Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 38

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 38
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. They are also disclosed in the Summary Compensation Table on page 49 as long-term incentives granted in 2024. |

2024 Total Pay Decisions for Named Executive Officers The Compensation Committee’s 2024 total pay decisions for our NEOs and the rationale for each are provided below. The information below does not include the supplemental Capital and Earnings Improvement Awards granted to each of our NEOs on December 30, 2024, which are described beginning on page 36 of this proxy statement, as these awards are not considered to be part of the compensation awarded for 2024 performance, but instead will be earned based on Key’s future performance. Mr. Gorman, Chairman and Chief Executive Officer The Compensation Committee approved actual total pay for Mr. Gorman of $10,800,000, equal to 100% of his target total pay for the year. Mr. Gorman’s pay reflects the Compensation Committee’s view that Mr. Gorman had a strong year in 2024, effectively aligning Key’s executive leadership team to focus on returning to Key’s core business model after the pivot Key successfully executed in 2023 following the regional banking crisis, the critical role Mr. Gorman played in securing the Scotiabank strategic minority investment, and his leadership in positioning Key to deliver on the opportunity associated with the pivotal investment. Mr. Khayat, Chief Financial Officer Mr. Khayat played a critical role in 2024, including with respect to the Scotiabank strategic minority investment and executing on the repositioning of our securities portfolio. In addition, Mr. Khayat continued to lead his organization through efforts to improve our capital and liquidity positions. In recognition of these contributions, the Compensation Committee approved actual total pay of $4,400,000, including a short-term incentive award equal to 120% of target and a long-term incentive award of approximately 105% of target. Mr. Paine, Head of Institutional Bank In 2024, Mr. Paine led the Institutional Bank to its second highest year in investment banking fees. In addition, Mr. Paine successfully integrated Key’s real estate capital markets businesses into the Institutional Bank. To reflect these achievements and Mr. Paine’s critical role to Key, the Compensation Committee approved actual total pay of $5,300,000 for 2024, a 25% increase from his 2023 actual total pay of $4,225,000. Ms. Mago, Chief Human Resources Officer 2024 was Ms