Page 67 - Proxy Statement - 2020

Pension Benefits / Executive Compensation

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

Numbers of Years Present Value of Payments During
Credited Service Accumulated Benefit Last Fiscal Year
Name Plan Name (#) ($) 1 ($)
(a) (b) (c) (d) (e)
C. Howard Nye Pension Plan 13.417 624,446
SERP 13.417 8,264,290
James A. J. Nickolas Pension Plan 2.417 85,515
SERP 2.417 273,031
Roselyn R. Bar Pension Plan 25.5 1,491,045
SERP 25.5 5,771,902
Craig M. LaTorre Pension Plan 1.500 61,296
SERP 1.500 108,486
Daniel L. Grant Pension Plan 6.333 325,153
SERP 6.333 686,042

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, 2019, included in Martin Marietta’s Annual Report on Form 10-K filed with the Securities and
Exchange Commission on February 21, 2020.

The Pension Plan is a defined benefit plan sponsored by Martin provided by the SERP subject to the provisions of Section 409A
Marietta and covers all of Martin Marietta’s executive officers, of the Internal Revenue Code. Of the named executive officers,
including the named executive officers, and substantially all of Mr. Nye, Ms. Bar and Mr. Grant are each eligible for early
the salaried employees of Martin Marietta on a non-contributing retirement, which allows for payment to employees who are age
basis. Compensation covered by the Pension Plan generally 55 or older with at least five years of service at a reduced benefit
includes, but is not limited to, base salary, executive incentive based on the number of years of service and the number of
compensation awards, lump sum payments in lieu of a salary years prior to age 62 at which the benefits began. Mr. Nickolas
increase, and overtime. The normal retirement age under the is not yet eligible for early retirement, but would be eligible for
Pension Plan is 65, but unreduced early retirement benefits are payments at age 55 at a reduced benefit based on the number
available at age 62 and reduced benefits are available as early as of years of service and the number of years prior to age 65 at
age 55. The calculation of benefits under the Pension Plan is which the benefits began. Mr. LaTorre is not yet eligible for early
generally based on an annual accrual rate, average retirement, but would be eligible for payments after 5 years of
compensation for the highest consecutive five years of the ten service at a reduced benefit based on the number of years of
years preceding retirement, and the participant’s number of service and the number of years prior to age 65 at which the
years of credited service (1.165% of average compensation up benefits began. The present value of the Pension Plan and SERP
to social security covered compensation for service up to 35 benefit, respectively, for Mr. Nye, Mr. Nickolas, Ms. Bar,
years and 1.50% of average compensation over social security Mr. LaTorre, and Mr. Grant, if they had terminated on
covered compensation for service up to 35 years and 1.50% of December 31, 2019 and began collecting benefits at age 55 or
average compensation for service over 35 years.) Benefits current age if older would be as follows: Mr. Nye, $656,882 and
payable under the Pension Plan are subject to current Internal $9,057,478, respectively; Mr. Nickolas, $0 and $0, respectively,
Revenue Code limitations, including a limitation on the amount since he has less than five years of service with Martin Marietta
of annual compensation for purposes of calculating eligible and therefore is not vested in the plans; Ms. Bar, $1,507,292
remuneration for a participant under a qualified retirement plan and $5,844,815, respectively; Mr. LaTorre, $0 and $0,
($280,000 in 2019). Martin Marietta’s SERP is a restoration plan respectively, since he has less than five years of service with
that generally provides for the payment of benefits in excess of Martin Marietta and therefore is not vested in the plans; and
the Internal Revenue Code limits, which benefits vest in the Mr. Grant, $325,153 and $686,042, respectively. The amounts
same manner that benefits vest under the Pension Plan. The listed in the foregoing table are not subject to any deduction for
SERP provides for a lump sum payment of the vested benefits Social Security benefits or other offset amounts.

2020 PROXY STATEMENT 63