Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 133

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 133
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 20243,120,163 $18.35 3.3$4 (a)The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option.The weighted-average grant-date fair value of options was $3.43 for options granted during 2024, $4.23 for options granted during 2023, and $5.78 for options granted during 2022. Stock option exercises numbered 819,268 in 2024, 134,484 in 2023, and 484,521 in 2022. The aggregate intrinsic value of exercised options was $3 million for 2024, $1 million for 2023, and $5 million for 2022. As of December 31, 2024, unrecognized compensation cost related to nonvested options under the plans totaled $1 million. We expect to recognize this cost over a weighted-average period of 2.1 years.Cash received from options exercised was $10 million, $1 million, and $6 million in 2024, 2023, and 2022, respectively. The actual tax benefit realized for the tax deductions from options exercised was less than $1 million in 2024 and less than $1 million in 2023.Long-Term Incentive Compensation ProgramOur Long-Term Incentive Compensation Program (the “Program”) rewards senior executives and other employees critical to our long-term financial success. Awards are granted annually in a variety of forms: •deferred cash payments that generally vest and are payable at the rate of 25% per year;

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•time-lapsed (service condition) restricted stock units payable in stock, which generally vest at the rate of 25% per year;•performance units payable in stock, which vest at the end of the three-year performance cycle and will not vest unless Key attains defined performance levels and the service condition is met; and•performance units payable in cash, which vest at the end of the three-year performance cycle and will not vest unless Key attains defined performance levels and the service condition is met.During 2024, 30,323 performance units vested that were payable in stock and 1,556,149 performance units vested that were payable in cash.  The total fair value of the performance units that vested in stock and cash during 2024 totaled $1 million and $22 million, respectively. During 2023