Document:

Fourth Supplemental Indenture

 Exhibit 4.1 
  

 FOURTH SUPPLEMENTAL INDENTURE

 between 
 KEYCORP 

and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS,

 as Trustee 
 DATED AS OF
NOVEMBER 21, 2006 
  

 supplementing that certain 
 Junior Subordinated Indenture 
 dated as of December 4, 1996 
 as supplemented by that certain 
 First Supplemental Indenture 
 dated as of
June 13, 2005 
 and that certain 
 Second Supplemental Indenture 
 dated as of August 1, 2005 
 and that certain 
 Third Supplemental Indenture 
 Dated as of June 20, 2006 
  

 FOURTH SUPPLEMENTAL INDENTURE, dated as of November 21, 2006 (this “Supplemental
Indenture”), between KEYCORP, an Ohio corporation (hereinafter called the “Company”), having its principal office at 127 Public Square, Cleveland, Ohio 44114-1306, and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as Bankers
Trust Company), a New York banking corporation, as Trustee (hereinafter called the “Trustee”). 
 RECITALS 
 WHEREAS, the Company and the Trustee have entered into that certain Junior Subordinated Indenture, dated as of December 4, 1996 (the
“Base Indenture”), that certain First Supplemental Indenture, dated as of June 13, 2005 (the “First Supplemental Indenture”), that certain Second Supplemental Indenture, dated as of August 1, 2005 (the “Second
Supplemental Indenture”), and that certain Third Supplemental Indenture, dated as of June 20, 2006 (the “Third Supplemental Indenture” and, together with the Second Supplemental Indenture, the First Supplemental Indenture and the
Base Indenture, the “Indenture”) providing for the issuance from time to time of Securities; 
 WHEREAS, pursuant to
Section 2.1 and 3.1 of the Indenture, the Company desires to provide for the establishment of a new series of Securities under the Indenture to be known as its 6.750% Junior Subordinated Debentures due 2066, the form and substance of such
Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been satisfied; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have
been done. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the Holders thereof from time to
time on or after the date hereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all such Holders, that the Indenture is supplemented and amended, to the extent and for the purposes expressed herein, as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Capitalized terms not otherwise defined herein shall have the meanings set forth in
the Indenture. 
 Section 1.2. In addition, the following terms used in this Supplemental Indenture have the following respective
meanings: 
  

 -1- 

 “Alternative Payment Mechanism” means the obligations and limitations applicable to the
payment of Deferred Interest set forth in paragraphs (g) and (h) of Section 2.1. 
 “APM Maximum Obligation”
has the meaning set forth in Section 2.1(h)(vi) hereof. 
 “Base Indenture” has the meaning set forth in the Recitals.

 “Change in 1940 Act Law” means a change in law or regulation or a change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory authority. 
 “Commercially Reasonable Efforts”
means, in connection with an attempted sale by the Company of Common Stock pursuant to the Alternative Payment Mechanism, commercially reasonable efforts on the part of the Company to complete the sale of Common Stock to third parties that are not
Affiliates of the Company. The Company will not be considered to have used its Commercially Reasonable Efforts to effect a sale of Common Stock if it determines not to pursue or complete such sale solely due to pricing, coupon, dividend rate or
dilution considerations. 
 “Common Stock” means the common shares of the Company, par value $1.00 per share, and includes
treasury stock. 
 “Company” has the meaning set forth in the introductory paragraph to this instrument. 
 “Current Stock Market Price” means, for each Interest Payment Date, the closing sale price per share of the Common Stock (or if no
closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and average ask prices) on such Interest Payment Date as reported in composite transactions by the New York
Stock Exchange or, if the Common Stock is not listed on the New York Stock Exchange, as reported by the principal United States securities exchange or The Nasdaq Global Market on which the Common Stock is traded or quoted. If the Common Stock is not
either listed on any United States securities exchange or quoted on The Nasdaq Global Market on the relevant date, the Current Stock Market Price shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant
date as reported by the National Quotation Bureau or similar organization. If the Common Stock is not so quoted, the Current Stock Market Price shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant
date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 
 “Debentures” has the meaning set forth in Section 2.1(a) hereof. 
 “Deferred Interest” means
as of any particular time, accrued interest on the Debentures that was not paid on the applicable Interest Payment Date or at any time thereafter and that has not been cancelled pursuant to Section 2.1(m), and includes Additional Interest
thereon accrued to such time. 
  

 -2- 

 “Eligible Equity” means (i) Common Stock and/or (ii) Qualified Warrants that
the Company may sell at its sole discretion. 
 “Eligible Equity Proceeds” means, as of any date, (i) the net cash
proceeds plus (ii) the fair market value of property, other than cash, received by the Company or any Subsidiary during the 180-day period immediately prior to such date from one or more sales to Persons other than a Subsidiary of
(x) Common Stock, including the net cash proceeds to the Company of Common Stock sold pursuant to the Company’s dividend reinvestment plans and employee benefit plans in effect from time to time, and/or (y) Qualified Warrants that the
Company may sell at its sole discretion. 
 “Fifth Deferral Anniversary” means the date that is five years after the date of
commencement of an Optional Deferral Period, if on such date such Optional Deferral Period has not ended. 
 “First Supplemental
Indenture” has the meaning set forth in the Recitals. 
 “Fourth Supplemental Indenture” means this Supplemental
Indenture. 
 “FRB” means the Board of Governors of the Federal Reserve System and includes the Federal Reserve Bank of
Cleveland and any other Federal Reserve Bank having primary regulatory authority of the Company. 
 “Guarantee Agreement”
has the meaning set forth in Section 2.1(a) hereof. 
 “Indenture” has the meaning set forth in the Recitals.

 “Investment Company Event” means the receipt by the Company and the Trust of an opinion of an independent counsel
experienced in matters relating to investment companies (which opinion shall not have been rescinded) to the effect that, as a result of any Change in 1940 Act Law that becomes effective on or after the original issuance of the Trust Preferred
Securities, there is more than an insubstantial risk that the Trust is or will be considered an “investment company” that is required to be registered under the Investment Company Act of 1940. 
 “Market Disruption Event” means the occurrence or existence of any of the following events or sets of circumstances: 
 (a) trading in securities generally on the principal exchange on which the Company’s securities are listed or traded (the New York
Stock Exchange as of the date of this Supplemental Indenture) shall have been suspended or its settlement generally shall have been materially disrupted or minimum prices shall have been established on any such exchange or market by the SEC, by the
relevant exchange or any other regulatory body or governmental authority having jurisdiction, and the establishment of such minimum prices materially disrupts or otherwise has a material adverse effect on trading in, or the issuance and sale of,
Common Stock and/or the Qualified Warrants; 
  

 -3- 

 (b) the Company would be required to obtain the consent or approval of a regulatory body
(including, without limitation, any securities exchange but excluding the FRB) or governmental authority to issue or sell Eligible Equity and the Company shall have failed to obtain that consent or approval notwithstanding the Company’s
commercially reasonable efforts to obtain that consent or approval; 
 (c) an event occurs and is continuing as a result of
which the offering document for the offer and sale of Eligible Equity would, in the Company’s reasonable judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in that offering document
or necessary to make the statements in that offering document not misleading and either (a) the disclosure of that event at the time the event occurs, in the Company’s reasonable judgment, is not otherwise required by law and would have a
material adverse effect on the Company’s business or (b) the disclosure relates to a previously undisclosed proposed or pending material business transaction and the Company has a bona fide reason for keeping the same confidential
or its disclosure would impede the Company’s ability to consummate that transaction, provided that no single suspension period contemplated by this clause (c) may exceed 90 consecutive days and multiple suspension periods
contemplated by this clause (c) may not exceed an aggregate of 180 days in any 360-day period; 
 (d) the Company
reasonably believes that the offering document for the offer and sale of Eligible Equity would not be in compliance with a rule or regulation of the SEC (for reasons other than those referred to in the preceding clause (c)) and the Company is unable
to comply with such rule or regulation or such compliance is unduly burdensome, provided that no single suspension period contemplated by this clause (d) may exceed 90 consecutive days and multiple suspension periods contemplated by this
clause (d) may not exceed an aggregate of 180 days in any 360-day period; 
 (e) the United States shall have become
engaged in hostilities, there shall have been an escalation in hostilities involving the United States, there shall have been a declaration of a national emergency or war by the United States or there shall have occurred any other national or
international calamity or crisis such that market trading in the Common Stock or Qualified Warrants has been materially disrupted; 
 (f) there shall have occurred a material adverse change in general domestic or international economic, political or financial conditions, including without limitation as a result of terrorist activities, such that market trading in the
Common Stock or Qualified Warrants has been materially disrupted; 
 (g) a material disruption shall have occurred in
commercial banking or securities settlement or clearing services in the United States such that market trading in the Common Stock or Qualified Warrants has been disrupted or ceased; or 
 (h) a banking moratorium shall have been declared by federal or state authorities of the United States such that market trading in the
Common Stock or Qualified Warrants has been disrupted or ceased. 
  

 -4- 

 “Optional Deferral Period” means each period beginning on an Interest Payment Date with
respect to which the Company elects pursuant to Section 2.1(g) to defer all or part of any interest payment payable on such date and ending on the earlier of (i) the tenth anniversary of such Interest Payment Date and (ii) the next
Interest Payment Date on which the Company has paid all Deferred Interest. 
 “Parity Securities” means debt securities or
guarantees of the Company ranking on a parity with the Debentures upon liquidation of the Company. 
 “Qualified Warrants”
means warrants for Common Stock that (i) have an exercise price greater than the Current Stock Market Price of the Common Stock and (ii) the Company is not entitled to redeem for cash and the holders of such warrants are not entitled to
require the Company to repurchase for cash in any circumstances. 
 “Qualifying Capital Securities” has the meaning assigned
to such term in the Replacement Capital Covenant. 
 “Regulatory Capital Event” means the reasonable determination by the
Company that, as a result of (i) any amendment to, or change (including any announced prospective change) in, the laws or any applicable regulation of the United States or any political subdivision, or (ii) any official or administrative
pronouncement or action or judicial decision for interpreting or applying such laws or regulations, which amendment or change is effective or pronouncement or decision is announced on or after the date of original issuance of the Trust Preferred
Securities, there is more than an insubstantial risk of impairment of the Company’s ability to treat the Trust Preferred Securities (or any substantial portion thereof) as Tier 1 capital (or its then equivalent) for purposes of the capital
adequacy guidelines of the FRB in effect and applicable to the Company. 
 “Replacement Capital Covenant” means the
Replacement Capital Covenant, dated as of November 21, 2006, of the Company, as the same may be amended or supplemented from time to time in accordance with the provisions hereof and thereof. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Second Supplemental Indenture” has the meaning set forth in the Recitals. 
 “Share Cap Amount” has the meaning set forth in Section 2.1(h)(ii). 
 “Special Event” means a Tax Event, a Regulatory Capital Event or an Investment Company Event. 
 “Supervisory Event” shall commence on the date the Company has notified the FRB of its intention both (i) to sell Common Stock or
Qualified Warrants and (ii) to apply the net proceeds of such sale to pay Deferred Interest, and the FRB has disapproved of either of these actions even though the Company has affirmatively requested such approval. A Supervisory Event shall
cease on the Business Day following the earlier to occur of (A) the tenth Business Day after the Company gives notice to the FRB as first described in this definition of “Supervisory Event” (or such longer period as may be required by
the FRB order or by other 

  

 -5- 

 
supervisory action), so long as the FRB does not disapprove of either action mentioned in such notice, (B) a Tenth Deferral Anniversary, or (C) the
day on which the FRB notifies the Company in writing that it no longer disapproves of the Company’s intention to both (1) issue and sell Eligible Equity and (2) apply the net proceeds from such sale to pay deferred interest on the
Debentures. 
 “Supplemental Indenture” has the meaning set forth in the introductory paragraph to this instrument.

