Page 82 - Martin Marietta - 2025 Proxy Statement

EXECUTIVE COMPENSATION / PENSION BENEFITS

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.

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 18.417 960,791
SERP 18.417 25,527,692
James A. J. Nickolas Pension Plan 7.417 243,133
SERP 7.417 1,901,300
Roselyn R. Bar Pension Plan 30.500 1,544,044
SERP 30.500 11,584,482
Robert J. Cardin Pension Plan 5.833 298,648
SERP 5.833 979,145
Michael J. Petro Pension Plan 9.167 137,819
SERP 9.167 365,472

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, 2024, included in Martin Marietta’s Annual Report on Form 10-K filed with the SEC on February 21,
2025.

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
($345,000 in 2024). 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. Mr. Nye and Mr. Cardin are eligible for early retirement, which allows for
payment to employees who are age 55 or older with at least five years of service. Unreduced benefits are provided for
retirements between ages 62 and 65, and reduced benefits are provided for retirements between ages 55 and 62
reflecting service-based, subsidized reductions. The present value of the Pension Plan and SERP benefit, respectively, for
Mr. Nye, Ms. Bar and Mr. Cardin, if they had terminated on December 31, 2024 and began collecting benefits at age 55
or current age if older would be as follows: Mr. Nye, $960,791 and $25,527,692, respectively; Ms. Bar, $1,544,044 and
$11,584,482, respectively and Mr. Cardin, $298,648 and $979,145, respectively. The amounts listed in the foregoing table
are not subject to any deduction for Social Security benefits or other offset amounts.

76 2025 PROXY STATEMENT