Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 36

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 36
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 performance and shareholder value •  Provides a strong retention tool •  Unearned/unvested awards subject to forfeiture                                                                           |     | •  Equity-based incentives awarded to NEOs in the form of performance- based stock unit awards and stock options   •  Performance-based stock unit awards key features: Ø Performance-Hurdled Stock Units (PHSUs) ¡   Vesting: Ratably at target over three years ¡   Performance Metric: Absolute ROTCE(1) Ø Performance-Vested Stock Unit Awards (PVSUs) ¡   Vesting: Cliff vest after a 3-year performance period with final payout ranging from 0%-150% of target based on performance ¡   Performance Metric: Absolute ROTCE and Relative ROTCE to peer group(1) ¡   Beginning with the 2024 grant, the Performance Metrics also include Absolute and Relative ROTA(1)   •  Non-Qualified Stock Options (NQSOs) key features: Ø Vesting: 3-year annual pro-rata Ø Option Term: 10 years   •  Initial award value is based on: Ø Roles/responsibilities and expected future contribution Ø Company and individual performance for the immediately preceding year Ø Consideration of peer compensation market data   •  Amount ultimately realized is based on: Ø Absolute company performance for the immediately preceding year relative to the operating plan Ø Absolute and relative company performance over the 3-year period from date of grant Ø Long-term, sustained corporate performance and stock price |

| (1) | The C&HC Committee and management use certain non-GAAP financial measures as they believe they better reflect the impact of acquisition activity in reported results. See “Supplemental Reporting of Non-GAAP Results of Operations” in M&T’s 2024 Form 10-K for a reconciliation of GAAP measures to the corresponding non-GAAP measures. See Appendix A of this proxy statement as well for a description of how ROTCE and ROTA are calculated. |

| 41 |

#### 2024 Performance Year Pay MixOur executive compensation program provides for a market-competitive mix of base salary, short-term cash incentives (“STI”) and long-term equity-based incentives (“LTI”) that vest