 “Tax Event” means the receipt by the Company or the Trust of an opinion of tax counsel (which may be the Company’s
counsel or counsel of an Affiliate of the Company but not an employee of the Company or such an Affiliate and must be reasonably acceptable to the Property Trustee) experienced in tax matters (which opinion shall not have been rescinded), to the
effect that, as a result of any (i) amendment to, or change (including any announced prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or
(ii) interpretation or application of the laws enumerated in clause (i) or regulations by any court, governmental agency or regulatory authority, there is more than an insubstantial risk that (1) the Trust is, or will be within 90
days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debentures, (2) interest payable by the Company to the Trust on the Debentures is not, or within 90 days of the date
of such opinion will not be, deductible, in whole or in part, by the Company, for United States federal income tax purposes, or (3) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of
other taxes, duties or other governmental charges. 
 “Tenth Deferral Anniversary” means the date that is ten years after
the date of commencement of an Optional Deferral Period, if on such date such Optional Deferral Period has not ended. 
 “Third
Supplemental Indenture” has the meaning set forth in the Recitals. 
 “Trust” has the meaning set forth in
Section 2.1(a) hereof. 
 “Trust Agreement” has the meaning set forth in Section 2.1(a) hereof. 
 “Trust Preferred Securities” means the 6.750% Enhanced Trust Preferred Securities, liquidation amount $25 per security and $500,000,000
in the aggregate, issued by the Trust pursuant to the Trust Agreement. 
 “Trustee” has the meaning set forth in the
introductory paragraph to this instrument. 
 ARTICLE II 
 TERMS OF SERIES OF SECURITIES 
 Section 2.1. Pursuant to Sections 2.1 and 3.1 of the
Indenture, there is hereby established a series of Securities, the terms of which shall be as follows: 
  

 -6- 

 (a) Designation. The Securities of this series shall be known and designated as
the “6.750% Junior Subordinated Debentures due 2066” of the Company (the “Debentures”). The Debentures initially shall be issued to KeyCorp Capital IX, a Delaware statutory trust (the “Trust”). The Trust Agreement for
the Trust shall be the Amended and Restated Trust Agreement, dated as of November 21, 2006, among the Company, as Sponsor, Deutsche Bank Trust Company Delaware, as Delaware Trustee, Deutsche Bank Trust Company Americas, as Property Trustee, and
the Administrative Trustees named therein (the “Trust Agreement”). The Guarantee will be issued pursuant to the Guarantee Agreement, dated as of November 21, 2006, between the Company and Deutsche Bank Trust Company Americas, as
Guarantee Trustee (the “Guarantee Agreement”). The Trust Preferred Securities, as defined in this Supplemental Indenture, are the “Capital Securities” as defined in the Trust Agreement. 
 (b) Aggregate Principal Amount. The maximum aggregate principal amount of the Debentures which may be authenticated and delivered
under the Indenture and this Supplemental Indenture is $500,010,000 (except for Debentures authenticated and delivered upon registration of transfer of, or exchange for, or in lieu of, other Debentures pursuant to Section 3.4, 3.6, 3.7, 9.6 or
11.6 of the Indenture). 
 (c) Denominations. The Debentures will be issued only in fully registered form, and the
authorized minimum denomination of the Debentures shall be $25 principal amount and any integral multiple thereof. 
 (d)
Maturity. The principal amount of the Debentures shall be payable in full on December 15, 2066 subject to and in accordance with the provisions of the Indenture and this Supplemental Indenture. 
 (e) Rate of Interest. The rate at which the Debentures shall bear interest will be 6.750% per annum; the date from which such
interest shall accrue is November 21, 2006; and the Interest Payment Dates on which such interest shall be payable are March 15, June 15, September 15 and December 15 of each year, commencing March 15, 2007.
Interest payments not paid when due will themselves accrue Additional Interest at the annual rate of 6.750% on the amount of unpaid interest, to the extent permitted by law, compounded quarterly. The amount of interest payable for any period will be
computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month and, for periods of less than a month, the
actual number of days elapsed per 30-day month. If an Interest Payment Date falls on a day that is not a Business Day, the interest payment shall be postponed to the next succeeding Business Day, without any interest or other payment in respect of
such delay. 
 (f) To Whom Interest Payable. Interest will be payable to the person in whose name the Debentures are
registered at the close of business on the Regular Record Date next preceding the Interest Payment Date, except that, interest payable on the Stated Maturity of the principal of the Debentures shall be paid to the Person to whom principal is paid.

  

 -7- 

 (g) Option to Defer Interest Payments. Section 3.12 of the Indenture shall
not apply to the Debentures, which shall be governed by the following provisions. 
 (i) The Company shall have the right, at
any time and from time to time prior to the Maturity of the Debentures, to defer the payment of interest thereon for one or more Optional Deferral Periods consisting of no more than 20 consecutive quarters, or five consecutive years, without
becoming subject to the obligations provided for in paragraph (h) of this Section 2.1. The Company shall also have the right, at any time and from time to time prior to the Maturity of the Debentures, to defer payment of interest thereon
for one or more Optional Deferral Periods consisting of no more than 40 consecutive quarters, or ten years, without giving rise to an Event of Default (after giving effect to paragraph (j) of this Section 2.1). During an Optional Deferral
Period, any Deferred Interest on the Debentures will accrue Additional Interest at an annual rate equal to the annual interest rate applicable to the Debentures at such time. No interest will be due and payable on the Debentures until the end of the
Optional Deferral Period except upon a redemption of the Debentures during an Optional Deferral Period or upon the payment of current interest (but only to the extent required by Section 2.1(g)). The Company may elect to so defer payment of
interest by delivering to the Trustee written notice of such election at least ten Business Days and not more than 60 Business Days prior to the applicable Interest Payment Date. Notwithstanding the foregoing, no Optional Deferral Period shall
extend beyond the Maturity of the Debentures or, if earlier, the redemption or repayment in full of the Debentures, 
 (ii)(x)
During any Optional Deferral Period or (y) at a time when (i) the Company has actual knowledge of an event that with the giving of notice or the lapse of time, or both, would constitute a Debenture Default, (ii) the Company has not
taken reasonable steps to cure the Debenture Default and (iii) the Debentures are held by the Trust and the Company is in default with respect to its payment obligations under the Guarantee Agreement, the Company shall not, and shall not permit
any Subsidiary of the Company to: 
 (A) declare or pay any dividends or distributions on or redeem, purchase, acquire or
make a liquidation payment with respect to, any of the Company’s capital stock, or make any guarantee payments relating to the foregoing, or 
 (B) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any Parity Securities or debt securities or guarantees of the Company that rank upon the Company’s
liquidation junior to the Debentures, 
 other than (1) repurchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, in connection with a dividend 

  

 -8- 

 
reinvestment or shareholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or
exercisable for such stock) as consideration in an acquisition transaction entered into prior to the Optional Deferral Period, (2) as a result of an exchange or conversion of any class or series of the Company’s capital stock (or any
capital stock of a Subsidiary of the Company) for any class or series of the Company’s capital stock or of any class or series of the Company’s indebtedness for any class or series of our capital stock, (3) the purchase of fractional
interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (4) any declaration of a dividend in connection with the
implementation or amendment of any Company shareholders’ rights plan (or any successor thereto), or the issuance of rights, stock or other property under any such rights plan, or the redemption or repurchase of rights in accordance with any
Company shareholders’ rights plan (or any successor thereto) (5) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is
the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock, and (6) any pro rata interest payments in respect of Parity Securities, to the extent required or permitted by the terms
of such Parity Securities. 
 (iii) Upon the payment of all Deferred Interest then due on the Debentures, the Company may
elect to begin a new Optional Deferral Period, which shall not extend beyond the Maturity or, if earlier, the redemption or repayment in full of the Debentures. After a Tenth Deferral Anniversary, the Company shall pay all Deferred Interest on the
Debentures that has not been cancelled to the extent permitted by applicable law, to the Persons in whose names the Debentures are registered at the close of business on the Regular Record Date with respect to the Interest Payment Date for such
Tenth Deferral Anniversary. 
 (iv) In the case of any Optional Deferral Period that does not terminate on or prior to the
first anniversary of the commencement of such Optional Deferral Period, the restrictions set forth in Section 2.1(g)(ii) shall continue in effect in respect of any redemption, purchase or repurchase of the Company’s securities that rank
pari passu with or junior in interest to the Debentures upon our liquidation until the first anniversary of the termination of such Optional Deferral Period, unless any such redemption, purchase or repurchase is required by the FRB.

