Company: KEY-PI
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001193125-25-066284
Chunk: 34

Company: KEYCORP /NEW/
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 34
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 Performance Awards are expected to pay out well-below target due to the same factors that impaired the 2022 Performance Awards; see “Results of 2022 Performance Awards” beginning on page 35 of this proxy statement for information about the performance of the 2022 Performance Awards).                                                                                                                                                                                                                                                                                                                                                                     |
| Our short- and long-term incentive programs are aligned to the creation of shareholder value                                                         |     | We deliver pay in a way that balances short- and long-term financial performance objectives, with an intentional emphasis on long-term incentive compensation. 86% of the average total target pay for our NEOs is delivered as variable pay tied to Key’s financial or share price performance, with 32% tied to annual performance and the remaining 54% tied to multi-year performance.   Actual pay received by our NEOs is strongly correlated to Key’s share price performance and will vary accordingly, as illustrated in “CEO Proxy Reported Pay vs. Realized Pay” beginning on page 39 of this proxy statement.    The supplemental performance awards (“Capital and Earnings Improvement Awards”), which we granted to our NEOs in December 2024, directly align them to the long-term shareholder value that we aim to create from the unique circumstances of the Scotiabank strategic minority investment. The awards will be earned, if at all, based on the achievement of rigorous performance goals tied to Key successfully realizing the value from the transaction. The awards also support the retention of the executive leaders we need to deliver on these goals. These awards are not intended to be recurring elements of our executive compensation design but were granted to address the unique circumstances of the investment. See “2024 Capital and Earnings Improvement Awards” beginning on page 36 of this proxy statement for information about these awards. |
| We deliver competitive pay in order to attract, retain, and motivate the talented executives we need to deliver value to our shareholders            |     | Our Compensation Committee reviews and sets the total target pay opportunity for our NEOs each year, as part of a comprehensive annual review that takes place over several Committee meetings and considers, among other things, the ways in which executive officers in similar roles among our Peer Group are paid. More information about how pay is reviewed and established is provided under “How We Make Pay Decisions,” beginning on page 42 of this proxy statement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

| 30 |

Compensation Discussion and Analysis

| Our Principles:                                                                             |     | How They Were Applied in 2024: