Summary compensation table The following table sets forth information concerning compensation earned from the
Corporation by each of the NEOs for the years ended December 31, 2021, 2020, and 2019. Footnotes to Summary Compensation Table 1. Grant date fair value of Common Shares granted under the ESPP and units under the Share Unit Plan as calculated
under the respective plans. Details are listed below. Algonquin awarded the following PSUs to NEOs for 2021 (awarded March 2021); for 2020 (awarded March 2020 and awarded August 2020 to Mr. Banskota upon appointment as CEO and awarded
September 2020 to Mr. Kacprzak upon appointment as CFO); and 2019 (awarded March 2019). The number of PSUs that the NEOs will actually earn can vary from 0 to 237% of the original number of PSUs granted, depending on the Corporation’s
performance against measures of efficiency, safety, and customer service over a three-year Performance Period and also dependent upon the TSR achieved by the Corporation over the three-year Performance Period relative to the TSR achieved by the
S&P/TSX Capped Utilities Index. PSUs earned from dividends declared during the respective Performance Period are not included in the granted amounts shown below. For purposes of compensation, the PSUs were valued using the market price on
the first day of the Performance Period as calculated under the Share Unit Plan. For purposes of financial statement disclosure, the PSUs were valued using the closing market price on the grant date as set out in the table below. The table
below shows the difference between the grant date value for compensation purposes and the grant date fair value used for purposes of financial statement disclosures which is due to the change in market price between those two dates. Algonquin
/ Liberty | 2022 Management Information Circular 85 Equity incentive plan compensation Non-equity incentive plan compensation Name and principal position Year Salary Share-based awards1 Option-based awards2 Annual incentive
plans3 Long-term Incentive Plans Pension value4 All other compensation Total compensation Arun
Banskota CEO5 2021 $966,808 $2,816,875 $605,625 $1,270,359 - $259,452 $14,780 $5,933,899 2020 $708,846 $3,345,082 $448,361 $1,068,582 - $87,369 $15,000 $5,673,240 2019 - - - - - - - - Arthur
Kacprzak CFO6 2021 $427,431 $240,975 $80,325 $293,385 - $73,209 $20,185 $1,135,510 2020 $336,185 $125,625 - $160,311 - $26,984 $9,260 $658,365 2019 $247,200 $58,000 - $95,158 - $56,697 $6,160 $463,215 Johnny
Johnston COO 2021 $488,813 $404,185 $134,728 $330,964 - $118,660 $19,585 $1,496,935 2020 $493,151 $396,260 $132,087 $335,526 - $108,033 $17,859 $1,482,916 2019 $451,000 $1,289,234 $112,750 $328,328 - $52,054 $17,136 $2,250,502 Jeff
Norman CDO 2021 $488,492 $403,920 $134,640 $354,074 - $142,930 $19,585 $1,543,641 2020 $483,077 $396,000 $132,000 $364,634 - $113,405 $17,859 $1,506,975 2019 $400,000 $700,028 $100,000 $286,000 - $116,612 $19,769 $1,622,409 Jennifer
Tindale CLO 2021 $443,714 $366,894 $122,298 $321,906 - $126,114 $17,390 $1,398,316 2020 $445,846 $359,700 $119,900 $333,902 - $105,537 $17,859 $1,382,744 2019 $400,000 $686,500 $95,500 $302,400 - $84,259 $17,574 $1,586,233 2021
– March grant $20.99 $19.85 $1.14 2020 – September grant $17.63 $18.57 $0.94 2020 – August grant $17.63 $18.47 $0.84 2020 – March grant $18.53 $18.95 $0.42 2019 – March grant $13.66 $15.26 $1.60 Year Grant date value
for compensation purposes Grant date value for financial statement disclosure Difference per unit Arun Banskota 86,539 73,599 - Arthur Kacprzak 11,477 6,988 4,243 Johnny Johnston 19,251 21,381 24,754 Jeff
Norman 19,239 21,367 21,954 Jennifer Tindale 17,475 19,408 20,966 2021 2020 2019