Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 51

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 51
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 (1) | See “Supplemental Reporting of Non-GAAP Results of Operations” in M&T’s 2024 Form 10-K for a reconciliation of GAAP measures to corresponding non-GAAP measures. |

| 58 |

Kevin J. Pearson - Vice Chairman (continued)

|                           |     | Performance Year 
 2023             |   |           |     | 2024 |   |           |
|:--------------------------|:----|:-----------------|:--|----------:|:----|:-----|:--|----------:|
| Salary                    |     |                  | $ |   775,000 |     |      | $ |   775,000 |
| STI Payout                |     |                  | $ | 1,300,000 |     |      | $ | 1,820,000 |
| NQ Stock Options          |     |                  | $ |   375,000 |     |      | $ |   283,000 |
| PHSUs(1)                  |     |                  | $ |   875,000 |     |      | $ | 1,132,000 |
| PVSUs(2)                  |     |                  | $ | 1,250,000 |     |      | $ | 1,415,000 |
| LTI Grant                 |     |                  | $ | 2,500,000 |     |      | $ | 2,830,000 |
| Total Direct Compensation |     |                  | $ | 4,575,000 |     |      | $ | 5,425,000 |

(1) Represents grant date fair value. Actual payout dependent upon achievement of performance hurdle. (2) Represents grant date fair value. Actual payout could range from 0%-150%of target depending on actual performance achieved.

| 59 |

Christopher E. Kay - Senior Executive Vice President and Head of Enterprise Platforms Mr. Kay assumed responsibility for Retail and Business Banking in the second quarter of 2024 in addition to his existing responsibilities as the head of the company’s Enterprise Platforms (Digital, Marketing/ Communications/Customer Experience (CX), Service Modernization and Strategy & Transformation). For performance year 2024, the C&HC Committee considered the following performance factors (among others discussed in this CD&A) in establishing his TDC:

| Company  Results  (“What”)    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Strong financial performance and long-term