KeyCorp (NYSE: KEY) director Todd Vasos exercises 27,385 deferred shares into common stock

Rhea-AI Filing Summary

KeyCorp director Todd J. Vasos reported exercising a derivative award of deferred shares into common stock. He acquired 27,385 common shares through this exercise or conversion, a non-cash event tied to prior compensation.

Following the transaction, Vasos directly holds 62,640 common shares. He also retains 50,598 deferred shares, each of which is economically equivalent to one common share, indicating a continuing equity stake aligned with KeyCorp’s performance.

Insights

Equity Compensation Analyst

Director exercised deferred equity into common stock and kept the shares.

Director Todd J. Vasos exercised a derivative award of 27,385 deferred shares into common shares of KeyCorp. The exercise price is listed as $0.0000, consistent with compensation-related deferred share programs rather than an open‑market purchase.

After the exercise, Vasos holds 62,640 common shares directly and 50,598 deferred shares, each economically equal to one common share. With no sales or tax-withholding dispositions reported on July 1, 2026, this filing reflects an acquire-only, compensation-driven change in his equity position.

Insider Trade Summary

Net Buyer: 27,385 shares

Net Buy 2 txns

Insider VASOS TODD J

Role Director

Type	Security	Shares	Price	Value
Exercise	Deferred Shares	27,385	$0.00	$0.00
Exercise	Common Shares	27,385	$0.00	$0.00

Holdings After Transaction: Deferred Shares — 50,598 shares (Direct); Common Shares — 62,640 shares (Direct)

Footnotes (1)

1. F1. Each deferred share is the economic equivalent of one common share.

Key Figures

Deferred shares exercised: 27,385 shares Common shares held after: 62,640 shares Deferred shares remaining: 50,598 shares +1 more

4 metrics

Deferred shares exercised 27,385 shares Derivative exercise into common shares on July 1, 2026

Common shares held after 62,640 shares Direct non-derivative holdings following transaction

Deferred shares remaining 50,598 shares Derivative holdings after exercise; each equals one common share

Exercise transactions 1 exercise, 27,385 shares Aggregate derivative exercise activity in this filing

Key Terms

Deferred Shares, derivative security, Common Shares, economically equivalent

4 terms

Deferred Shares financial

"The filing lists "Deferred Shares" as a derivative security title."

Deferred shares are a class of stock whose economic benefits or certain shareholder rights are delayed or paid later than ordinary shares—for example, dividends may be paid only after other shareholders receive theirs, or voting or redemption rights may be postponed. For investors, that timing difference matters because deferred shares typically offer lower near-term income and different risk, affecting expected returns, priority in payouts, and the share’s market value; think of them like a delayed paycheck compared with a regular salary.

derivative security financial

"The transaction code description states "Exercise or conversion of derivative security"."

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

Common Shares financial

"Non-derivative transactions are reported under the title "Common Shares"."

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

economically equivalent financial

"A footnote explains each deferred share is the economic equivalent of one common share."

FAQ

What insider transaction did KeyCorp (KEY) director Todd J. Vasos report?

Todd J. Vasos reported exercising a derivative award of deferred shares into common stock. He acquired 27,385 common shares of KeyCorp through this exercise, reflecting a compensation-related transaction rather than an open‑market trade, and did not report any share sales in this filing.

How many KeyCorp (KEY) common shares does Todd J. Vasos hold after this Form 4?

After the reported transaction, Todd J. Vasos directly holds 62,640 KeyCorp common shares. This figure reflects his position following the exercise of 27,385 deferred shares into common stock, as disclosed in the Form 4’s post-transaction ownership column for non-derivative securities.

What happened to Todd J. Vasos’s deferred shares of KeyCorp (KEY)?

Vasos exercised 27,385 deferred shares into an equivalent number of KeyCorp common shares. After this derivative exercise, he still holds 50,598 deferred shares. Each deferred share is economically equivalent to one common share, providing additional exposure to KeyCorp’s future performance.

Does the KeyCorp (KEY) Form 4 show any insider selling by Todd J. Vasos?

The Form 4 does not report any sales by Todd J. Vasos. It shows only acquire-side transactions: a derivative exercise converting 27,385 deferred shares into common shares, with no open‑market sales, tax-withholding dispositions, or gifts disclosed for the reported date.

Are Todd J. Vasos’s deferred shares in KeyCorp (KEY) equivalent to common stock?

Each deferred share reported for Todd J. Vasos is economically equivalent to one KeyCorp common share. A footnote explains this one‑for‑one economic parity, meaning deferred shares track the value of common stock even though they are classified as derivative securities in the Form 4.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/06/2026 - 04:26 PM Accepted by SEC EDGAR 07/06/2026 - 04:25 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

VASOS TODD J

(Last) (First) (Middle)

127 PUBLIC SQUARE

(Street)

CLEVELAND OHIO 44114

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
KEYCORP /NEW/ [ KEY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/01/2026		M		27,385	A	(1)	62,640	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Shares	(1)	07/01/2026		M			27,385	07/01/2026	07/01/2026	Common Shares	27,385	$0(1)	50,598	D

Explanation of Responses:

1. Each deferred share is the economic equivalent of one common share.

Remarks:

	Adam J. Larkins POA for Todd J. Vasos	07/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)