The Company’s equity incentive compensation plan allows for the issuance of various forms of stock-based compensation, including stock options, restricted stock and restricted stock units, including performance-based awards. Stock-based awards granted to employees generally vest over three years. At December 31, 2024, there were 3,168,796 shares available for future grant under the Company’s equity incentive compensation plan.


(Dollars in millions)	2024		2023		2022
Stock-based compensation expense (a)	$	116	$	118	$	111
Income tax benefits recognized	25		24		26
Cash received from exercised stock options	138		32		37
Fair value of stock-based awards granted	141		124		99
Intrinsic value of vested restricted stock and restricted stock units and exercised stock options	134		96		125

(a) Unrecognized stock-based compensation expense of $48 million at December 31, 2024 is expected to be recognized over a weighted-average period of approximately one year.


	Restricted Stock Units Outstanding	Weighted- Average Grant Price		Restricted Stock Outstanding	Weighted- Average Grant Price
Unvested at January 1, 2024	1,330,278	$	154.46	31,715	$	164.63
Granted	969,427	139.56		—	—
Vested	(696,738)	147.81		(20,836)	164.66
Cancelled	(58,929)	148.75		(267)	161.18
Unvested at December 31, 2024	1,544,038	148.33		10,612	164.66

Stock options granted to employees are generally exercisable over terms not exceeding ten years and one day. A summary of stock option activity follows:


		Weighted-Average
	Stock Options Outstanding	Exercise Price		Life (In Years)	Aggregate Intrinsic Value (In millions)
Outstanding at January 1, 2024	2,198,664	$	152.33
Granted	133,834	138.10
Exercised	(1,026,259)	142.00
Cancelled/Expired	(345,406)	166.48
Outstanding at December 31, 2024	960,833	156.30		6.2	$	30,664
Exercisable at December 31, 2024	654,215	$	158.70	5.3	$	19,371

The stock purchase plan provides eligible employees of the Company with the right to purchase shares of M&T common stock at a discount through accumulated payroll deductions. As of December 31, 2024, there were 1,871,663 shares available for issuance under the plan. In connection with the employee stock purchase plan, shares of M&T common stock issued were 100,964 in 2024, 90,575 in 2023 and 75,232 in 2022. M&T received cash for shares purchased through the employee stock purchase plan of $13 million in each of 2024 and 2023 and $11 million in 2022.

The Company provided a deferred bonus plan pursuant to which eligible employees could elect to defer all or a portion of their annual incentive compensation awards and allocate such awards to several investment options, including M&T common stock. The deferred bonus plan was frozen

effective January 1, 2010 and did not allow any additional deferrals after that date. Participants could elect the timing of distributions from the plan. Such distributions are payable in cash with the exception of balances allocated to M&T common stock which are distributable in the form of M&T common stock. Shares of M&T common stock distributable pursuant to the terms of the deferred bonus plan were 9,831 and 10,238 at December 31, 2024 and 2023, respectively. The obligation to issue shares is included in Common stock issuable in the Consolidated Balance Sheet.

The Company maintains compensation programs for members of the Company’s boards of directors and its regional director advisory councils that provides for a portion of their compensation to be received in shares or restricted stock units. In 2024 and 2023, 22,990 and 27,027 shares, respectively, were granted under such programs.