Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 6

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 6
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 the Board by using a comprehensive skills matrix; |

| • |     | the current and anticipated composition of the Board in light of the business activities and strategic direction of KeyCorp and the different communities and geographies served by KeyCorp; and |

| • |     | the interplay of the candidate’s expertise and professional/business background in relation to the expertise and professional/business background of current Board members, as well as such other factors as the committee deems appropriate. |

The Chair of the Nominating and Corporate Governance Committee extends an invitation to join the Board as a first-time director or to stand for election as a first-time nominee for director after discussion with and approval by the committee as a whole. The Nominating and Corporate Governance Committee then recommends the candidate to the entire Board for final approval. The Nominating and Corporate Governance Committee routinely retains an independent search firm to assist with identifying director candidates. The Nominating and Corporate Governance Committee has the sole authority to retain and terminate any

| 1 |

PROPOSAL ONE: Election of Directors search firm used to identify director candidates, including sole authority to approve its fees and the other terms of its engagement. With respect to the appointment of Ms. Allard and Mr. Khanna, Scotiabank proposed designees to KeyCorp in accordance with the terms of the Investment Agreement. For both of Ms. Allard and Mr. Khanna, a customary director vetting process occurred, including, but not limited to, a customary background check and an assessment of background and skill set in light of the Board’s skills matrix and KeyCorp’s strategy. In the case of Mr. Khanna, management, the Nominating and Corporate Governance Committee, and the Board determined to concur with his designation in accordance with the terms of the Investment Agreement. With respect to both Ms. Allard and Mr. Khanna, the Nominating and Corporate Governance Committee and the Board, both at the time of initial appointment and presently in connection with their nomination for election, believe that each meets or exceeds the qualifications expected of all of the directors that it nominates and believes it is in the best interest of KeyCorp and its shareholders to vote “FOR” each of such nominees. More information regarding the process for designation of Ms. Allard and Mr. Khanna can be found below under “Scotiabank Director Designation Rights.” The Nominating and Corporate Governance Committee utilizes a matrix approach that tracks each director’s and director nominee’s qualities and qualifications in a tabular format to