Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 22

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 22
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 disclosed under Item 404 of Regulation S-K under the Exchange Act; and |

| • |     | whether the transaction could call into question the independence of any of KeyCorp’s non-employee directors. |

The policy provides exceptions for certain transactions, including those available to all KeyCorp employees generally, those involving compensation or indemnification of executive officers or directors authorized by the Board of Directors or one of its committees, those involving the reimbursement of routine business expenses, and those occurring in the ordinary course of business. Banking, Credit, and Other Transactions with KeyCorp Executive Officers and Directors and Scotiabank From time to time during 2024, many of our directors and executive officers and some of their immediate family members and affiliated entities had deposit or credit relationships with or received investment or wealth management services from KeyBank National Association (“KeyBank”) or other KeyCorp subsidiaries in the ordinary course of business. Additional transactions and banking relationships may continue in the future. All credit relationships with our directors, executive officers, and other related persons were made in the ordinary course of business on substantially the same terms, including interest rate and collateral terms, as those prevailing at the time for comparable transactions with unrelated third parties and did not present heightened risks of collectability or other unfavorable features to KeyCorp or its subsidiaries. Additionally, loans and extensions of credit by KeyBank to our directors, executive officers, and their related interests were made in compliance with Regulation O under federal banking law and KeyBank’s related policies and procedures. In addition to satisfying the standard set forth in the preceding paragraph, our Regulation O policies and procedures require that:

| • |     | the amount of credit extended does not exceed individual and aggregate lending limits, depending upon the identity of the borrower and the nature of the loan; and |

| • |     | any extension of credit in excess of $500,000 be approved by the Board of Directors of KeyBank. |

During 2024, KeyBank and Scotiabank engaged in ordinary course derivatives transactions that were made on substantially the same terms as those prevailing at the time for comparable arrangements with other counterparties and did not present heightened risks of collectability or other unfavorable features to KeyCorp or its subsidiaries. Such derivatives transactions were monitored in compliance with Regulation O and KeyBank’s related policies and procedures.

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The Board of Directors and Its Committees Scotiabank Investment Agreement In August 2024, KeyCorp entered into the Investment Agreement with Scotiabank, pursuant to which Scotiabank agreed to purchase, in