Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 63

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 63
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 (1) | Vesting of the PVSU awards granted to the NEOs in 2024, which appears in the first row for each NEO, is scheduled to occur on a three-year cliff basis. The PVSUs are earned only to the extent M&T performance is achieved against a pre-established absolute and relative net operating ROTCE metric and absolute and relative ROTA (the “PVSU Performance Metrics”) for the three-year performance period of 2024–2026, with performance certified by the C&HC Committee in the first quarter of 2027. Depending on the level of the PVSU Performance Metric achieved, the number of shares vesting will be a range between 0% to 150% of the initial award value and will include any accumulated reinvested dividend equivalent units. The awards issued allow for accelerated vesting at target in cases of death and disability, on a pro-rata basis for an involuntary termination without cause, or based on the greater of target or actual performance achieved in the case of a change in control. |

| (2) | Vesting of the PHSU awards granted to the NEOs in 2024, which appears in the second row for each NEO, is scheduled to occur on a graduated basis with 33% vesting on January 31, 2025, an additional 33% vesting on January 31, 2026 and the remaining 34% vesting on January 31, 2027. Each vesting is contingent upon M&T achieving a pre-established net operating ROTCE metric (the “PHSU Performance Hurdle”). Awards are only payable at the target level; if the PHSU Performance Hurdle is not satisfied for a given year, the portion of the stock award that is scheduled to vest on the vesting date immediately following that performance period will not vest and will be forfeited unless otherwise determined by the C&HC Committee. The awards allow for accelerated vesting in cases of death, disability, position elimination, retirement, or a change in control. |

| (3) | Vesting of the stock option awards granted to the NEOs in 2024 is scheduled to occur on a graduated basis with 33% vesting on January 31, 2025, an additional 33% vesting on January 31, 2026 and the remaining 34% vesting on January 31, 2027. The awards expire 10 years from the grant date. The awards allow