 (v) The Company may pay current interest on any Interest Payment Date (including an Interest Payment Date that occurs after
commencement of an Optional Deferral Period) from any source of funds. Except as provided below in this subparagraph (v), the Company shall not pay Deferred Interest from any source of funds other than Eligible Equity Proceeds. Notwithstanding the
foregoing provisions in paragraphs (g) and (h) of this Section 2.1, if, during an Optional Deferral Period, a Supervisory Event has occurred and is continuing, the 

  

 -9- 

 
Company may choose to pay Deferred Interest using cash from any source (including from the sale of preferred stock), but the Company is not obligated to do
so and its election to do so will not constitute a breach of its obligation under this Section 2.1(h) or any other provision of this Supplemental Indenture. 
 (h) Payment of Deferred Interest. 
 (i) Commencing on the earlier of (A) the
Fifth Deferral Anniversary and (B) the date of any payment of current interest on the Debentures during an Optional Deferral Period, if any Deferred Interest is outstanding, the Company shall continuously use its Commercially Reasonable Efforts
to effect sales of Common Stock in an amount that will generate sufficient net Eligible Equity Proceeds to enable the Company to pay in full all Deferred Interest on the Debentures then outstanding. Notwithstanding (and as a qualification to) the
foregoing or any other provision of this Supplemental Indenture, (x) the Company shall not be obligated to make offers for or effect sales of Common Stock during the occurrence and continuation of a Market Disruption Event or a Supervisory
Event, (y) the Company will be permitted to pay Deferred Interest using cash from any source upon the occurrence of a Supervisory Event as provided for in paragraph (v) of this Section 2.1(g) and (z) the Company shall not pay
interest on the Debentures at a time when such payment would violate a specific prohibition against payment of interest contained in the terms of any Parity Securities or securities ranking senior to the Debentures upon a liquidation of the Company.
The Company’s obligation to use Commercially Reasonable Efforts to sell Common Stock to pay all Deferred Interest on the Debentures shall resume at such time as no Market Disruption Event or Supervisory Event exits or is continuing. 

(ii) The Company is not permitted to sell shares of Common Stock in excess of the “Share Cap Amount”, determined pursuant to
this sub-paragraph (ii), for the purpose of satisfying the Company’s obligations under Section 2.1(h)(i) or otherwise paying Deferred Interest on the Debentures then outstanding. The Share Cap Amount initially is 100 million shares.
If the issued and outstanding shares of Common Stock shall have been changed into a different number of shares or a different class by reason of any stock split, reverse stock split, stock dividend, reclassification, recapitalization, split-up,
combination, exchange of shares or other similar transaction, then the Share Cap Amount shall be correspondingly adjusted. The Company shall increase the Share Cap Amount (including through the increase of its authorized share capital, if necessary)
to an amount that would allow the Company to raise sufficient proceeds to satisfy its obligations to pay Deferred Interest in full at the end of the first year of an Optional Deferral Period (and on each subsequent anniversary of the end of the
first year of an Optional Deferral Period to the extent that an Optional Deferral Period would last more than one year), if the then-current Share Cap Amount would not allow the Company to raise sufficient proceeds to satisfy its obligations to pay
Deferred Interest at such time assuming a price per share equal to the average trading price of the Company’s common stock over the ten-trading-day 

  

 -10- 

 
period preceding such date; provided, however, that the Company will not be obligated to increase the Share Cap Amount above 300 million
shares. Until the Tenth Deferral Anniversary, a default will occur if the Company does not increase the Share Cap Amount to an amount that is greater than 100 million shares when required to do so as described above, provided that no
default will occur if the Company has increased the Share Cap Amount to 300 million shares. 
 (iii) Following the
earlier of (A) the Fifth Deferral Anniversary and (B) the date of any payment of current interest during an Optional Deferral Period, the Company shall apply the net proceeds received by it from sales of Eligible Equity to the payment of
all amounts owing in respect of Deferred Interest with net proceeds to be paid promptly after receipt until all amounts owing in respect of Deferred Interest have been paid in full; provided, however, that the Company shall not be
obligated to sell Common Stock or apply the proceeds of sales thereof to payment of Deferred Interest if a Market Disruption Event or a Supervisory Event has occurred and is continuing; provided, further, that if a Supervisory Event
occurs because the FRB permits the Company to sell Eligible Equity but disapproves the application of the net proceeds of such sale to pay deferred interest, the Company may, if the FRB so directs, sell Eligible Equity and apply the proceeds to a
purpose other than paying Deferred Interest without creating a breach of its obligations under this Section 2.1(h) or any other provision of this Supplemental Indenture. In the event that net proceeds received by the Company from one or more
sales of Eligible Equity following the earlier of (x) such Fifth Deferral Anniversary and (y) the date of any payment of current interest during an Optional Deferral Period are not sufficient to satisfy the full amount of Deferred
Interest, such net proceeds will be paid to the holders of the Debentures on a pro rata basis; provided, however, that, if the Company has outstanding at such time any Parity Securities under the terms of which the Company is
obligated (I) to sell shares of Common Stock and apply the net proceeds to payment of deferred interest (including additional interest thereon) or (II) to apply the proceeds of any Eligible Equity to payment of deferred interest (including
additional interest thereon), then on any date and for any period the amount of net proceeds received by the Company from such sales of Eligible Equity and available for payment of Deferred Interest shall be applied to the Debentures and such Parity
Securities on a pro rata basis, taking into account any net proceeds from the sales of securities other than Eligible Equity that would be permitted to be applied to the payment of deferred interest (including additional interest thereon) on
any such Parity Securities but not on the Debentures. Notwithstanding the above, the Company shall not be obligated to sell Eligible Equity or to apply such net proceeds or any portion thereof to the payment of Deferred Interest during the
occurrence and continuation of Market Disruption Event or a Supervisory Event. 
 (iv) If on any date or for any period the
Company pays interest on any class of Parity Securities in an amount that is less than the full amount of accrued but unpaid interest, the Company shall make payments on all outstanding classes of Parity Securities on the same date or for the
corresponding period on a pro rata basis (based on the total amount then due), except and to the extent the terms of such Parity Securities will prohibit the Company from doing so. 
  

 -11- 

 (v) Notwithstanding anything to the contrary in this Supplemental Indenture, under no
circumstances will the Company be obligated to sell shares of Qualified Warrants or to apply the proceeds of any such sale to pay Deferred Interest on the Debentures. 
 (vi) Notwithstanding anything to contrary in this Supplemental Indenture, the Company will not be obligated to issue Common Stock prior to
the Fifth Deferral Anniversary if the gross proceeds of any issuance of Eligible Equity applied to pay Deferred Interest (including Additional Interest thereon) on the Debentures pursuant to this Section 2.1(h), together with the gross proceeds
of all prior issuances of Eligible Equity applied since the commencement of the Optional Deferral Period, would exceed an amount equal to 2% of the product of (A) the average of the Current Stock Market Prices of the Company’s Common Stock
on the 10 consecutive trading days ending on the fourth trading day immediately preceding the date of issuance by the Company of Eligible Equity applied to pay Deferred Interest (including Additional Interest thereon) on the Debentures pursuant to
this Section 2.1(h) and (B) the total number of issued and outstanding shares of the Company’s Common Stock as of the date of the Company’s publicly available consolidated financial statements (the “APM Maximum
Obligation”). Once the Company reaches the APM Maximum Obligation for an Optional Deferral Period, the Company will not be obligated to issue more Eligible Equity pursuant to this Section 2.1(h) prior to the Fifth Deferral Anniversary even
if the Current Stock Market Price of the Company’s Common Stock or the number of outstanding shares of its Common Stock subsequently increase. The APM Maximum Obligation will cease to apply following the Fifth Deferral Anniversary, at which
point the Company must repay any Deferred Interest, regardless of the time at which it was deferred, using proceeds from sales of Eligible Equity, subject to any Market Disruption Event, Supervisory Event, and the Share Cap Amount. If the APM
Maximum Obligation has been reached during an Optional Deferral Period and the Company subsequently repays all Deferred Interest, the APM Maximum Obligation will cease to apply at the termination of such Optional Deferral Period and will not apply
again unless and until the Company starts a new Optional Deferral Period. 
 (vii) If the Company engages in any transaction
that is subject to Section 8.1 of the Indenture, where immediately after the consummation of such transaction more than 50% of the voting stock of the Person formed by such transaction, or the Person that is the surviving entity of such
transaction, or the Person to whom such properties and assets are conveyed, transferred or leased in such transaction, is owned by the shareholders of the other party to such transaction, then the restrictions of this Section 2.1(h) shall not
apply to any interest on the Debentures that is deferred and unpaid as of the date of consummation of such transaction and, with respect to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation
of such transaction, Section 2.1(g)(iv) shall not apply. 
  

 -12- 

 (i) Notices. 
 (i) If during an Optional Deferral Period a Market Disruption Event has occurred and is continuing, the Company shall give, as promptly as
possible after the Company becomes aware of such occurrence, a written notice to the Trustee, stating the date on which such Market Disruption Event has occurred, the nature thereof and what action it will take in connection therewith. 

(ii) If during an Optional Deferral Period a Supervisory Event has occurred and is continuing, the Company shall give, as promptly as
possible after the Company becomes aware of such occurrence, a written notice to the Trustee stating that a Supervisory Event has commenced and the actions it will take in connection therewith. 
 (iii) The Company shall give written notice to the FRB (A) no later than 5 Business Days following commencement of an Optional
Deferral Period and (B) upon the earlier to occur of (1) the Fifth Deferral Anniversary of such Optional Deferral Period or (2) the payment of current interest during an Optional Deferral Period. 
 (iv) At least 25 Business Days in advance of the relevant payment date (or such longer period as may be required by the FRB or by other
supervisory action) the Company shall give written notice to the FRB of its intent both (A) to sell Eligible Equity and (B) to apply the net proceeds from such sale to pay Deferred Interest, and shall only take any such actions if the FRB
does not disapprove of any such actions within 10 Business Days (or such longer period as may be required by FRB order or by other supervisory action) after the Company gives such notice to the FRB or has withdrawn any prior disapproval. 

(j) Events of Default. For the Debentures, Sections 5.1 and 5.2 of the Indenture shall not apply and shall be replaced with
Annex A attached hereto. 
 (k) Location of Payment. Payment of the principal of (and premium, if any) and interest on
the Debentures will be made at the corporate trust office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available
funds at such place and to such account as may be designated by the Person entitled thereto as specified in the Securities Register; provided, further, that, for so long as the Trust appears on the Securities Register as a Holder of
Debentures and in a timely manner has provided wire transfer instructions to the Company with respect to payments on the Debentures, all payments to the Trust as Holder of Debentures shall be made by wire transfer in immediately available funds to

  

 -13- 

 
the account specified in such wire transfer instructions. The office where the Debentures may be presented or surrendered for payment and the office where
the Debentures may be surrendered for transfer or exchange and where notices and demands to or upon the Company in respect of the Debentures and the Indenture may be served shall be the Corporate Trust Office. The Trustee shall act as Paying Agent.

