Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 42

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 42
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 Base Salary(1) ($) |
| René F. Jones           |     |               1,100,000 |
| Daryl N. Bible          |     |                 740,000 |
| Kevin J. Pearson        |     |                 775,000 |
| Christopher E. Kay      |     |                 725,000 |
| Michael Todaro          |     |                 600,000 |

| (1) | Base salaries listed are annualized. |

Variable Compensation.M&T maintains a performance-guided discretionary approach to its incentive programs. While we aim to deliver TDC in a competitive range around the median of the market for our peer group, we do not use formulas for determining performance year incentives. Instead, individual target award levels are derived using various factors including competitive market pay ranges, time in job and strategic importance of a given role to the organization. As described above, the C&HC Committee performs a holistic, balanced performance assessment of company, business unit/function and individual performance that considers quantitative and qualitative factors, market compensation levels by role, and internal equity. The executive performance scorecards provide a framework to assess annual performance across the various positions each NEO holds and provides additional structure to apply rigor around incentive compensation recommendations. Results of the executive performance scorecards were presented to the C&HC Committee and were reviewed in conjunction with written performance appraisals to provide a holistic view of each NEO’s performance. Additional support was provided from the CRO in assessing the risk adherence for each business unit/function. Consequently, the C&HC Committee considered the following factors in making the award determinations in January 2025 for 2024 performance:

| • |     | the performance of M&T during 2024 relative to its operating plan and relative to the peer group; |

| • |     | achievement of key strategic objectives and goals set in the first quarter of the performance year; |

| • |     | the leadership and contribution of each of the NEOs to that performance; |

| • |     | the performance of the business unit/function which each NEO has oversight; |

| • |     | effective risk management and adherence to M&T’s risk appetite statement; and |

| • |     | compensation peer group market data for the roles occupied by each of the NEOs. |

Short-term (Cash) Incentive Compensation.Based upon the performance factors described above, including the overall absolute and relative to peer financial performance and effective risk management of the organization, the STI pool was funded above target for performance