Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 134

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 134
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, 28,008 performance units vested that were payable in stock and 1,778,941 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2023 totaled $1 million and $32 million, respectively.The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2024. Vesting Contingent onService ConditionsVesting Contingent onPerformance and ServiceConditions - Payable in StockVesting Contingent onPerformance and ServiceConditions - Payable in Cash  Number ofNonvestedSharesWeighted-AverageGrant-DateFair ValueNumber ofNonvestedSharesWeighted-AverageGrant-DateFair ValueNumber ofNonvestedSharesWeighted-AverageGrant-DateFair ValueOutstanding at December 31, 202312,856,041 $20.97 30,323 $19.07 5,583,290 $14.67 Granted8,098,908 14.07 1,440,087 — 1,636,720 19.52 Vested(5,175,689)20.68 (30,323)19.07 (1,556,149)14.24 Forfeited(783,759)18.47 — — (242,920)15.78 Outstanding at December 31, 202414,995,501 $17.66 1,440,087 $— 5,420,941 $19.70 The compensation cost of time-lapsed and performance-based restricted stock or unit awards granted under the Program is calculated using the closing trading price of our Common Shares on the grant date (or the prior business day if the grant date is not a business day).Unlike time-lapsed and performance-based restricted stock or units, we do not pay dividends during the vesting period for performance shares or units that may become payable in excess of targeted performance.The weighted-average grant-date fair value of awards granted under the Program was $13.06 during 2024, $17.81 during 2023, and $23.39 during 2022. As of December 31, 2024, unrecognized compensation cost related to nonvested shares under the Program totaled $92 million. We expect to recognize this cost over a weighted-average period