Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 54

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 54
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 | $ | 3,200,000 |

(1) Mr. Todaro’s 2023 Performance Compensation is not listed as he was not an NEO for 2023. (2) Represents grant date fair value. Actual payout dependent upon achievement of performance hurdle. (3) Represents grant date fair value. Actual payout could range from 0%-150%of target depending on actual performance achieved. Retirement and Other Benefits M&T maintains two tax-qualifiedretirement plans for its employees, one a defined benefit plan and the other a defined contribution plan. Messrs. Pearson and Todaro participate in the defined benefit plan and continue to receive benefit accruals. Mr. Jones elected to have his benefits accrued under the defined contribution plan. This election was made pursuant to a one-timeelection that was offered to all participants in the defined benefit plan in late 2005 to either (i) remain an active participant in the defined benefit plan and earn future benefits under a new reduced benefit formula or (ii) retain the frozen benefit in the defined benefit plan and earn future benefits under a new defined contribution plan formula beginning January 1, 2006. Messrs. Kay and Bible are not eligible to participate in the defined benefit plan and are participants in the defined contribution plan. In addition, M&T maintains nonqualified defined benefit and defined contribution retirement plans to supplement retirement benefits for the NEOs and other eligible participants in order to make up for benefits that cannot be provided in the qualified plans due to Internal Revenue Code limits; however, compensation recognized for the purpose of these plans is capped at two times the annual Internal Revenue Code Section 401(a)(17) limit. The nonqualified plans are not funded, except as benefits are actually paid to executive officers upon retirement or such other date elected by the executive. Additional information regarding these retirement plans and arrangements is provided in the sections titled “ Pension Benefits” and “ Nonqualified Deferred Compensation.” M&T does not provide the NEOs with severance packages beyond what is provided to employees of M&T, generally. Consequently, the NEOs have historically participated in the M&T Bank Corporation Employee Severance Pay Plan (“Severance Pay Plan”), which provides for post-employment severance payments that are tiered based upon an employee’s position and years of service, and the continuation of certain employee benefits. Upon a “Qualifying Event” (defined in the Severance Pay Plan as any permanent, involuntary termination of a participant’s active employment as a result of a reduction in force, restructuring, outsourcing or elimination