Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 73

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 73
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 fully vested in the Qualified RAA benefits based on his years of service. Mr. Kay became eligible to participate in the Qualified RAA in 2019 and is also fully vested. Under the Qualified DEC component of the Retirement Savings Plan, a participant hired in 2020 and after will be credited with an employer contribution based on compensation (subject to the Internal Revenue Code 401(a)(17) compensation limit) multiplied by a discretionary contribution percentage, if any, determined by the bank from year to year. Mr. Bible received a Qualified DEC contribution based on 2024 eligible earnings and is vested in 20% thereof. Leadership Retirement Savings Plan—Leadership Deferral/Match The Leadership Deferral/Match component of the Leadership Retirement Savings Plan is designed to provide compensation deferral opportunities and matching contributions that cannot be provided under the Qualified 401(k) component of the Retirement Savings Plan due to the Internal Revenue Code Section 401(a)(17) compensation limit. All of the NEOs participate in the Leadership Deferral/Match component. Under the Leadership Deferral/Match component, a participant may elect to contribute up to 50% of compensation. The participant must elect the contribution percentage before the beginning of the plan year. Additionally, select members of management who contribute to the Leadership Deferral/Match component for a given plan year and have maximized their Qualified 401(k) contributions are credited with a matching employer contribution under the Leadership Deferral/Match component, determined under the same matching formula as in the Qualified 401(k) component of the Retirement Savings Plan (equal to 100% of contributions that do not exceed 5% of the participant’s compensation) but with compensation capped at two times the annual Internal Revenue Code Section 401(a)(17) limit. For 2024, the Internal Revenue Code Section 401(a)(17) compensation limit was $345,000, resulting in a compensation cap of $690,000. All of the NEOs were credited with a maximum company matching contribution of $17,250 under the Leadership Retirement Savings Plan for the 2024 plan year. Company matching contributions for 2024 under the Leadership Deferral/Match component are credited to the participant’s bookkeeping account in the first quarter of 2025. These values are also reflected in the “Leadership Retirement Savings Plan” column set forth in footnote (3) of the “2024 Summary Compensation Table.” A participant is always 100% vested in both his own contributions and the employer matching contributions, and all earnings thereon