Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 36

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 36
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 No Repricing or Back-Dating of stock options. |

| 31 |

Compensation Discussion and Analysis Overview of 2024 Performance 2024 marked a significant milestone year for Key, as we continued on our journey to realize our full earnings potential. Our financial results were impacted by the previously communicated securities portfolio repositionings, following the strategic minority investment by Scotiabank, which has and will continue to enhance earnings, capital, and liquidity. Our strong financial results are also a function of continued client and business momentum. Throughout 2024, we laid the groundwork that positions Key to continue to deliver sound, profitable growth in 2025 and beyond. Together, we delivered: Note: All metrics are FY 2024, unless otherwise noted. (1) FY24 vs. FY23; (2) as of 12/31/2024; (3) adjusted for unrealized available-for-sale securities and pension losses; a reconciliation of this non-GAAP financial measure to the corresponding GAAP measure can be found on page 23 of our Fourth Quarter 2024 Earnings Release Supplemental Information Package attached as Exhibit 99.2 to Form 8-K filed on January 21, 2025. Total Pay for our Named Executive Officers We manage to “total pay” opportunity for our NEOs, which consists of:

| * | Long-Term Incentive information excludes the Capital and Earnings Improvement Awards. More information about those awards is available under “2024 Capital and Earnings Improvement Awards” beginning on page 36 of this proxy statement. The vehicles and vesting schedules of long-term incentives granted in 2025 are described below under “2025 Long-Term Incentives” beginning on page 36. |

Total Pay for 2024 Performance The Compensation Committee’s 2024 total pay decisions for our NEOs, consisting of base salaries as well as the annual and long-term incentive awards made as part of our regular grant cycle, were as follows:

| Name                        |     | Total Pay      
 Base Salary($) |           |     | Actual 2024 
 Annual      
 Incentive   
 Award       
 ($)(1)      |           |     | 2025 Target 
 Long-Term   
 Incentive   
 Award       
 ($)(2)(3)   |           |     | Total  
 Pay($) |            |
|:----------------------------|:----|:---------------|----------:|:----|:------------|----------:|:----|:------------|----------:|: