Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 65

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 65
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 satisfied for a given period, 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. See footnotes (1), (2) and (3) to the table set forth above titled “2024 Grants of Plan-Based Awards” for the vesting schedule of the stock awards granted to the NEOs in 2024. See the below chart for more detailed information concerning the number of outstanding shares from each PHSU grant that remain unvested and their corresponding vesting dates. |

| (3) | Vesting of the PVSU award granted to the NEOs in 2024 occurs on a 3-year cliff basis and has a payout range of 0% to 150% based on pre-established absolute and relative ROTCE performance and absolute and relative ROTA over the 3-year performance period. Shares in this column include the accrued dividend equivalent units, which accrue quarterly at the time the quarterly dividend is paid and reflect maximum payout at 150%. See the below chart for more detailed information concerning the number of outstanding shares from each PVSU grant that remain unvested and their corresponding vesting dates. |

| 71 |

| (4) | The PVSUs granted on January 31, 2022, with a performance period of January 1, 2022 through December 31, 2024, vested on December 31, 2024, and were earned based on the level of achievement against the pre-established performance metrics as determined by the C&HC Committee on February 14, 2025. These PVSUs are reflected in the 2024 Options Exercised and Stock Vested table. |

| (5) | Values based on closing price of M&T’s common stock on the NYSE on December 31, 2024 of $188.01. |

| (6) | For Mr. Bible, the number of unvested shares includes his remaining unvested restricted stock units that were granted to him upon his joining M&T in accordance with our Grant Policy. One-third of the award vested in July 2024, 33% of the award is scheduled to vest on July 31, 2025 and 34% on July 31, 2026. The restricted stock units allow for accelerated vesting in cases of death, disability, retirement, position elimination, or change in control.