Alexander Victor B 4

What Happened

• Victor B. Alexander, Head of Consumer Bank at KeyCorp (KEY), exercised 9,345 stock options on Jan 21, 2026, at an exercise price of $10.49 per share, costing $98,029.
• To cover tax withholding and related liabilities, 6,236 of the resulting shares were surrendered/disposed at a reported value of $21.72 per share (total value $135,446). A corresponding derivative position for 9,345 options was reported as disposed ($0), reflecting the option conversion.
• Net shares delivered to Alexander after withholding: 3,109 shares (9,345 exercised − 6,236 withheld). The sale/transfer of shares here was to satisfy tax obligations, not an open‑market sale for investment or liquidity.

Key Details

• Transaction date: January 21, 2026. Form filed January 23, 2026 (reported as of Jan 22, 2026 per footnote).
• Exercise: 9,345 shares @ $10.49 = $98,029 (code M: option exercise/acquisition).
• Tax/payment withholding: 6,236 shares @ $21.72 = $135,446 (code F: payment of exercise price or tax liability).
• Net shares acquired: 3,109.
• Vesting note: The option vested in four equal annual installments ending Feb 17, 2020 (footnote F2) — the grant was fully vested at the time of exercise.
• Shares owned after the transaction are not specified on the reported excerpt.
• Filing timeliness: Form appears filed within the required two business days of the transaction (not marked as late).

Context

• This was an option exercise with shares withheld to cover taxes (a common "cashless" element of option exercises). The withheld shares are not an open‑market sale signaling a disposition for investment reasons.
• For retail investors, such exercises are routine for executives exercising vested options; the key takeaway is the conversion of options into roughly 3,109 net shares held by the insider.