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KEYCORP /NEW/·4

Feb 18, 4:23 PM ET

Khayat Clark H 4

Research Summary

AI-generated summary

Updated

KeyCorp (KEY) CFO Clark Khayat Exercises RSUs; Shares Withheld

What Happened

  • Clark H. Khayat, Chief Financial Officer of KeyCorp (KEY), had derivative awards convert to common shares and reported grant awards of new restricted stock units (RSUs). On Feb 16–17, 2026, 26,845 derivative shares were converted (code M) and multiple disposals were reported, including 8,130 shares withheld to pay tax liabilities at $21.69 per share for a tax withholding amount of $176,340 (code F). The filing also shows two new RSU grants on Feb 16, 2026 for 31,012 and 33,434 RSUs (awards, code A).

Key Details

  • Transaction dates: Feb 16–17, 2026; Form 4 filed Feb 18, 2026 (appears timely).
  • Notable trades:
    • Feb 17, 2026: Exercise/conversion (M) — 26,845 shares acquired (derivative conversion).
    • Feb 17, 2026: Payment of exercise price/tax (F) — 8,130 shares withheld at $21.69/share = $176,340.
    • Feb 16, 2026: Grants (A) — 31,012 RSUs and 33,434 RSUs @ $0 (derivative awards).
    • Several conversion/settlement line items (M) show disposals of 3,573; 5,564; 8,837; and 8,871 shares (each reported at $0), which together correspond to the 26,845-share conversion.
  • Shares owned after the transactions: not shown in the supplied data.
  • Footnotes of interest:
    • F1: Each RSU equals the right to one KeyCorp common share at vesting.
    • F4: RSUs granted Feb 14, 2022 vested in installments ending Feb 17, 2026 (likely source of the converted shares).
    • F2/F10 and others: New RSU grants have multi-year vesting schedules (four equal annual installments beginning in 2026–2027). Several footnotes note dividend-equivalent RSUs included.
  • Transaction codes explained: A = award/grant, M = exercise/conversion of derivative, F = shares withheld to pay taxes.

Context

  • This looks like routine executive equity activity tied to vesting/settlement of RSUs: derivative awards converted to shares and a portion of shares were withheld to satisfy tax obligations (common practice). The newly reported RSU grants are awards that vest over future years and are not immediate open‑market purchases or sales. The filing does not on its face indicate discretionary open‑market selling for cash beyond the tax-withholding.