Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 23

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 23
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 independent and have no financial or personal relationships with M&T requiring disclosure pursuant to SEC rules (other than director compensation, equity ownership and transactions made in the ordinary course of business with its banking or other operating subsidiaries as described in this proxy statement).

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Director Compensation The compensation program for our non-employeedirectors aims to compensate directors in a competitive range compared to peer financial institutions, commensurate with the significant amount of time, effort and expertise required to fulfill director duties. The program also aims to align the interests of our directors with M&T’s shareholders through the award of an annual Board equity retainer. The director compensation structure provides annual compensation to directors approximately 50 percent in equity and 50 percent in cash (depending upon committee participation) through an annual Board equity retainer and an annual Board cash retainer, as well as annual committee cash retainers for service on Board committees. There are no per meeting fees. Equity Award.The annual Board equity retainer component is granted in the form of restricted stock units having a grant date fair value of $140,000 for the lead independent director and of $135,000 for each other non-employeedirector. For 2024, the restricted stock units were awarded in April 2024, vest on the one-yearanniversary of the grant date, and have such other terms as provided in a Directors’ Restricted Stock Unit Award Agreement and under the M&T Bank Corporation 2019 Equity Incentive Compensation Plan, as amended and restated (the “2019 Equity Plan”). Cash Fees.Under the annual Board cash retainer component, a cash retainer of $115,000 is paid to the lead independent director and a cash retainer of $90,000 is paid to each other non-employeedirector. Committee Fees.The following annual cash retainers are also paid to the members of the committees of the Board:

| • |     | An annual cash retainer of $50,000 is paid to the Chair of the Audit Committee, and an annual cash retainer of $20,000 is paid to each other member of the Audit Committee. |

| • |     | An annual cash retainer of $25,000 is paid to the Chair of the C&HC Committee and an annual cash retainer of $15,000 is paid to each other member of the C&HC Committee. |

| • |     | An annual cash retainer of $25,000 is paid to the Chair of the Executive Committee, and an annual cash retainer