Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 44

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 44
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 | 1/31/2022 |     |                            |   444 |
|                         |     |            | 1/31/2023 |     |                            |   940 |
|                         |     |            | 1/31/2024 |     |                            | 1,013 |

| (1) | Each tranche of PHSU grants were distributed in 2025 at target based on achievement of the 2024 performance hurdle. |

PVSUs.The C&HC Committee also grants PVSUs, which cliff vest after three years based on absolute and relative average ROTCE performance over the three-year performance period, with final payout values ranging from 0% to 150% of target. In addition, the PVSUs have accrued reinvested dividend equivalent units, which will pay out at the time the underlying shares vest and are subject to the same performance payout percentage and, if the underlying PVSUs do not vest, are forfeited.

| PVSU Performance Metrics(1)                                                                |     | Absolute  ROTCE |     | Payout                         |     | Relative  ROTCE                                                   |     | Payout(2)    |
| Above Absolute Maximum – payout is 150% regardless of relative performance                 |     | ≥17%            |     | 150%                           |     | N/A                                                               |     | 150%         |
| Performance between these two Absolute ROTCE levels is assessed relative to the peer group |     | 5% to < 17%     |     | Payout by relative ROTCE Scale |     | >75th percentile 50th percentile 25th percentile <25th percentile |     | 150%         
 100% 75% 50% |
| Below Absolute Threshold – payout is zero, regardless of relative performance              |     | < 5%            |     | 0%                             |     | N/A                                                               |     | 0%           |

| (1) | See Appendix A for a description of how ROTCE is calculated and a reconciliation of GAAP measures to the corresponding non-GAAP measures utilized for award purposes. |

| (2) | For performance between the 25th and 75th percentiles, payout will be determined based on interpolation. |

| 50 |

2022-2024 PVSU Award Payout.At the conclusion of the three-year performance period for the 2022 PVSU grant, the company’s three-year average ROTCE was