Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 33

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 33
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 the high performing, collaborative teammates we need to serve our customers and to deliver strong returns to our shareholders. Our total rewards support our efforts to create and sustain a culture that is inclusive and fair for all. Our compensation program is designed to reward employees based on performance, be informed by the market, discourage imprudent risk-taking, and align with the interests of our shareholders and the guidance of our regulators. In consideration of these objectives, as well as our compensation philosophy and identified best practices described below, this Compensation Discussion and Analysis describes the pay of our “Named Executive Officers” (or “NEOs”) listed below:

| Christopher M. Gorman                |     | Angela G. Mago                |
| Chairman and Chief Executive Officer |     | Chief Human Resources Officer |
| Clark Khayat                         |     | Amy G. Brady                  |
| Chief Financial Officer              |     | Chief Information Officer     |
| Andrew J. “Randy” Paine III          |     |                               |
| Head of Institutional Bank           |     |                               |

Additional information on the compensation of our NEOs can be found in the 2024 Summary Compensation Table on page 49 of this proxy statement.

| 29 |

Compensation Discussion and Analysis Compensation Philosophy Our compensation philosophy is guided by the principles set forth below. We apply these principles when we establish the design of our executive compensation program each year.

| Our Principles:                                                                                                                                      |     | How They Were Applied in 2024:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| We have a pay for performance philosophy: Actual pay received under our variable compensation programs is tied to financial and strategic objectives |     | The 2024 Annual Incentive Plan generated 100% funding, after two consecutive years of below-target funding (75% for our executive officers), reflecting Key’s achievement of its 2024 financial objectives (see “Total Pay for our Named Executive Officers” beginning on page 32 of this proxy statement for information about NEO pay received for the 2024 performance year, and see “2024 Annual Incentive Plan Performance & Funding” beginning on page 34 of this proxy statement for information about the performance of the 2024 Annual Incentive Plan).    Performance Awards granted in 2022 paid at 0% for our NEOs and all other holders, as we did not meet previously established Adjusted Cumulative EPS and relative Return on Tangible Common Equity (“ROTCE”) goals for the 2022-2024 performance period (2023