Page 84 - Martin Marietta - 2023 Proxy Statement

EXECUTIVE COMPENSATION / PENSION BENEFITS

Pension Benefits
The table below shows the present value of accumulated benefits payable to each of the named executive officers,
including the number of years of service credited to each such named executive officer, under our Pension Plan and SERP,
determined using interest rate and mortality rate assumptions consistent with those used in Martin Marietta’s financial
statements.
Pension Benefits Table

Number of Present Value of Payments
Years Credited Accumulated During Last
Service Benefit Fiscal Year
Name Plan Name (#) ($) 1 ($)
(a) (b) (c) (d) (e)
C. Howard Nye Pension Plan 16.417 704,437
SERP 16.417 15,497,125 –
James A. J. Nickolas Pension Plan 5.417 145,799
SERP 5.417 735,685 –
Roselyn R. Bar Pension Plan 28.5 1,366,632
SERP 28.5 8,623,189 –
CraigM. LaTorre Pension Plan 4.5 151,034
SERP 4.5 597,501 –
John P. Mohr Pension Plan 7.167 277,159
SERP 7.167 804,832 –
1 Amounts in column (d) reflect the valuation method and use the assumptions that are included in Notes A and K to Martin Marietta’s audited financial
statements for the fiscal year ended December 31, 2022, included in Martin Marietta’s Annual Report on Form 10-K filed with the SEC on February 24,
2023.
The Pension Plan is a defined benefit plan sponsored by Martin Marietta and covers all of Martin Marietta’s executive
officers, including the named executive officers, and substantially all of the salaried employees of Martin Marietta on a
non-contributing basis. Compensation covered by the Pension Plan generally includes, but is not limited to, base salary,
executive incentive compensation awards, lump sum payments in lieu of a salary increase, and overtime. The normal
retirement age under the Pension Plan is 65, but unreduced early retirement benefits are available at age 62 and reduced
benefits are available as early as age 55. The calculation of benefits under the Pension Plan is generally based on an annual
accrual rate, average compensation for the highest consecutive five years of the ten years preceding retirement, and the
participant’s number of years of credited service (1.165% of average compensation up to social security covered
compensation for service up to 35 years and 1.50% of average compensation over social security covered compensation
for service up to 35 years and 1.50% of average compensation for service over 35 years). Benefits payable under the
Pension Plan are subject to current Internal Revenue Code limitations, including a limitation on the amount of annual
compensation for purposes of calculating eligible remuneration for a participant under a qualified retirement plan
($305,000 in 2022). Martin Marietta’s SERP is a restoration plan that generally provides for the payment of benefits in
excess of the Internal Revenue Code limits, which benefits vest in the same manner that benefits vest under the Pension
Plan. The SERP provides for a lump sum payment of the vested benefits provided by the SERP subject to the provisions of
Section 409A of the Internal Revenue Code. Of the named executive officers, Mr. Nye, Mr. Nickolas, Ms. Bar and
Mr. Mohr are each eligible for early retirement, which allows for payment to employees who are age 55 or older with at
least five years of service at a reduced benefit based on the number of years of service and the number of years prior to
age 62 at which the benefits began. Mr. LaTorre is not yet eligible for early retirement, but would be eligible for payments
after 5 years of service at a reduced benefit based on the number of years of service and the number of years prior to age
65 at which the benefits began. The present value of the Pension Plan and SERP benefit, respectively, for Mr. Nye,
Mr. Nickolas, Ms. Bar, Mr. LaTorre, and Mr. Mohr, if they had terminated on December 31, 2022 and began collecting
benefits at age 55 or current age if older would be as follows: Mr. Nye, $750,158 and $16,872,398, respectively;
Mr. Nickolas, $103,456 and $562,049, respectively; Ms. Bar, $1,366,632 and $8,623,189, respectively; Mr. LaTorre, $0
and $0, respectively, since he has less than five years of service with Martin Marietta and therefore is not vested in the
plans; and Mr. Mohr, $298,827 and $900,031, respectively. The amounts listed in the foregoing table are not subject to
any deduction for Social Security benefits or other offset amounts.

78 2023 PROXY STATEMENT