Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 68

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 68
---
 hours of work during a plan year to be credited with a year of service for purposes of the Qualified Pension Plan. |

| (4) | As described in footnote (2) above, effective January 1, 2006, the formula used to calculate benefits under the Qualified Pension Plan and the Supplemental Pension Plan was modified with respect to benefits earned after 2005, and participants were given the opportunity to elect whether to continue participation in the Qualified Pension Plan and the Supplemental Pension Plan. Of the NEOs, Messrs. Pearson and Todaro elected to continue to actively participate in the revised Qualified Pension Plan and, as such, Messrs. Pearson and Todaro continue to participate in the Supplemental Pension Plan. Mr. Jones elected to discontinue his future active participation in the Qualified Pension Plan and Supplemental Pension Plan, choosing instead to participate in the Qualified RAA effective January 1, 2006. M&T maintains a nonqualified deferred compensation plan that is designed to provide participants with contributions that cannot be provided under the Qualified RAA because of the Internal Revenue Code Section 401(a)(17) compensation limit. For purposes of those contributions, compensation is capped at two times the annual Internal Revenue Code Section 401(a)(17) limit. For 2024, the Internal Revenue Code Section 401(a)(17) limit was $345,000 resulting in a plan compensation maximum of $690,000. Mr. Jones participated in the nonqualified deferred compensation plan in 2024 and was credited with a contribution for 2024 as reported below under the discussion of 2024 Nonqualified Deferred Compensation Plans. |

| (5) | Messrs. Kay and Bible are not participants in the Qualified Pension Plan or Supplemental Pension Plan. |

Explanation of 2024 Pension Benefits Table.The 2024 Pension Benefits Table indicates, for each of the Qualified Pension Plan and the Supplemental Pension Plan, the NEO’s number of years of credited service, present value of accumulated benefit and any payments made during the year ended December 31, 2024. See footnote (2) to the “2024 Summary Compensation Table.” The amounts indicated in the column titled “Present Value of Accumulated Benefit” represent the lump-sumvalue, as of December 31, 2024, of the annual benefit that was earned by the NEOs as of December 31, 2024, assuming payment begins at each executive’s normal retirement age, or their current age, if later. The normal retirement age is defined as age