KeyCorp
KeyCorp Corrects Executive Compensation Award Values in Amended 8-K Filing
Summary
On January 3, 2025, KeyCorp filed an amended 8-K to correct the values of Capital and Earnings Improvement Awards granted to certain executives on December 30, 2024. The Correction specifically addressed the values of awards for Andrew J. 'Randy' Paine and Angela G. Mago. These awards, settled in shares, are performance-based and tied to the company's regulatory capital requirements and earnings goals, with vesting scheduled for January 2027. The maximum payout for these awards is capped at 150% of the target, with individual caps set at 250% of the target grant value.
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About KeyCorp
KeyCorp is a major financial services company that offers a comprehensive range of banking services across the United States. As a regional bank holding company, it plays a significant role in personal, commercial, and investment banking through its subsidiary, KeyBank. KeyCorp provides individual consumers with services such as checking and savings accounts, mortgage options, personal loans, and credit cards. The company also supports businesses, from small enterprises to large corporate clients, with products including lending, cash management, and equipment leasing solutions. KeyCorp is headquartered in Cleveland, Ohio, and its operations extend across various sectors like healthcare, real estate, and industrial, making it an integral part of the financial market. Its strategic presence in both urban and rural regions helps bridge financial services to underbanked communities, contributing to economic development and growth.
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