Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 41

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 41
---
 Per Share                   |     | 50%    |     |                $5.49 |     |   $7.32 |     |   $9.15 |     |   $4.63 |     | 0%      |
| Calculated Performance                          |     |        |     |                      |     |         |     |         |     |         |     | 0%      |
| TSR vs. Peers Modifier(2)                       |     |        |     |                      |     |         |     |         |     |         |     | N/A     |
| Committee Approved Performance                  |     |        |     |                      |     |         |     |         |     |         |     | 0%      |

| (1) | EPS and ROTCE actual results are based on continuing operations and exclude notable items, as described below under the heading “Definitions of Certain Financial Goals” on page 45 of this proxy statement. |

| (2) | The TSR vs. Peers Modifier would have applied an adjustment of +/- 15% if Key’s TSR during the performance period that began on January 1, 2022 and ended on December 31, 2024 was above the 75th%ile or below the 25th%ile, respectively, of our Peer Group TSR during this period. |

The combination of the historic interest rate hiking cycle that commenced in early 2022 with the regional banking failures that occurred in March 2023 created an economic environment that significantly impacted long-term incentive awards granted by Key in February 2022 and February 2023 as follows:

| • |     | First, Key’s balance sheet position, along with the actions we took to preserve capital, which included intentionally shrinking our balance sheet, negatively impacted our earnings on an absolute and relative basis. This caused our EPS to fall short of the threshold level of performance required to satisfy the 3-year plans established with respect to the 2022 Performance Awards (and is expected to have a similar impact on the 2023 Performance Awards). |

| • |     | Our underperformance on earnings caused Key’s ROTCE to fall to the bottom quartile of our Peer Group, resulting in below-threshold performance on this measure as well. |

The combination of these events resulted in the performance awards granted in 2022 vesting at 0%. Failure to vest has a significant impact on actual pay received by our executive officers in 2025, which is not apparent in the Summary Compensation