Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 59

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 59
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| Chief Risk Officer                |     |     |     |      |     |              |     |           |     |             |     |           |     |                 |     |           |     |                 |     |           |     |                  |     |   |     |                                    |     |         |     |                    |     |         |     |             |     |            |

| (1) | The amounts indicated represent the aggregate grant date fair value of equity awards granted to each of the NEOs. The grant date fair values are calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation (“FASB ASC Topic 718”). |

The grant date fair value of stock awards for 2024 reflected in this column is based on the closing price of M&T common stock on January 31, 2024, or $138.10. These amounts were calculated in accordance with applicable accounting guidance (i.e., at target for PVSUs awarded in 2024). At the maximum level of performance, the value of the PVSUs awarded in 2024 would be: $4,500,127 for Mr. Jones; $1,593,812 for Mr. Bible; $1,875,122 for Mr. Pearson; $1,125,032 for Mr. Kay; and $900,067 for Mr. Todaro. For purposes of determining the fair value of stock option awards, we use an option pricing model and the assumptions provided in the table below. M&T determines the dividend yield by dividing the current annual dividend on M&T’s common stock by the option exercise price. A historical weekly measurement of volatility is determined based on the expected life of the option granted. The risk- free interest rate is determined by reference to the yield on an outstanding U.S. Treasury Note with a term equal to the expected life of the option granted. Expected life is determined by reference to the M&T’s historical experience.

| Dividend Yield          |     |  3.77 | % |
| Volatility              |     | 35.69 |   |
| Risk-Free Interest Rate |     |  3.93 | % |
| Expected Life (Years)