Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 135

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 135
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 of 2.4 years. The total fair value of shares vested was $130 million in 2024, $133 million in 2023, and $144 million in 2022.Deferred Compensation and Other Restricted Stock AwardsOur deferred compensation arrangements include voluntary and mandatory deferral programs for Common Shares awarded to certain employees and directors. Mandatory deferred incentive awards vest at the rate of 25% per year beginning one year after the deferral date. Deferrals under the voluntary programs are immediately vested.We also may grant, upon approval by the Compensation and Organization Committee (or our Chief Executive Officer with respect to their delegated authority), other time-lapsed restricted stock or unit awards under various programs to recognize outstanding performance.The following table summarizes activity and pricing information for the nonvested shares granted under our deferred compensation plans and these other restricted stock or unit award programs for the year ended December 31, 2024.Number ofNonvestedSharesWeighted-AverageGrant-DateFair ValueOutstanding at December 31, 20232,602,867 $17.71 Granted632,950 15.69 Vested(910,606)19.79 Forfeited(28,948)24.74 Outstanding at December 31, 20242,296,263 $16.28 

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The weighted-average grant-date fair value of awards granted was $15.69 during 2024, $12.93 during 2023, and $20.11 during 2022. As of December 31, 2024, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $10 million. We expect to recognize this cost over a weighted-average period of 2.8 years. The total fair value of shares vested was $18 million in 2024, $20 million in 2023, and $21 million in 2022. Discounted Stock Purchase PlanOur Discounted Stock Purchase Plan provides employees the opportunity to purchase our Common Shares at a 10% discount through payroll deductions. Purchases are limited to $10,000 in any month and $50,000 in any calendar year, and are immediately vested. To accommodate employee purchases, we issue treasury shares on or around the fifteenth day of the month following the month employee payments are received. We issued 459,778 Common Shares at a weighted-average cost to employees of $13.96 during 2024,