Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 42

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 42
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 Table, since the Summary Compensation Table focuses on equity grantedin a calendar year. Key’s underperformance has driven lower levels of actual pay versus target pay in recent years, as further illustrated under “CEO Proxy Reported Pay vs. Realized Pay” on page 39 of this proxy statement. 2025 Long-Term Incentives As part of their total pay opportunity, our NEOs are eligible to receive long-term incentive awards granted as part of our regular long-term incentive award cycle in the first quarter of each fiscal year, based on the Compensation Committee’s assessment of each NEO’s prior year performance and anticipated future contributions. 70% of 2025 long-term incentives were delivered as “performance-based” compensation in the form of Performance Awards (60%) and premium-priced stock options (10%) with the balance delivered as restricted stock units (30%).

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Compensation Discussion and Analysis 2025 Long-Term Incentive Design

| Vehicle                         |     | % of       
 Total LTIC 
 Value      |     | Vesting Period         |     | Performance Features                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Performance                     
 Awards                          |     | 60%        |     | 3-year cliff vesting   |     | • Performance hurdle tied to Key’s then-applicable minimum regulatory capital requirement (plus any required capital buffer) must be met before final vesting of award can be determined.   • Final payout can range between 0% to 150% of target based on our performance measured against goals established at the beginning of the applicable performance period based on the following metrics:   1.  Adjusted ROTCE vs. Peers   2.  Cumulative Adjusted EPS   • Performance score is subject to further adjustment by application of a modifier of +/- 15% based on our relative TSR performance over the performance period.   • Value of final payout, if any, depends on the performance of our stock price.   • Payout can be reduced based on the Compensation Committee’s evaluation of our performance against the ERM Dashboard, execution of strategic priorities, and other factors (as appropriate). |
| Restricted Stock Units (“RSUs”) |     | 30%        |     | 4-year                 
 annual ratable vesting |     | • Value directly linked to our stock price.   • Encourages strong levels of share ownership among our executives.   • Provides a balance to