Normal 1, 2 retirement 1, 2 Early retirement • 65 years old, or • 55 years old and • 55 years old and age plus age plus Resignation or continuous service continuous service termination totals at least 65 totals at least 70 without cause Death RSUs/PSUs Number is pro-rated Number is pro-rated Forfeited on Vest in full Payment on the for grants within the resignation Payment as of scheduled payout first anniversary of Number is the date of date, subject to any the grant date pro-rated based death performance Vest in full for grants on service from Performance conditions beyond the first the date of grant conditions are anniversary of the on termination waived grant date without cause Payment on the scheduled payout date, subject to any performance conditions Stock options Unvested options Unvested options are Unvested options Unvested terminate pro-rated for grants are forfeited upon options vest Vested options can made in the previous resignation and Vested options be exercised until 12 months continue to vest can be the end of the term Unvested options for 90 days upon exercised within continue to vest in termination one year of the full according to the without cause date of death vesting schedule Vested options Vested options can be exercised can be exercised for a 90-day until the end of the period beginning term one year after resignation or termination without cause DSUs Canadian executives must redeem vested awards by December 15 of the following year U.S. executives can redeem vested awards on the date they’ve designated on their deferral election form 1 Named executive must notify us three months before retiring. Vested stock options that were granted up to and including in 2014 can be exercised for up to three years following retirement (defined as 55 years old and 10 years continuous service, while normal retirement is defined as 65 years old). 2 We changed our definitions of early and normal retirement effective January 27, 2020, to ensure award terms for mid- and later- career hires are competitive: • early retirement: 55 years old and age plus continuous service totals at least 60 • normal retirement: 55 years old and age plus continuous services totals at least 65. 102 Manulife Financial Corporation