 (l) Redemption. The Debentures are redeemable at the option of the Company, subject to the terms and conditions of
Article XI of the Indenture and subject to the Company having received prior approval from the FRB if then required under applicable capital guidelines or policies of the FRB, at 100% of their principal amount plus accrued and unpaid interest
(i) in whole or in part, on one or more occasions at any time on or after December 15, 2011, or (ii) in whole at any time if a Special Event has occurred and is continuing and the Company cannot cure the Special Event by some
reasonable action, in which case the Company may redeem the Debentures within 90 days following the occurrence of the Special Event. 
 (m) Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership. Notwithstanding anything to the contrary in the Indenture or this Supplemental Indenture, each Holder of a Debenture, by such Holder’s acceptance
thereof, agrees that upon any payment or distribution of assets to creditors of the Company upon any liquidation, dissolution, winding up, reorganization, or in connection with any insolvency, receivership or proceeding under any bankruptcy law with
respect to the Company, such Holder shall have no claim for accrued and unpaid interest (including compounded interest thereon) that has not been settled through the application of the Alternative Payment Mechanism to the extent that the aggregate
amount thereof exceeds 25% of the original principal amount of such Debenture. 
 (n) Sinking Fund. The Debentures
shall not be subject to any sinking fund or analogous provisions. 
 (o) Forms. The Debentures shall be substantially
in the form of Annex B attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. The Trust Agreement shall be substantially in the form of Annex D attached hereto, with such modifications
thereto as may be approved by the authorized officer executing the same. The Guarantee Agreement shall be substantially in the form of Annex C attached hereto, with such modifications thereto as may be approved by the authorized officer executing
the same. 
 (p) Subordination. The subordination provisions of Article XIII of the Indenture shall apply;
provided, however, that for the purposes of the Debentures (but not for the purposes of any other Securities unless specifically set forth in the terms of such Securities), the definitions of “Senior Debt” and “Senior
Indebtedness” in the Indenture are hereby amended in their entirety to read as follows: 
 “‘Allocable Amounts,’
when used with respect to any Senior Subordinated Debt or Junior Subordinated Debt, means the amount necessary to pay all principal (and premium, if any) and interest, if any, on such Senior 

  

 -14- 

 
Subordinated Debt or Junior Subordinated Debt, as applicable, in full less, if applicable, any portion of such amount which would have been paid to, and
retained by, the holders of such Senior Subordinated Debt or Junior Subordinated Debt, as applicable (whether as a result of the receipt of payments by the holders of such Senior Subordinated Debt or Junior Subordinated Debt, as applicable, or any
other obligor thereon or from any holders of, or trustee in respect of, other indebtedness that is subordinate and junior in right of payment to such Senior Subordinated Debt or Junior Subordinated Debt, as applicable, pursuant to any provision of
such indebtedness for the payment over of amounts received on account of such indebtedness to the holders of such Senior Subordinated Debt or Junior Subordinated Debt, as applicable) but for the fact that such Senior Subordinated Debt or Junior
Subordinated Debt, as applicable, is subordinate or junior in right of payment to trade accounts payable or accrued liabilities arising in the ordinary course of business.” 
 “‘Senior Debt’ means any obligation of the Company to its creditors, whether now outstanding or subsequently incurred, other than
any obligation as to which, in the instrument creating or evidencing the obligation or pursuant to which the obligation is outstanding, it is provided that such obligation is not Senior Debt; provided, however, that Senior Debt does
not include Senior Subordinated Debt, Junior Subordinated Debt or Pari Passu Securities.” 
 “‘Senior Indebtedness’
means (i) Senior Debt (but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business), (ii) the Allocable Amounts of Senior Subordinated Debt, and (iii) the Allocable Amounts of Junior
Subordinated Debt.” 
 Additionally, 
 “Pari Passu Securities” means (i) indebtedness (A) the terms of which provide that such indebtedness ranks equally with the Debentures and the Company’s 7% Junior Subordinated
Debentures due June 15, 2066 upon the Company’s liquidation and (B) that qualifies or is issued to financing vehicles issuing securities that qualify as Tier 1 capital of the Company under the capital guidelines of the FRB; and
(ii) guarantees of indebtedness described in clause (i) or securities issued by one or more financing vehicles described in clause (i)(B). 
 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1. If any provision of this Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 through
operation of Section 318(c) thereof, such imposed duties shall control. 
  

 -15- 

 Section 3.2. The Article headings herein are for convenience only and shall not effect the
construction hereof. 
 Section 3.3. All covenants and agreements in this Supplemental Indenture by the Company shall bind its
successors and assigns, whether so expressed or not. 
 Section 3.4. In case any provision of this Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 3.5. Nothing in this Supplemental Indenture is intended to or shall provide any rights to any parties other than those expressly contemplated by this Supplemental Indenture. 
 Section 3.6. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 3.7. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. The recitals and
statements herein are deemed to be those of the Company and not of the Trustee. 
 *                 *                 * 
  

 -16- 

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed, and their respective corporate seals to be hereunto affixed and attested, all as of the day and year first above written. 
  

			
	KEYCORP
		
	By:	 	 /s/ Daniel R. Stolzer

	Name:	 	Daniel R. Stolzer
	Title:	 	Vice President and Deputy General Counsel

 Attest: 
  

			
	By:	 	 /s/ Steven Bulloch

	Name:	 	Steven Bulloch
	Title:	 	Assistant Secretary

  

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as
Property Trustee on behalf
 of KeyCorp Capital IX

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Yana Kalachikova

	Name:	 	Yana Kalachikova
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Rodney Gaughan

	Name:	 	Rodney Gaughan
	Title:	 	Assistant Vice President

 Attest: 
  

			
	By:	 	 /s/ Varneet Singh

	Name:	 	Varneet Singh
	Title:	 	Account Administrator

  

 Annex A 
 Section 5.1. Events of Default; Debenture Default. 
 (a) “Event of Default”, wherever used
herein with respect to the Debentures, means any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article Thirteen or be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of interest (including compounded interest) in full or any Debentures for a period of 30 days after a Tenth Deferral Anniversary; or 
 (2)(the entry of a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization of the Company under the Bankruptcy Code or any other similar applicable Federal or State law, which decree or order shall have continued undischarged and unstayed for a period of 60
days; or the entry of a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company or of its property, or for the winding up or
liquidation of its affairs, which decree or order shall have continued undischarged and unstayed for a period of 60 days; or 
 (3) the commencement by the Company of voluntary proceedings to be adjudicated a bankrupt, or consent by the Company to the filing of a bankruptcy proceeding against it, or the filing by the Company of a petition or answer or consent
seeking reorganization under the Bankruptcy Code or any other similar Federal or State law, or consent by the Company to the filing of any such petition, or the consent by the Company to the appointment of a receiver or liquidator or trustee or
assignee in bankruptcy or insolvency of it or of its property, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its debts generally as they become due.

 (b) “Debenture Default”, wherever used herein with respect to Debentures, means any one of the following events (whatever the
reason for such Default and whether it shall be occasioned by the provisions of Article Thirteen or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation or any administrative or governmental body): 
 (1) an Event of Default with respect to Debentures; or 

(2) a default in the payment of any installment of interest (including any Additional Interest) on any Debenture when such interest
becomes due and payable and such default continues for a period of 30 days (after giving effect to Section 2.1(g) of the Fourth Supplemental Indenture, including the Company’s deferred rights provided for therein), or 
  

 A-1 

 (3) a default in the payment of the principal of (or premium, if any, on) any Debenture
at its Maturity; or 
 (4) failure on the part of the Company duly to observe or perform any other of the covenants or
agreements on the part of the Company in the Debentures or in the Indenture (as supplemented, in the case of the Debentures, by the Fourth Supplemental Indenture), including under the Alternative Payment Mechanism, for a period of 90 days after the
date on which written notice of such failure, requiring the Company to remedy the same, shall have been given to the Company by the Trustee by registered or certified mail or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Outstanding Debentures. 
 Section 5.2. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default described in clause (1) of Section 5.1(a) with respect to the Debentures occurs and is continuing, then and in every such
case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Debentures may declare the principal amount of all the Debentures to be due and payable immediately, by a notice in writing to the Company (and to
the Trustee if given by Holders), provided that, for so long as the Trust is the holder of all of the Outstanding Debentures, if, upon such an Event of Default, the Trustee fails to declare the principal of all the Outstanding Debentures to
be immediately due and payable, the holders of at least 25% in aggregate Liquidation Amount (as defined in the Trust Agreement) of the Trust Preferred Securities then outstanding shall have the right to make such declaration by a notice in writing
to the Company and the Trustee; and upon any such declaration such principal amount (or specified portion thereof) of and the accrued interest (including any Additional Interest) on all the Debentures shall become immediately due and payable.
Payment of principal and interest (including any Additional Interest) on the Debentures shall remain subordinated to the extent provided in the Indenture (as supplemented by the Fourth Supplemental Indenture) notwithstanding that such amount shall
become immediately due and payable as herein provided. If an Event of Default described in clause (2) or (3) of Section 5.1(a) with respect to Debentures occurs, the principal amount of all the Debentures shall automatically, and
without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
 At any time after
such a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in
aggregate principal amount of the Outstanding Debentures, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to pay: 
 (A) all overdue installments of interest (including any Additional Interest) on all the Debentures, 
  

 A-2 

 (B) the principal of (and premium, if any, on) the Debentures that have become due
otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Debentures, and 
 (C) all
sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to the Debentures, other than the non-payment of the principal of the Debentures that has become
due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
  

 A-3 

 Annex B 
 Form of Debentures1 
 KEYCORP 
 6.750% Junior Subordinated Debentures due 2066 
 No. 
 $ 
 CUSIP No. 
 KEYCORP, a corporation organized and
existing under the laws of the State of Ohio (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay Deutsche Bank Trust
Company Americas, as Property Trustee of KEYCORP CAPITAL IX, or registered assigns, the principal sum of
                            dollars
($                ) on December 15, 2066. The Company further promises to pay interest on said principal sum from November 21, 2006 or from the most recent
interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on
March 15, June 15, September 15 and December 15 of each year, commencing March 15, 2007, at the rate of 6.750% per annum, until the principal hereof shall have become due and payable, and on any overdue
principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum, compounded quarterly. The amount of interest payable for any
period will be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any period shorter than a full quarterly period will be computed on the basis of a 30-day month period and, for periods of
less than a month, the actual number of days elapsed per 30-day month. In the event that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next
succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). A “Business Day” shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in
The City of New York are authorized or required by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office of the Property Trustee or the principal offices of the Property Trustee under the Trust Agreement
hereinafter referred to for KEYCORP CAPITAL IX, is closed for business. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be (i) the 
  

	1	This form assumes that KeyCorp Capital IX is the sole holder of record of the Debentures. If Debentures are held by any other Person, pursuant to Section 2.1 of
the Base Indenture the Company shall establish by Board Resolution a revised form of Debenture. 

  

 B-1 

 Business Day next preceding such Interest Payment Date if this Security is issued in the form of a Global Security, or
(ii) the fifteenth (15) day (whether or not a Business Day) preceding such Interest Payment Date if this Security is not issued in the form of a Global Security. Any such interest installment not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more full provided in said Indenture. 

