Form 4: KeyCorp Director Devina A. Rankin Reports Changes in Beneficial Ownership

Director Devina A. Rankin reports acquisition of deferred shares in KeyCorp through the Directors' Deferred Share Sub-Plan.

Summary

• Devina A. Rankin, a director of KeyCorp, filed a Form 4 on July 2, 2024, reporting changes in beneficial ownership.
• The report indicates that Rankin acquired 2,023 deferred shares on June 30, 2024, through the Directors' Deferred Share Sub-Plan.
• These deferred shares are the economic equivalent of common shares and were acquired at a price of $14.22 per share.
• As of the reported transaction, Rankin beneficially owns 13,430 common shares and 55,809 derivative securities (deferred shares), which includes approximately 813 dividend-equivalent deferred shares accrued in June 2024.
• Payment of the deferred shares is deferred until the earlier of October 1, 2028, or the death of the participant.

Sentiment

Score: 6

Explanation: Neutral sentiment as it reflects a standard transaction related to director compensation.

Positives

• The acquisition of deferred shares indicates the director's continued investment and alignment with the company's long-term performance.

Future Outlook

The payment of deferred shares is deferred until the earlier of October 1, 2028, or the death of the participant.

Industry Context

Directors' deferred share plans are a common method of compensating board members, aligning their interests with those of long-term shareholders.

Comparison to Industry Standards

• Deferred compensation plans for directors are a standard practice among publicly traded companies, including financial institutions like KeyCorp.
• Companies such as JPMorgan Chase and Bank of America also utilize similar deferred compensation mechanisms to incentivize and retain their board members.
• The specific terms of these plans, such as the deferral period and the form of payment, can vary based on company policy and individual agreements.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the long-term performance of the company.

Key Dates