Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 75

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 75
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ing restrictions lapse immediately upon death or disability at target. |

| (3) | For employees who resign and are retirement eligible (defined as having reached age 55 with 10 or more years of service or as otherwise provided under an employee’s equity award agreement) (i) all vesting restrictions on PHSUs lapse immediately and (ii) PVSUs and stock options continue to vest pursuant to their original vesting schedule and the exercise period for stock options ends on the earlier of 4 years following retirement or the original 10 year expiration date. |

| 80 |

| (4) | In the event of a change in control, all vesting restrictions will lapse. With respect to the PVSUs, the payout will be at an amount equal to the greater of target or actual performance, calculated as of the quarter end immediately prior to the change in control announcement. For purposes of this disclosure, a payout at target is assumed. Cash severance is payable only upon a termination of employment. |

| (5) | See the “Present Value of Accumulated Benefit” column of the “2024 Pension Benefits” table and the “Aggregate Balance at Last FYE” column of the “2024 Nonqualified Deferred Compensation” table for additional payments upon termination. |

| (6) | Value computed for each stock option grant by multiplying (i) the difference between (a) $188.01, the closing market price of a share of our common stock on December 31, 2024 and (b) the exercise price per share for that option granted by (ii) the number of shares subject to each option that vests or continues to vest. PHSUs and PVSUs are valued at target based on the closing market price of a share of our common stock on December 31, 2024. |

| (7) | Messrs. Bible and Kay are not retirement eligible. |

Severance Pay Plan M&T maintains the Severance Pay Plan, which is a broad-based, tiered severance plan that provides eligible employees with post-employment severance payments and the continuation of certain employee benefits when a “Qualifying Event” (defined as any permanent, involuntary termination of a participant’s active employment as a result of a reduction in force, restructuring, outsourcing or elimination of position) occurs. The amount of severance an employee is eligible to receive is based upon the employee’s position and years of service. Each NEO participates in the plan. Upon the occurrence of a Qualifying Event, each NEO