The Company shall have the right, at any time and from time to time during the term of this Security, to defer the payment of interest thereon for one
or more Optional Deferral Periods consisting of no more than 20 consecutive quarters, or five consecutive years, without becoming subject to the obligations to issue Common Stock and pay Deferred Interest pursuant to Section 2.1(h) of the
Fourth Supplemental Indenture. The Company shall also have the right, at any time and from time to time during the term of this Security, to defer payment of interest thereon for one or more Optional Deferral Periods consisting of no more than 40
consecutive quarters, or ten consecutive years, without giving rise to an Event of Default. The Company may elect to so defer payment of interest by delivering to the Trustee written notice of such election at least ten and not more than 60 Business
Days prior to the applicable Interest Payment Date. Notwithstanding the foregoing, no Optional Deferral Period shall extend beyond the Stated Maturity of the principal of this Security. 
 (x) During any Optional Deferral Period or (y) at a time when (i) the Company has actual knowledge of an event that with the giving of notice
or the lapse of time, or both, would constitute a Debenture Default, (ii) the Company has not taken reasonable steps to cure the Debenture Default and (iii) the Debentures are held by the Trust and the Company is in default with respect to
its payment obligations under the Guarantee Agreement, the Company shall not, and shall not permit any Subsidiary of the Company to: 
 (A) declare or pay any dividends or distributions on or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, or make any guarantee payments relating to the foregoing, or

 (B) make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any Parity
Securities or debt securities or guarantees of the Company that rank upon the Company’s liquidation junior to the Debentures, 
 other than
(1) repurchases, redemptions or other acquisitions of shares of capital stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or shareholder stock purchase plan or in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such stock) as
consideration in an acquisition transaction entered into prior to the Optional 

  

 B-2 

 
Deferral Period, (2) as a result of an exchange or conversion of any class or series of the Company’s capital stock (or any capital stock of a
Subsidiary of the Company) for any class or series of the Company’s capital stock or of any class or series of the Company’s indebtedness for any class or series of our capital stock, (3) the purchase of fractional interests in shares
of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (4) any declaration of a dividend in connection with the implementation or amendment of
any Company shareholders’ rights plan (or any successor thereto), or the issuance of rights, stock or other property under any such rights plan, or the redemption or repurchase of rights in accordance with any Company shareholders’ rights
plan (or any successor thereto) (5) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which
the dividend is being paid or ranks pari passu with or junior to such stock, and (6) any pro rata interest payments in respect of Parity Securities, to the extent required or permitted by the terms of such Parity Securities.

 Payment of principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in the United States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of
interest may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may
be designated in writing at least fifteen (15) days before the relevant Interest Payment Date by the Person entitled thereto as specified in the Securities Register; provided, further, that for so long as KeyCorp Capital IX
appears on the Securities Register as a Holder of Debentures and in a timely manner has provided wire transfer instructions to the Company with respect to payments on the Debentures, all payments to KeyCorp Capital IX as Holder of Debenture shall be
made by wire transfer in immediately available funds to the account specified in such wire transfer instructions. 
 The indebtedness
evidenced by this Security is, to the extent provided in the Indenture, subordinated and subject in right of payments to the prior payment in full of all Senior Debt (as such definition is modified in the Fourth Supplemental Indenture with respect
to this Security), and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and
directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his
acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon
said provisions. 
 Reference is made hereby to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
  

 B-3 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 B-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	KeyCorp
		
	By:	 	  

	Name:	 	Daniel R. Stolzer
	Title:	 	Vice President and Deputy General Counsel

  

			
	Attest:
	
	  

	Assistant Secretary

 Dated: November 21, 2006 
 Trustee’s Certificate of Authentication 
 This is one of the Securities referred
to in the within mentioned Indenture. 
 Dated: November 21, 2006 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
     as Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 B-5 

 REVERSE OF SECURITY 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Junior Subordinated Indenture, dated as of
December 4, 1996, as supplemented by the First Supplemental Indenture, dated as of June 13, 2005, a Second Supplemental Indenture, dated as of August 1, 2005, a Third Supplemental Indenture, dated as of June 20, 2006, and a
Fourth Supplemental Indenture, dated as of November 21, 2006 (the “Fourth Supplemental Indenture” and, together with the Supplemental Indentures referenced above, herein called the “Indenture”), between the Company and
Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, limited in aggregate principal amount of $500,010,000 issuable on one or more occasions. 
 All terms used in this Security that are defined in the Indenture or in the Amended and Restated Trust Agreement, dated as of November 21, 2006 (the “Trust Agreement”), for KEYCORP CAPITAL IX, among
KeyCorp, as Sponsor, and the Trustees named therein, shall have the meanings assigned to them in the Indenture or the Trust Agreement, as the case may be. 
 The Company may at any time, at its option, on or after December 15, 2011, and subject to the terms and conditions of Article XI of the Indenture and Section 2.1(l) of the Fourth Supplemental Indenture, and
subject to prior approval by the Board of Governors of the Federal Reserve System if then required, redeem this Security in whole at any time or in part from time to time, without premium or penalty, at a redemption price equal to 100% of the
principal amount thereof plus accrued and unpaid interest, including Additional Interest, if any, to the Redemption Date. 
 Upon the
occurrence and during the continuation of a Tax Event, Investment Company Event or a Regulatory Capital Event in respect of a Trust, the Company may, at its option, at any time within 90 days of the occurrence of such Tax Event, Investment Company
Event or Regulatory Capital Event redeem this Security, in whole but not in part, subject to the provisions of Article XI of the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest,
including Additional Interest, if any, to the Redemption Date. 
 Commencing on the earlier of (A) the Fifth Deferral Anniversary and
(B) the date of any payment of current interest on the Debentures during an Optional Deferral Period, if any Deferred Interest is outstanding, the Company shall continuously use its Commercially Reasonable Efforts to effect sales of Common
Stock in an amount that will generate sufficient net Eligible Equity Proceeds to enable the Company to pay in full all Deferred Interest on the Debentures then outstanding. Notwithstanding (and as a qualification to) the foregoing or any other
provision of this Supplemental Indenture, (x) the Company shall not be obligated to make offers for or effect sales of Common Stock during the occurrence and continuation of a Market 

  

 B-6 

 
Disruption Event or a Supervisory Event, (y) the Company will be permitted to pay Deferred Interest using cash from any source upon the occurrence of a
Supervisory Event as provided for in paragraph (viii) of Section 2.1(h) of the Fourth Supplemental Indenture and (z) the Company shall not pay interest on the Debentures at a time when such payment would violate a specific prohibition
against payment of interest contained in the terms of any Parity Securities or securities ranking senior to the Debentures upon a liquidation of the Company. The Company’s obligation to use Commercially Reasonable Efforts to sell Common Stock
to pay all Deferred Interest on the Debentures shall resume at such time as no Market Disruption Event or Supervisory Event exits or is continuing. 
 Following the earlier of (A) the Fifth Deferral Anniversary and (B) the date of any payment of current interest during an Optional Deferral Period, the Company shall apply the net proceeds received by it from sales of Eligible
Equity as promptly as practicable following the Company’s receipt of such proceeds to the payment of all amounts owing in respect of Deferred Interest with net proceeds to be paid promptly after receipt until all amounts owing in respect of
Deferred Interest have been paid in full; provided, however, that the Company shall not be obligated to sell Common Stock or apply the proceeds of sales thereof to payment of Deferred Interest if a Market Disruption Event or a
Supervisory Event has occurred and is continuing; provided, further, that if a Supervisory Event occurs because the FRB permits the Company to sell Eligible Equity but disapproves the application of the net proceeds of such sale to pay
deferred interest, the Company may, if the FRB so directs, sell Eligible Equity and apply the proceeds to a purpose other than paying Deferred Interest without creating a breach of its obligations under Section 2.1(h) of the Fourth Supplemental
Indenture or any other provision of this Supplemental Indenture. In the event that net proceeds received by the Company from one or more sales of Eligible Equity following the earlier of (x) such Fifth Deferral Anniversary and (y) the date
of any payment of current interest during an Optional Deferral Period are not sufficient to satisfy the full amount of Deferred Interest, such net proceeds will be paid to the holders of the Debentures on a pro rata basis; provided,
however, that, if the Company has outstanding at such time any Parity Securities under the terms of which the Company is obligated (I) to sell shares of Common Stock and apply the net proceeds to payment of deferred interest (including
additional interest thereon) or (II) to apply the proceeds of any Eligible Equity to payment of deferred interest (including additional interest thereon), then on any date and for any period the amount of net proceeds received by the Company from
such sales of Eligible Equity and available for payment of Deferred Interest shall be applied to the Debentures and such Parity Securities on a pro rata basis, taking into account any net proceeds from the sales of securities other than
Eligible Equity that would be permitted to be applied to the payment of deferred interest (including additional interest thereon) on any such Parity Securities but not on the Debentures. Notwithstanding the above, the Company shall not be obligated
to sell Eligible Equity or to apply such net proceeds or any portion thereof to the payment of Deferred Interest during the occurrence and continuation of Market Disruption Event or a Supervisory Event. 
 The foregoing is part of the Alternative Payment Mechanism set forth in the Fourth Supplemental Indenture and is subject to the qualifications,
limitations and other provisions set forth in the Fourth Supplemental Indenture. 
  

 B-7 

 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this
Security upon compliance by the Company of certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the
consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in
principal amount of the Securities of all series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holders of this Security and of any Security issued upon the registration and transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, if an Event of Default with respect to
the Securities of this series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less that 25% in principal amount of the Outstanding Securities of this series may declare the principal
amount of all the Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), provided that, in the case of the Securities of this series issued to a Trust,
if upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of this series fails to declare the principal of all the Securities of this series to be immediately due and payable, the
holders of at least 25% in aggregate Liquidation Amount of the Trust Preferred Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration the principal amount of and the
accrued interest (including Additional Interest) on all the Securities of this series shall become immediately due and payable, provided that the payment of principal and interest (including Additional Interest) on such Securities shall
remain subordinated to the extent provided in Article XIII of the Indenture and Section 2.1(p) of the Fourth Supplemental Indenture. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest
on this Security at the times, places and rate, and in the coin or currency, herein prescribed (subject to the deferral rights of the Company described in the Indenture). 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer
at the office or agency of the Company maintained under Section 10.2 of the Indenture duly endorsed by, or accompanied by written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be 

  

 B-8 

 
issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration or transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities
of this series are issuable only in registered form without coupons in denominations of $25 and in any multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable
for like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder surrendering the same. 
 The Company and, by its acceptance of this Security or a beneficial interest therein, the Holder of, and any Person that acquires beneficial interest in, this Security agree that for United States federal, state and
local tax purposes it is intended that this Security constitute indebtedness. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 B-9Amended and Restated Trust Agreement

 Exhibit 4.2 
  

 AMENDED AND RESTATED TRUST
AGREEMENT 
 among 
 KEYCORP, 
 as Depositor 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Property Trustee 
 DEUTSCHE BANK TRUST COMPANY DELAWARE, 
 as Delaware Trustee 
 and 
 THE ADMINISTRATIVE TRUSTEES 
 NAMED HEREIN 
 Dated as of November 21, 2006 
 KEYCORP CAPITAL IX 
  

 KeyCorp Capital IX 
 Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to provisions of Sections 310 to and including 318(a) which, pursuant to Section 318(c) of the Trust Indenture Act of 1939, as amended by the
Trust Reform Act of 1990, are a part of and govern the Indenture whether or not physically contained therein) and the Amended and Restated Trust Agreement, dated as of . 
  

