CASH 2018 Proxy Statement

A Letter From Our Compensation Committee December 18, 2018 Dear Shareholders: As members of the Compensation Committee of the Board of Directors of Meta Financial Group, Inc. ("Meta"), we are responsible for ensuring that our executive compensation program aligns the interests of our leadership team with those of Meta shareholders through our pay-for-performance philosophy. Pay for Performance A significant portion of each executive’s compensation package is driven by performance to align executive interests with those of shareholders, and to reward our leadership for increasing shareholder value and for achieving corporate and individual goals. Compensation outcomes for the leadership team for fiscal 2018 reflected strong financial and operational results, including completing the strategic Crestmark Acquisition, and significant success in delivering on our key business objectives. Annual executive incentive awards are contingent on meeting predefined corporate and individual goals with a strong emphasis on corporate performance. As a result of achieving the following financial performance metrics in 2018 and accomplishing other company and individual performance objectives, each of the CEO, President and CFO received 133% of his target annual cash incentive plan opportunity, and each of the other executive officers received 149% of such executive's target annual cash incentive plan opportunity: • $6.80 of adjusted earnings per share* • 12.1% adjusted return on equity* • 0.66% non-performing assets • 18.8% in revenue growth *Earnings per share ("EPS") and return on equity ("ROE") were adjusted for any direct Crestmark Acquisition expenses, gain or loss on sale of investments, amortization of intangibles related to the Crestmark Acquisition, tax reform adjustments and separation expenses. The Compensation Committee believes that executive officers should have a meaningful portion of their total compensation opportunity paid in equity and linked to the achievement of corporate financial goals and to increasing shareholder value. Equity incentives are awarded in restricted stock that are subject to vesting over three years and the satisfaction of performance goals in the first year. In fiscal 2018, each of the CEO, President and CFO was entitled to 121% of his target equity incentive awards, and each of the other executive officers was entitled to 136% of such executive's target equity incentive awards based on achieving the following financial performance results as well as other company and individual performance achievements: • $69.686 million in adjusted net income* • 38.4% total loan growth • 41st percentile total shareholder return relative to market peers *Net income was adjusted for any direct Crestmark Acquisition expenses, gain or loss on sale of investments, amortization of intangibles related to the Crestmark Acquisition, tax reform adjustments and separation expenses. Say-on-Pay Last year, our say-on-pay proposal received 61% support, which we believe was a sign that our shareholders did not fully support all facets of our executive compensation program. After the vote, the Compensation Committee reached out to shareholders representing 54% of the outstanding shares of our Common Stock to better understand their perspectives on the Company’s executive compensation program and decisions. After carefully considering shareholder feedback and consulting with an independent compensation consultant, the Compensation Committee made the following changes to improve and enhance the executive compensation program: • Revised our peer group to better reflect the Company’s multi-dimensional business model EXECUTIVE COMPENSATION 20 Meta Financial Group, Inc. | 2018 Proxy Statement