Corey Douglas Code - 30 Mar 2020 Form 4 Insider Report for Ovintiv Inc. (OVV)

Footnote F1

Each Restricted Share Unit (each, "RSU") is the economic equivalent of one share of common stock of Ovintiv Inc. ("Ovintiv") and attracts dividend equivalent RSUs. Vesting will occur on the exercise date in accordance with the Omnibus Incentive Plan and applicable grant agreement, and subject to the grantee's continued employment with Ovintiv or its affiliate through the applicable exercise date.

Footnote F2

Each RSU is the economic equivalent of one share of Ovintiv common stock and attracts dividend equivalent RSUs.

Footnote F3

Represents the settlement upon vesting of RSUs.

Footnote F4

RSUs convert into Ovintiv common stock on a one-for-one basis

Footnote F5

The RSUs settled in Canadian dollars at a price of CAD$59.02 per RSU. The price has been converted to U.S. dollars using the Bank of Canada exchange rate on the transaction date.

Footnote F6

Reporting the withholding by Ovintiv of shares of Ovintiv common stock (from the shares of common stock issued upon settlement upon vesting of RSUs or PSUs, as applicable) to satisfy payment of tax withholding obligations.

Footnote F7

The RSUs settled in Canadian dollars at a price of CAD$60.84 per RSU. The price has been converted to U.S. dollars using the Bank of Canada exchange rate on the transaction date.

Footnote F8

Each Performance Share Unit (each, "PSU") is settled based on the achievement of certain performance criteria, is the economic equivalent of one common share of Ovintiv common stock and attracts dividend equivalent PSUs

Footnote F9

Settlement of the PSUs was based on a performance criteria multiplier of 104.2 percent.

Footnote F10

Represents the settlement upon vesting of PSUs.

Footnote F11

PSUs convert into Ovintiv common stock on a one-for-one basis.

Footnote F12

The PSU is settled in Canadian dollars at a price of CAD$60.84 per PSU and is determined based on the volume-weighted average price of one share of common stock of Ovintiv on the Toronto Stock Exchange for the five trading days following approval of the performance criteria multiplier. The price has been converted to U.S. dollars using the Bank of Canada exchange rate on the transaction date.

Footnote F13

Includes 4,241 RSUs acquired through reinvested dividends that were not previously reported due to an inadvertent administrative oversight as follows: 1,878 RSUs on March 30, 2020; 513 RSUs on June 30, 2020; 584 RSUs on September 30, 2020; 339 RSUs on December 31, 2020; 233 RSUs on March 31, 2021; 179 RSUs on June 30, 2021; 254 RSUs on September 30, 2021; and 261 RSUs on December 31, 2021.

Footnote F14

Each Deferred Share Unit (each, a "DSU") is the economic equivalent of one share of Ovintiv common stock and attracts dividend equivalent DSUs. DSUs are held until retirement from the company.

Footnote F15

Represents grants of dividend equivalent DSUs from March 30, 2020 to December 31, 2021 that were not previously reported due to an inadvertent administrative oversight as follows: 90 DSUs on March 30, 2020; 24 DSUs on June 30, 2020; 28 DSUs on September 30, 2020; 16 DSUs on December 31, 2020; 10 DSUs on March 31, 2021; 7 DSUs on June 30, 2021; 11 DSUs on September 30, 2021; and 11 DSUs on December 31, 2021.

Footnote F16

Includes Ovintiv common stock acquired through reinvested dividends.