Company: KEY-PI
Filing Date: 2025-05-07
Form Type: DEFA14A
Source: 0000091576-25-000062
Chunk: 0

Company: KEYCORP /NEW/
Filing Date: 2025-05-07
Form: DEFA14A
Chunk 0
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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

#### SCHEDULE 14A
<div align='center'>Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. __)</div>

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, For Use of the Commission Only (As Permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material under Rule 14a-12

| KEYCORP                                                                  |
| (Name of Registrant as Specified In Its Charter)                         |
| (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) |

Payment of Filing Fee (Check all boxes that apply):

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☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

#### May 7, 2025
Re: KeyCorp 2025 Annual Meeting of Shareholders (May 15, 2025)

Dear KeyCorp Shareholders:

On behalf of the Board of Directors (the “Board”) and the Compensation & Organization Committee (the “Committee”) of KeyCorp ("Key" or the “Company”), we are writing to request your support at the Company’s annual meeting of shareholders on May 15, 2025.

We are disappointed by the recent voting recommendations issued by the proxy advisors Institutional Shareholder Services and Glass Lewis to vote “against” Proposal #3: Advisory Approval of Executive Compensation (“Say on Pay”). The proxy advisors’ recommendations seemed to be driven by questions regarding the Capital & Earnings Improvement Awards (the “Awards”) granted to our executive team in December 2024. We are writing to provide further support for our recommendation that shareholders look past the proxy advisors “one-size-fits-all” approach to executive compensation design, consider the extraordinary dynamics underlying our decision to grant the Awards to this specific executive leadership team, and support Say on Pay at the 2025 Annual Meeting.

• The leadership team successfully led Key through a challenging period for regional banks and the financial services industry at large; going forward, the team