							
	 Trust Indenture
     Act
Section
	 	 	  	 Trust Agreement
 Section

	310	 	(a)(1)	 		  	8.7
		 	(a)(2)	 		  	8.7
		 	(a)(3)	 		  	8.9
		 	(a)(4)	 		  	2.7(a)(ii)(E)
		 	(b)	 		  	8.8, 10.10
		 	(c)	 		  	Not Applicable
	311	 	(a)	 		  	8.13
		 	(b)	 		  	8.13
		 	(c)	 		  	Not Applicable
	312	 	(a)	 		  	5.7, 10.10
		 	(b)	 		  	5.7, 10.10
		 	(c)	 		  	5.7, 10.10
	313	 	(a)	 		  	8.14(a)
		 	(a)(4)	 		  	8.14(b)
		 	(b)	 		  	8.14(b)
		 	(c)	 		  	10.8
		 	(d)	 		  	8.14(c)
	314	 	(a)	 		  	8.15
		 	(b)	 		  	Not Applicable
		 	(c)(1)	 		  	8.16
		 	(c)(2)	 		  	8.16
		 	(c)(3)	 		  	Not Applicable
		 	(d)	 		  	Not Applicable
		 	(e)	 		  	1.1, 8.16
	315	 	(a)	 		  	8.1(a), 8.3(a)
		 	(b)	 		  	8.2, 10.8
		 	(c)	 		  	8.1(a),
8.1(d)(iii)
		 	(d)	 		  	8.1, 8.3
		 	(e)	 		  	Not Applicable
	316	 	(a)(1)(A)	 		  	Not Applicable
		 	(a)(1)(B)	 		  	5.13(b)
		 	(a)(2)	 		  	Not Applicable
		 	(b)	 		  	5.13(c)
		 	(c)	 		  	6.7
	317	 	(a)(1)	 		  	Not Applicable
		 	(a)(2)	 		  	Not Applicable
		 	(b)	 		  	5.10
	318	 	(a)	 		  	10.10

	Note:	This reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Trust Agreement.

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	 ARTICLE I    DEFINED TERMS
	  	1
			
	 SECTION 1.1.
	 	Definitions.	  	1
		
	 ARTICLE II    CONTINUATION OF THE ISSUER TRUST
	  	9
			
	 SECTION 2.1.
	 	Name.	  	9
	 SECTION 2.2.
	 	Office of the Delaware Trustee; Principal Place of Business.	  	9
	 SECTION 2.3.
	 	Initial Contribution of Trust Property; Organizational Expenses.	  	9
	 SECTION 2.4.
	 	Issuance of the Capital Securities	  	10
	 SECTION 2.5.
	 	Issuance of the Common Securities; Subscription and Purchase of Debentures.	  	10
	 SECTION 2.6.
	 	Continuation of Trust.	  	10
	 SECTION 2.7.
	 	Authorization to Enter into Certain Transactions.	  	10
	 SECTION 2.8.
	 	Assets of Trust.	  	14
	 SECTION 2.9.
	 	Title to Trust Property.	  	14
		
	 ARTICLE III    PAYMENT ACCOUNT
	  	15
			
	 SECTION 3.1.
	 	Payment Account.	  	15
		
	 ARTICLE IV    DISTRIBUTIONS; REDEMPTION
	  	15
			
	 SECTION 4.1.
	 	Distributions.	  	15
	 SECTION 4.2.
	 	Redemption.	  	16
	 SECTION 4.3.
	 	Subordination of Common Securities.	  	17
	 SECTION 4.4.
	 	Payment Procedures.	  	18
	 SECTION 4.5.
	 	Tax Returns and Reports.	  	18
	 SECTION 4.6.
	 	Payment of Taxes, Duties, Etc. of the Issuer Trust.	  	18
	 SECTION 4.7.
	 	Payments under Indenture or Pursuant to Direct Actions.	  	18
	 SECTION 4.8.
	 	Liability of the Holder of Common Securities.	  	19
	 SECTION 4.9.
	 	Exchanges.	  	19
		
	ARTICLE V    TRUST SECURITIES CERTIFICATES	  	19
			
	 SECTION 5.1.
	 	Initial Ownership.	  	19
	 SECTION 5.2.
	 	The Trust Securities Certificates.	  	19
	 SECTION 5.3.
	 	Execution and Delivery of Trust Securities Certificates.	  	20
	 SECTION 5.4.
	 	Book-Entry Capital Securities.	  	20
	 SECTION 5.5.
	 	Registration of Transfer and Exchange of Capital Securities Certificates.	  	22
	 SECTION 5.6.
	 	Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.	  	24
	 SECTION 5.7.
	 	Persons Deemed Holders.	  	24
	 SECTION 5.8.
	 	Access to List of Holders’ Names and Addresses.	  	24
	 SECTION 5.9.
	 	Maintenance of Office or Agency.	  	24
	 SECTION 5.10.
	 	Appointment of Paying Agent.	  	25
	 SECTION 5.11.
	 	Ownership of Common Securities by Depositor.	  	25
	 SECTION 5.12.
	 	Notices to Clearing Agency.	  	25
	 SECTION 5.13.
	 	Rights of Holders.	  	25
		
	ARTICLE VI    ACTS OF HOLDERS; MEETINGS; VOTING	  	27
			
	 SECTION 6.1.
	 	Limitations on Voting Rights.	  	27
	 SECTION 6.2.
	 	Notice of Meetings.	  	28
	 SECTION 6.3.
	 	Meetings of Holders of Capital Securities.	  	28
	 SECTION 6.4.
	 	Voting Rights.	  	29
	 SECTION 6.5.
	 	Proxies, Etc.	  	29
	 SECTION 6.6.
	 	Holder Action by Written Consent.	  	29

					
	 SECTION 6.7.
	 	Record Date for Voting and Other Purposes.	  	29
	 SECTION 6.8.
	 	Acts of Holders.	  	29
	 SECTION 6.9.
	 	Inspection of Records.	  	30
		
	 ARTICLE VII    REPRESENTATIONS AND WARRANTIES
	  	30
			
	 SECTION 7.1.
	 	Representations and Warranties of the Property Trustee and the Delaware Trustee.	  	30
	 SECTION 7.2.
	 	Representations and Warranties of Depositor.	  	31
		
	ARTICLE VIII    THE ISSUER TRUSTEES	  	32
			
	 SECTION 8.1.
	 	Certain Duties and Responsibilities.	  	32
	 SECTION 8.2.
	 	Certain Notices.	  	33
	 SECTION 8.3.
	 	Certain Rights of Property Trustee.	  	33
	 SECTION 8.4.
	 	Not Responsible for Recitals or Issuance of Securities.	  	35
	 SECTION 8.5.
	 	May Hold Securities.	  	35
	 SECTION 8.6.
	 	Compensation; Indemnity; Fees.	  	35
	 SECTION 8.7.
	 	Corporate Property Trustee Required; Eligibility of Issuer Trustees.	  	36
	 SECTION 8.8.
	 	Conflicting Interests.	  	37
	 SECTION 8.9.
	 	Co-Trustees and Separate Trustee.	  	37
	 SECTION 8.10.
	 	Resignation and Removal; Appointment of Successor.	  	38
	 SECTION 8.11.
	 	Acceptance of Appointment by Successor.	  	39
	 SECTION 8.12.
	 	Merger, Conversion, Consolidation or Succession to Business.	  	40
	 SECTION 8.13.
	 	Preferential Collection of Claims Against Depositor or the Issuer Trust.	  	40
	 SECTION 8.14.
	 	Reports by Property Trustee.	  	41
	 SECTION 8.15.
	 	Reports to the Property Trustee.	  	41
	 SECTION 8.16.
	 	Evidence of Compliance with Conditions Precedent.	  	41
	 SECTION 8.17.
	 	Number of Issuer Trustees.	  	41
	 SECTION 8.18.
	 	Delegation of Power.	  	42
	 SECTION 8.19.
	 	Appointment of Administrative Trustees.	  	42
		
	 ARTICLE IX    TERMINATION, LIQUIDATION AND MERGER
	  	42
			
	 SECTION 9.1.
	 	Dissolution Upon Expiration Date.	  	42
	 SECTION 9.2.
	 	Early Termination.	  	42
	 SECTION 9.3.
	 	Termination.	  	43
	 SECTION 9.4.
	 	Liquidation.	  	43
	 SECTION 9.5.
	 	Mergers, Consolidations, Amalgamations or Replacements of the Issuer Trust.	  	44
		
	 ARTICLE X    MISCELLANEOUS PROVISIONS
	  	45
			
	 SECTION 10.1.
	 	Limitation of Rights of Holders.	  	45
	 SECTION 10.2.
	 	Amendment.	  	45
	 SECTION 10.3.
	 	Separability.	  	46
	 SECTION 10.4.
	 	Governing Law.	  	46
	 SECTION 10.5.
	 	Payments Due on Non-Business Day.	  	47
	 SECTION 10.6.
	 	Successors.	  	47
	 SECTION 10.7.
	 	Headings.	  	47
	 SECTION 10.8.
	 	Reports, Notices and Demands.	  	47
	 SECTION 10.9.
	 	Agreement Not to Petition.	  	48
	 SECTION 10.10.
	 	Trust Indenture Act; Conflict with Trust Indenture Act.	  	48
	 SECTION 10.11.
	 	Acceptance of Terms of Trust Agreement, Guarantee and Indenture.	  	48
	 SECTION 10.12.
	 	Counterparts.	  	49

  

 -ii- 

			
	Exhibit A	 	Certificate of Trust
		
	Exhibit B	 	DTC Letter of Representation
		
	Exhibit C	 	Form of Common Securities Certificate
		
	Exhibit D	 	Form of Capital Securities Certificate

  

