when stock in Manulife common options are shares purchased on exercised the open market Stock options expire at the See page 62 for end of 10 years and are only details about the transferable performance upon death conditions for the PSUs awarded for 2022 2023 Management information circular 61