Page 85 - Martin Marietta - 2024 Proxy Statement

RETIREMENT AND OTHER BENEFITS / EXECUTIVE COMPENSATION

Supplemental Excess Retirement Plan (SERP). We also have a non-qualified restoration plan that covers any employee
in the Pension Plan, including the named executive officers, who are highly compensated and whose qualified plan benefit
is reduced by Internal Revenue Code benefit or pay limits in Sections 415(b) and 401(a)(17). The plan is based on the same
formula as the qualified Pension Plan described above. Benefits under our nonqualified plan are paid from our general
assets.
Savings and Investment Plan. The Savings and Investment Plan is a tax-qualified defined contribution retirement savings
plan pursuant to which all employees in the United States, including the named executive officers, are eligible to
contribute up to 25% of pay or the limit prescribed by the Internal Revenue Service on a ROTH individual retirement
account on a before-tax basis and up to an additional 17% of pay on an after-tax basis not to exceed a total of 25% of
pay. We match 100% of the first 1% of pay and 50% of the next 5% of pay that is contributed by employees to the
Savings and Investment Plan up to Internal Revenue Service limitations. All contributions as well as any matching
contributions are fully vested upon contribution. Prior to 2015, the Company sponsored two defined contribution savings
plans, the Performance Sharing Plan for salaried employees and the Savings and Investment Plan for hourly employees
generally. The two plans were merged in 2014.
Nonqualified Deferred Cash Compensation. Martin Marietta allows the named executive officers and certain other
employees who are eligible to participate in the Incentive Stock Plan (generally, vice president level or higher) to defer up
to 80% of their salary and/or up to 100% of their annual cash incentive award that exceeds the Internal Revenue Code
limit. Martin Marietta does not match participant deferrals and does not guarantee a stated rate of return. Deferrals under
the Deferred Cash Compensation Plan are credited with earnings or debited for losses based on the results of the notional
investment option or options selected by the participants, which are generally the same as the investment options available
under the Savings and Investment Plan. Under the Deferred Cash Compensation Plan, deferrals are not actually invested in
these funds, but instead are credited with earnings or debited for losses based on the funds’ investment returns. Because
the rate of return is based on actual investment measures in our Savings and Investment Plan, no above-market earnings
are credited, recorded, or paid. The Deferred Cash Compensation Plan is unfunded. This means that Martin Marietta does
not set aside funds for the plan in a trust or otherwise. Participants have only the rights of general unsecured creditors and
may lose their balances in the event of the company’s bankruptcy. Account balances are 100% vested at all times. An
irrevocable distribution election is required before making any deferrals into the Deferred Cash Compensation Plan.
Generally, a participant may elect to begin receiving a distribution of his or her account balance immediately upon
separation from service or in annual installments over 2 to 10 years, which, for separation before retirement, death,
disability or change of control as defined in the plan, is following a six-month waiting period after separation occurs. None
of the named executive officers participated in the Deferred Cash Contribution Plan in 2023.
Retiree Medical. Eligible salaried employees who commenced employment with Martin Marietta prior to December 1,
1999 and who retire with at least 5 years of service are currently eligible for retiree medical benefits until age 65 and then
will receive a one-time payment of $1,000 upon reaching age 65 (or upon retirement, if after reaching age 65). Eligible
salaried employees who commenced employment with Martin Marietta between December 1, 1999 and December 31,
2001 and who retire with at least 15 years of service are currently eligible for retiree medical benefits until age 65. Eligible
employees share the cost of retiree medical based on their years of service and a predetermined cap on total payments by
Martin Marietta. Employees who commenced employment with Martin Marietta on or after January 1, 2002 are not
eligible for retiree medical benefits. Mr. Nye, Mr. Nickolas, Mr. Cardin and Mr. Petro are not eligible for retiree medical
benefits as each commenced employment with Martin Marietta after 2002.

Medical Insurance. Martin Marietta provides an opportunity to all of its salaried employees in the United States and the
employees’ immediate family members to select health, dental and vision insurance coverage. Martin Marietta pays a
portion of the premiums for this insurance for all employees. All employees in the United States, including the named
executive officers, pay a portion of the premiums depending on the coverage they choose.
Life and Disability Insurance. Martin Marietta provides to all of its salaried employees in the United States, including the
named executive officers, long-term disability and life insurance that provides up to 1.5 times base salary at no cost to the
employee. All of our employees in the United States, including the named executive officers, can choose additional
coverage and pay a portion of the premiums depending on the coverage they choose. In addition, Martin Marietta pays an
amount equal to one year of base salary in the event of death of any active salaried employee.

Housing Allowance and Relocation Costs. Martin Marietta provides relocation benefits, including a housing allowance,
to certain employees upon their employment with Martin Marietta or in conjunction with a job relocation or promotion.

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