Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 43

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 43
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 year 2024 (whereas it was below target for the 2023 performance year). Considering this strong performance, as well as relevant market compensation information, and applying the executive performance scorecard

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results, including individual performance ratings, the C&HC Committee set the amount of STI awards to each NEO for the 2024 performance year as follows:

| Named Executive Officer |     | 2024 STI ($) |
| René F. Jones           |     |    3,000,000 |
| Daryl N. Bible          |     |    1,400,000 |
| Kevin J. Pearson        |     |    1,820,000 |
| Christopher E. Kay      |     |    1,225,000 |
| Michael Todaro          |     |    1,300,000 |

Long-term (Equity-based) Incentive Compensation.Consistent with our philosophy of linking compensation to M&T’s performance for the continued alignment with M&T’s shareholders, a substantial portion (ranging from 59% to 74%) of 2023 performance year variable compensation was awarded to NEOs through LTI grants in January 2024 under the 2019 Equity Plan. The C&HC Committee established the LTI compensation mix to maximize shareholder value and tie the NEOs’ compensation to M&T’s long-term performance. The NEO LTI mix awarded in January 2024 based upon 2023 performance was 35% Performance Hurdled Stock Units (PHSUs), 50% Performance Vested Stock Units (PVSUs) and 15% Non-QualifiedStock Options (NQ Stock Options or stock options). All of the LTI awards are fully at risk as stock options are worthless without stock appreciation, and PHSUs and PVSUs are subject to performance metrics in order for awards to vest. Going forward, M&T will continue to monitor, evaluate, and modify this program as deemed necessary to ensure continued evolution in line with our business strategy and compensation philosophy. In addition, M&T continues to monitor the LTI mix on an annual basis. The C&HC Committee determined the dollar value of the LTI awards to be made to the NEOs at its meeting in January 2024. Following that meeting, the 2023 performance year equity awards were granted on January 31, 2024. In light of a gap to competitive market positioning, the C&HC Committee determined that an increase in the dollar