 -iii- 

 AMENDED AND RESTATED TRUST AGREEMENT, dated as of November 21, 2006, among (i) KEYCORP, an Ohio
corporation (including any successors or assigns, the “Depositor”), (ii) DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as BANKERS TRUST COMPANY) a New York banking corporation, as property trustee (in such capacity, the
“Property Trustee” and, in its separate corporate capacity and not in its capacity as Property Trustee, the “Bank”), (iii) DEUTSCHE BANK TRUST COMPANY DELAWARE (formerly known as BANKERS TRUST (DELAWARE)), a
Delaware banking corporation, as Delaware trustee (the “Delaware Trustee”), (iv) Daniel R. Stolzer, an individual, and Louis D. Raffis, an individual, each of whose address is c/o KeyCorp, 127 Public Square, Cleveland, Ohio
44114 (each an “Administrative Trustee” and collectively the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative Trustees being referred to collectively as the
“Issuer Trustees”) and (v) the several HOLDERS, as hereinafter defined. 
 WITNESSETH 
 WHEREAS, the Depositor and certain of the Issuer Trustees have heretofore duly declared and established a statutory trust pursuant to the Delaware
Statutory Trust Act by entering into that certain Trust Agreement, dated as of November 8, 2006 (the “Original Trust Agreement”), and by the execution and filing by certain of the Issuer Trustees with the Secretary of State of
the State of Delaware of the Certificate of Trust (the “Certificate of Trust”), filed on November 8, 2006, attached as Exhibit A; and 
 WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Issuer
Trust to the Depositor, (ii) the issuance and sale of the Capital Securities by the Issuer Trust pursuant to the Underwriting Agreement, (iii) the acquisition by the Issuer Trust from the Depositor of all of the right, title and interest
in the Debentures and (iv) the appointment of the Administrative Trustees; 
 NOW THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates
the Original Trust Agreement in its entirety and agrees as follows: 
 ARTICLE I 
 DEFINED TERMS 
 SECTION 1.1.
Definitions.  
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise
requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular; 
 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the
meanings assigned to them therein; 
 (c) unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or a Section, as the case may be, of this Trust Agreement; 

 (d) the words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision; and 
 (e) unless the
context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time. 
 “Act” has the meaning specified in Section 6.8. 
 “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the Depositor
on a Like Amount of Debentures for such period. 
 “Additional Sums” has the meaning specified in Section 10.6 of the
Indenture. 
 “Administrative Trustees” means each Person appointed in accordance with Section 8.19 solely in such
Person’s capacity as Administrative Trustee of the Issuer Trust and not in such Person’s individual capacity, or any successor Administrative Trustee appointed as herein provided. The initial Administrative Trustees are Daniel R. Stolzer
and Louis D. Raffis. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person; provided, however, that the Issuer Trust shall not be deemed an Affiliate of the Depositor. For the purposes of this definition, “control” when used with
respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Applicable Procedures” means, with respect to any
transfer or transaction involving Book-Entry Capital Securities, the rules and procedures of the Clearing Agency for such Book-Entry Capital Securities, in each case to the extent applicable to such transaction and as in effect from time to time.

 “Bank” has the meaning specified in the preamble to this Trust Agreement. 
 “Bankruptcy Event” means, with respect to any Person: 
 (a) the entry of a decree or order by a court having jurisdiction in the premises judging such Person as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjudication or composition of or in respect of such Person under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of such Person or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 

(b) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the
filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or similar official) of such Person or of any substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as they 

  

 -2- 

 
become due and its willingness to be adjudicated a bankrupt, or the taking of corporate action by such Person in furtherance of any such action. 

“Bankruptcy Laws” has the meaning specified in Section 10.9. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Depositor to have been duly
adopted by the Depositor’s Board of Directors, or such committee of the Board of Directors or officers of the Depositor to which authority to act on behalf of the Board of Directors has been delegated, and to be in full force and effect on the
date of such certification, and delivered to the Issuer Trustees. 
 “Book-Entry Capital Securities” means a beneficial
interest in a Global Capital Securities Certificate, the ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.4. 
 “Business Day” means a day other than (a) a Saturday or Sunday, (b) a day on which banking institutions in The City of New
York are authorized or required by law or executive order to remain closed, or (c) a day on which the Property Trustee’s Corporate Trust Office or the Corporate Trust Office of the Debenture Trustee is closed for business. 
 “Capital Securities Certificate” means a certificate evidencing Capital Securities, substantially in the form attached as Exhibit D.

 “Capital Security” means a preferred undivided beneficial interest in the assets of the Issuer Trust, having a
Liquidation Amount of $25 and having the rights provided therefor in this Trust Agreement, known as “Enhanced Trust Preferred Securities,” including the right to receive Distributions and a Liquidation Distribution as provided herein.

 “Certificate Depository Agreement” means the agreement among the Issuer Trust, the Depositor and DTC, as the initial
Clearing Agency, dated as of the Closing Date, relating to the Trust Securities Certificates, substantially in the form attached as Exhibit B, as the same may be amended and supplemented from time to time. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from
time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closing
Date” has the meaning given to such term in the Underwriting Agreement, which date is also the date of execution and delivery of this Trust Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this Trust Agreement such Commission is not existing and performing the duties now assigned to
it under the Trust Indenture Act, then the body performing such duties at such time. 
  

 -3- 

 “Common Securities Certificate” means a certificate evidencing Common Securities,
substantially in the form attached as Exhibit C. 
 “Common Security” means an undivided beneficial interest in the assets
of the Issuer Trust, having a Liquidation Amount of $25 and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
 “Corporate Trust Office” means (i) when used with respect to the Property Trustee, the principal office of the Property Trustee
located in New York, New York which on the date of this Trust Agreement is 60 Wall Street, MS NYC 60-2710, 27th
Floor, New York, New York 10005 - Attention: Corporate Trust and Agency Services, and (ii) when used with respect to the Debenture Trustee, its Corporate Trust Office as defined in the Indenture. 
 “Debenture Event of Default” means a “Debenture Default” as defined in the Indenture. 
 “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the Indenture, the date fixed for redemption
under the Indenture. 
 “Debenture Trustee” means Deutsche Bank Trust Company Americas, a New York banking corporation, and
any successor thereto. 
 “Debentures” means the aggregate principal amount of the Depositor’s 6.750% Junior
Subordinated Debentures due 2066, issued pursuant to the Indenture. 
 “Definitive Capital Securities Certificates” means
either or both (as the context requires) of (a) Capital Securities Certificates issued as Book-Entry Capital Securities as provided in Section 5.2 or 5.4 and (b) Capital Securities Certificates issued in certificated, fully registered
form as provided in Section 5.2, 5.4 or 5.5. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. §3801, et seq., as it may be amended from time to time. 
 “Delaware Trustee” means
the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement solely in its capacity as Delaware Trustee of the Issuer Trust and not in its individual capacity, or its successor in interest in such capacity, or
any successor trustee appointed as herein provided. 
 “Depositor” has the meaning specified in the preamble to this Trust
Agreement. 
 “Direct Action” has the meaning specified in Section 5.13(c). 
 “Distribution Date” has the meaning specified in Section 4.1(a). 
 “Distribution Rate” means, with respect to any Distribution Period, a rate per annum equal to the Interest Rate (as defined in the
Debentures) with respect to the Interest Period under (and as defined in) the Debentures that begins on the same date as such Distribution Period begins and ends on the same date as such Distribution Period ends. 
 “Distributions” means amounts payable in respect of the Trust Securities as provided in Section 4.1. 
  

 -4- 

 “DTC” means The Depository Trust Company. 
 “Early Termination Event” has the meaning specified in Section 9.2. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System and includes the Federal Reserve Bank of Cleveland and any
other Federal Reserve Bank having primary regulatory authority of the Depositor. 
 “Global Capital Securities Certificate”
means a Capital Securities Certificate that is registered in the Security Register in the name of a Clearing Agency or a nominee thereof. 
 “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor and Deutsche Bank Trust Company Americas, as trustee, for the benefit of the holders of the Capital Securities, as amended from time to time.

 “Holder” means a Person in whose name a Trust Security or Trust Securities is or are registered in the Securities
Register; any such Person shall be a beneficial owner within the meaning of the Delaware Statutory Trust Act; provided, however, that in determining whether the Holders of the requisite amount of Capital Securities have voted on any matter provided
for in this Trust Agreement, then for the purpose of any such determination, so long as Definitive Capital Securities Certificates have not been issued, the term Holders as used herein shall refer to the Owners, notwithstanding the provisions of
Section 5.7 of this Trust Agreement. 
 “Indenture” means the Indenture, dated as of December 4, 1996, between the
Depositor and the Debenture Trustee, as trustee, as supplemented or amended from time to time. 
 “Issuer Trust” means the
statutory trust created under the laws of the State of Delaware and identified on the cover page to this Trust Agreement. 
 “Issuer
Trustees” means the parties identified as the “Issuer Trustees” in the preamble to this Trust Agreement. 
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment, security interest or preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of Trust
Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Debentures to be contemporaneously redeemed in accordance with the Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust
Securities, (b) with respect to a distribution of Debentures to Holders in connection with a dissolution or liquidation of the Issuer Trust, Debentures having a principal amount equal to the aggregate Liquidation Amount of the Trust Securities
of the Holder to whom such Debentures are distributed, and (c) with respect to a distribution of Debentures to the Depositor or any of its Affiliates pursuant to Section 4.9, Debentures having a principal amount equal to the aggregate
Liquidation Amount of the Capital Securities of the Depositor or its Affiliate(s) to whom such Debentures are distributed. 
 “Liquidation Amount” means the stated amount of $25 per Trust Security. 
  

 -5- 

 “Liquidation Date” means the date on which the Debentures are distributed to the Holders
pursuant to Section 9.4(a). 
 “Liquidation Distribution” has the meaning specified in Section 9.4(d). 

