Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 47

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 47
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 as it was granted to Mr. Gorman in 2024 and is reported in our Summary Compensation Table. As noted, this award was granted to incentivize specific performance related to the Scotiabank strategic minority investment. We are showing the award separately because the Capital and Earnings Improvement Award was not part of our core long-term incentive program grants made in early 2024 for 2023 performance, which are also reflected in the Summary Compensation Table for 2024. In addition, as noted above, Key’s executive compensation program is designed to generally avoid the need for supplemental awards, adjustments to in-processawards, or frequent use of positive discretion by the Compensation Committee, but the Capital and Earnings Improvement Award was the result of the unique nature and significant impact of the Scotiabank strategic minority investment. For purposes of this “CEO Proxy Reported Pay vs. Realized Pay” section, we define:

| • |     | “Adjusted SCT Pay” as the compensation reported in the Summary Compensation Table for the applicable year (i.e., 2022, 2023 or 2024), adjusted by excluding “Changes in Pension Value and Nonqualified Deferred Compensation |

| 39 |

Compensation Discussion and Analysis

| Earnings” and “All Other Compensation.” We excluded these items because they represent amounts that are not Realizable Pay or that will never become Realized Pay or that will not become Realized Pay until termination of employment or later. |

| • |     | “Realized Pay” as the sum of (i) actual base salary and annual incentives paid for the applicable year plus (ii) the amount reported as income upon vesting of performance awards, restricted stock units, or exercise of stock options, in each case occurring during the applicable year. |

Balancing Risk and Reward Achieving a balance between risk and reward is a central focus of our compensation program and an important part of how we align pay and performance. All incentives paid to our employees are subject to a risk-adjustment process that begins before grant and extends beyond payment. Further, the Board adopted the KeyCorp Compensation Recovery Policy (the “Compensation Recovery Policy”), which applies in addition to our existing, long-standing policies for compensation clawbacks in other situations, and provides for the clawback of certain executive compensation if we are required to prepare a restatement of our financial statements due to material noncompliance with any financial reporting requirement under the securities laws. Other Elements of Compensation Perquisites We believe in limiting the number and value of perquisites we provide