Obsidian Energy Ltd · TSX:OBE
Obsidian Energy — Shareholder Meeting (April 2026)
11 slides from Obsidian Energy's shareholder meeting presentation, April 2026
Slide 1: Additional Details on Proposed Long-Term Incentive (LTI) Plan Amendments
Additional Details on Proposed Long- Term Incentive (LTI) Plan Amendments April 2026
Slide 2: Summary
Summary • Obsidian Energy’s Restricted and Performance Share Unit Plan (“RPSU Plan”) and Stock Option Plan (“Option Plan”, and collectively with RPSU Plan, the “LTI Plans”) are presented for shareholder approval at Obsidian Energy’s annual general meeting (“AGM”) on May 7, 2026 • The RPSU Plan and S
Slide 3: LTI Plan Amendments
LTI Plan Amendments • Obsidian Energy’s LTI Plans are up for shareholder approval at the 2026 AGM on May 7, 2026 • In addition to the routine resolutions of approving the issuance (or reserved for issuance) of unallocated units under the LTI Plans, Obsidian Energy is proposing the following amendmen
Slide 4: 2023 PSU Payout Adjustments
2023 PSU Payout Adjustments • 239,360 PSUs vested on December 31, 2025 • Share price at time of grant in March 2023 was $9.81 • Original performance metric was based on Obsidian Energy’s total shareholder return relative to a defined group of peers (“RTSR”) • Despite meeting financial and strategic
Slide 5: 2024 and 2025 PSU Programs
2024 and 2025 PSU Programs • Obsidian Energy’s BoD acknowledged that the PSU program was not functioning as intended for the purposes of retention and incentivizing employees • Additionally, employees were over-weighted to RTSR metrics, as it is also a metric within Obsidian Energy’s annual short-te
Slide 6: Realignment of Go-Forward LTI Program
Realignment of Go-Forward LTI Program • Given the ineffectiveness of the PSU program, the BoD has decided to suspend it for 2026 and beyond • Again, in consultation with Laulima Consulting, the LTI program has been revised to consist of a weighting of 50% of RSUs and 50% of stock options for executi
Slide 7: Appendix
OBSIDIANY ENERGY,
Slide 8: 2023 PSU Target vs Realized Value
2023 PSU Target vs Realized Value 2023 PSU Grant Value vs Realized Value $2,500,000 $2,000,000 (15%) $1,500,000 $1,000,000 $500,000 $0 2023 PSU Grant Target Grant Value Realized Value Realized 2023 PSU value was 85% of target grant value due to difference in five-day VWAP Obsidian Energy share price
Slide 9: 2024 and 2025 PSU Payout Scenarios – Absolute TSR Structure
2024 and 2025 PSU Payout Scenarios – Absolute TSR Structure Current RTSR Structure 2024 and 2025 PSU Payout Scenarios - New Absolute TSR Structure @ 200% Payout 50% # of Target Starting 100% 150% 150% Year Payout 20% TSR 50% TSR PSUs Value Share Price (10% TSR) (20% TSR) (50% TSR) (<0% TSR) 2024 268
Slide 10: LTI Structure Comparison
LTI Structure Comparison Executives – 3.5X Conversion of RSUs to Options $450,000 New LTI Structure Mix 50% RSUs / 50% Options $400,000 Current LTI Structure Mix $350,000 25% RSUs / 50% PSUs / 25% Options New LTI structure = Current LTI structure $300,000 (assuming 100% PSU multiplier): • For 3.5X c
Slide 11: Forward Looking Statements
Forward Looking Statements Certain statements contained in this document constitute forward-looking statements or information (collectively "forward-looking statements”). Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast",