Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 45

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 45
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 of Key’s stock on the vesting date                                                                       |
| Impact of Termination of Employment               |     | Voluntary resignation or involuntary termination (other than due to death or disability, or in connection with a change in control) prior to vesting date would result in forfeiture; subject to standard “double-trigger” treatment in connection with a change of control (requires qualifying termination of employment following change of control, as described in the Potential Payments Upon Termination or Change of Control table on pages 58 and 59 of this proxy statement) |

The Compensation Committee selected Marked CET1 and Cumulative EPS as performance metrics for the Capital and Earnings Improvement Awards to align with Key’s publicly disclosed goals following the investment. The selected metrics balance the goals of increasing shareholder returns with ensuring that Key remains well capitalized. The Compensation Committee believes that the awards will ensure that our NEOs are focused on maximizing the value of the investment to enable Key to deliver long-term, meaningful value to our shareholders. The awards also provide an opportunity for our NEOs to earn additional compensation payable in Key common shares at the conclusion of the total three-year period, increasing alignment with shareholder interests. In determining the size of the awards for each NEO, the Compensation Committee considered several factors, including the ability of each NEO to impact our performance as it relates to the goals for the investment, the size of the award as a multiple of the core long-term incentive award (i.e., in the range of 1.0x to 1.5x the core long-term incentive award) and how that compared to market practice for similar awards, and the value of each NEO’s unvested long-term incentive awards. The dollar value of the target Capital and Earnings Improvement Award, and the number of shares (at target) for each named executive officer was:

|                         |     | Target Grant ($ value) |   |           |     | Target Grant (# shares) |     |         |
|:------------------------|:----|:-----------------------|:--|----------:|:----|:------------------------|:----|--------:|
| Christopher M. Gorman   |     |                        | $ | 7,570,295 |     |                         |     | 490,940 |
| Clark Khayat            |     |                        | $ | 2,928,983 |     |                         |     | 189,947 |
| Andrew J. “Randy” Paine |     |                        | $ | 2,613,551 |