“1940 Act” means the Investment Company Act of 1940, as amended from time to time. 
 “Market Disruption Event” has the meaning specified in the Fourth Supplemental Indenture, dated as of November 21, 2006, included
in the Indenture. 
 “Officers’ Certificate” means a certificate signed by the Chairman and Chief Executive Officer,
President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, the Secretary or an Assistant Secretary, of the Depositor, and delivered to the appropriate Issuer Trustee. One of the officers signing an Officers’
Certificate given pursuant to Section 8.16 shall be the principal executive, financial or accounting officer of the Depositor. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this
Trust Agreement shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition
and the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each
officer in rendering the Officers’ Certificate; 
 (c) a statement that each such officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such officer, such condition or covenant has been complied with. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Issuer Trust, the Property Trustee or the Depositor
and who shall be reasonably acceptable to the Property Trustee. 
 “Optional Deferral Period” has the meaning specified in
the Fourth Supplemental Indenture, dated as of November 21, 2006, included in the Indenture. 
 “Original Trust
Agreement” has the meaning specified in the recitals to this Trust Agreement. 
 “Outstanding,” when used with
respect to Trust Securities, means, as of the date of determination, all Trust Securities theretofore executed and delivered under this Trust Agreement, except: 
 (a) Trust Securities theretofore cancelled by the Securities Registrar or delivered to the Securities Registrar for cancellation; 
 (b) Trust Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust Securities; provided
that, if such Trust Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
  

 -6- 

 (c) Trust Securities which have been paid or in exchange for or in lieu of which other Trust Securities
have been executed and delivered pursuant to Sections 5.4, 5.5, and 5.6; 
 provided, however, that in determining whether the Holders
of the requisite aggregate Liquidation Amount of the Outstanding Capital Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Capital Securities owned by the Depositor, any Issuer Trustee or any
Affiliate of the Depositor or any Issuer Trustee shall be disregarded and deemed not to be Outstanding, except that (a) in determining whether any Issuer Trustee or any Administrative Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Capital Securities that a Responsible Officer of such Issuer Trustee or such Administrative Trustee, as the case may be, knows to be so owned shall be so disregarded, and (b) the
foregoing shall not apply at any time when all of the outstanding Capital Securities are owned by the Depositor, one or more of the Issuer Trustees, one or more of the Administrative Trustees and/or any such Affiliate. Capital Securities so owned
that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Capital Securities and that the pledgee is not
the Depositor or any Affiliate of the Depositor. 
 “Owner” means each Person who is the beneficial owner of Book-Entry
Capital Securities as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in
accordance with the rules of such Clearing Agency). 
 “Paying Agent” means any paying agent or co-paying agent appointed
pursuant to Section 5.10 and shall initially be the Bank. 
 “Payment Account” means a segregated non-interest-bearing
corporate trust account maintained by the Property Trustee with the Bank in its trust department for the benefit of the Holders in which all amounts paid in respect of the Debentures will be held and from which the Property Trustee, through the
Paying Agent, shall make payments to the Holders in accordance with Sections 4.1 and 4.2. 
 “Person” means any individual,
corporation, partnership, joint venture, trust, limited liability company or corporation, unincorporated organization or government or any agency or political subdivision thereof. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement solely in its
capacity as Property Trustee of the Issuer Trust and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as herein provided. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such redemption by or pursuant to this
Trust Agreement; provided that each Debenture Redemption Date and the stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust Securities. 
 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus accumulated and unpaid
Distributions to the Redemption Date, plus the related amount of the premium, if any, paid by the Depositor upon the concurrent redemption of a Like Amount of Debentures, allocated on a pro rata basis (based on Liquidation Amounts) among the Trust
Securities. 
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
  

 -7- 

 “Responsible Officer” means, when used with respect to the Property Trustee, any officer
assigned to the Corporate Trust Office, including any managing director, director, principal vice president, assistant vice president, assistant treasurer, assistant secretary, associate, or any other officer of the Property Trustee customarily
performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular matter, any other officer, to whom such matter is referred because of such officer’s knowledge of and familiarity
with the particular subject and with respect to the Delaware Trustee, any officer of the Delaware Trustee customarily performing functions similar to those performed by any of the above designated officers, and also, with respect to a particular
matter, any other officer, to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Securities
Register” and “Securities Registrar” have the respective meanings specified in Section 5.5(a). 
 “Successor Capital Security” of any particular Capital Security means every Capital Security issued after, and evidencing all or a portion of the same beneficial interest in the Issuer Trust as that evidenced by, such
particular Capital Security; and, for the purposes of this definition, any Capital Security executed and delivered under Section 5.6 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Capital Security shall be deemed to
evidence the same beneficial interest as the mutilated, destroyed, lost or stolen Capital Securities Certificate. 
 “Trust
Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance with the applicable provisions hereof, including (i) all exhibits hereto and (ii) for all purposes of
this Trust Agreement and any such modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this Trust Agreement and any such modification, amendment or supplement, respectively.

 “Trust Event of Default” means any one of the following events (whatever the reason for such Trust Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Debenture Event of Default; or 
 (b) default by the Issuer Trust in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of 30 days; or 
 (c) default by the Issuer Trust in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or 
 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Issuer Trustees in this Trust Agreement (other
than a covenant or warranty a default in the performance or breach of which is described in clause (b) or (c) above) and continuation of such default or breach for a period of 60 days after there has been given, by registered or certified
mail, to the Issuer Trustees and the Depositor by the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or 
  

 -8- 

 (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee and a successor Property
Trustee not being appointed within 90 days thereof. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939 as in
force at the date as of which this Trust Agreement is executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended. 
 “Trust Property” means (a) the Debentures, (b) any
cash on deposit in, or owing to, the Payment Account and (c) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to the trusts of
this Trust Agreement. 
 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Capital
Securities Certificates. 
 “Trust Security” means any one of the Common Securities or the Capital Securities. 

“Underwriting Agreement” means the Underwriting Agreement and the Pricing Agreement, each dated as of November 16, 2006, among
the Issuer Trust, the Depositor and the Underwriters named therein, as the same may be amended from time to time. 
 ARTICLE II

 CONTINUATION OF THE ISSUER TRUST 
 SECTION 2.1. Name.  
 The Issuer Trust continued hereby shall be known as “KeyCorp Capital
IX,” as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders of Trust Securities and the Issuer Trustees, in which name the Issuer Trustees may conduct the business of the Issuer
Trust, make and execute contracts and other instruments on behalf of the Issuer Trust and sue and be sued. 
 SECTION 2.2. Office of the
Delaware Trustee; Principal Place of Business.  
 The address of the Delaware Trustee in the State of Delaware is E.A. Delle Donne
Corporate Center, Montgomery Bldg., 1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Holders and the Depositor. The principal
executive office of the Issuer Trust is in care of KeyCorp, 127 Public Square, Cleveland, Ohio 44114-1306, Attn: Corporate Treasury. 
 SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.  
 The Property Trustee acknowledges receipt in
trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Issuer Trust as they arise or shall, upon request of any
Issuer Trustee, promptly reimburse such Issuer Trustee for any such expenses paid by such Issuer Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
  

 -9- 

 SECTION 2.4. Issuance of the Capital Securities.  
 On November 16, 2006, the Depositor, both on its own behalf and on behalf of the Issuer Trust and pursuant to the Original Trust Agreement, executed
and delivered the Underwriting Agreement. Contemporaneously with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Issuer Trust, shall execute in accordance with Sections 5.2, 5.3 and 8.9(a) and deliver
to the Underwriters, Capital Securities Certificates, registered in the names requested by the Underwriters or a representative thereof, evidencing 20,000,000 Capital Securities having an aggregate Liquidation Amount of $500,000,000, against receipt
of the aggregate purchase price for such Capital Securities of $500,000,000 by the Property Trustee. The Capital Securities, as defined in this Agreement, are the 6.750% Enhanced Trust Preferred Securities referred to in the final prospectus
supplement dated November 16, 2006, filed by the Depositor and the Trust with the Commission on November 17, 2006, under Rule 424(b)(5) of the Securities Act in connection with the offering and sale of the Capital Securities. 

SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase of Debentures. 
 Contemporaneously with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Issuer Trust, shall execute in
accordance with Sections 5.2 and 5.3 and the Property Trustee shall deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, evidencing 400 Common Securities having an aggregate Liquidation Amount of $10,000
against payment by the Depositor of such amount to the Property Trustee. Contemporaneously therewith, an Administrative Trustee, on behalf of the Issuer Trust, shall subscribe for and purchase from the Depositor the Debentures, registered in the
name of the Property Trustee on behalf of the Issuer Trust and having an aggregate principal amount equal to $500,010,000, and, in satisfaction of the purchase price for such Debentures, the Property Trustee, on behalf of the Issuer Trust, shall
deliver to the Depositor the sum of $500,010,000 (being the sum of the amounts delivered to the Property Trustee pursuant to (i) Section 2.4 and (ii) this Section 2.5). 
 SECTION 2.6. Continuation of Trust.  
 The exclusive purposes and functions of the Issuer Trust are (a) to issue and sell Trust Securities and to use the proceeds from such sale to acquire the Debentures, and (b) to engage in only those activities necessary or
incidental thereto. The Depositor hereby appoints the Issuer Trustees as trustees of the Issuer Trust, to have all the rights, powers and duties to the extent set forth herein, and the Issuer Trustees hereby accept such appointment. The Property
Trustee hereby declares that it will hold the Trust Property in trust upon and subject to the conditions set forth herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustees shall have only those ministerial duties set
forth herein with respect to accomplishing the purposes of the Issuer Trust and, to the fullest extent permitted by law, shall not be fiduciaries with respect to the Issuer Trust or the Holders. The Property Trustee shall have the power to perform
those duties assigned to the Administrative Trustees. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities, of the Property Trustee or the Administrative
Trustees set forth herein. The Delaware Trustee shall be one of the Issuer Trustees of the Issuer Trust for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act and for taking such
actions as are required to be taken by a Delaware Trustee under the Delaware Statutory Trust Act. 
 SECTION 2.7. Authorization to Enter
into Certain Transactions.  
 (a) The Issuer Trustees shall conduct the affairs of the Issuer Trust in accordance with the terms of this
Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section 2.7, and in 

  

 -10- 

 
accordance with the following provisions (i) and (ii), the Issuer Trustees shall have the authority to enter into all transactions and agreements
determined by the Issuer Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Issuer Trustees, as the case may be, under this Trust Agreement, and to perform all acts in furtherance thereof, including
without limitation, the following: 
 (i) Each Administrative Trustee shall have the power and authority to act on behalf of
the Issuer Trust with respect to the following matters: 
 (A) the issuance and sale of the Trust Securities; 
 (B) to cause the Issuer Trust to enter into, and to execute and deliver on behalf of the Issuer Trust such agreements as may be necessary
in connection with or incidental to the purposes and function of the Issuer Trust; 
 (C) assisting in the registration of the
Capital Securities under the Securities Act and under applicable state securities or blue sky laws, and the qualification of this Trust Agreement as a trust indenture under the Trust Indenture Act; 
 (D) assisting in the listing of the Capital Securities upon such securities exchange or exchanges as shall be determined by the Depositor,
with the registration of the Capital Securities under the Exchange Act, and the preparation and filing of all periodic and other reports and other documents pursuant to the foregoing; 
 (E) the sending of notices (other than notices of default) and other information regarding the Trust Securities and the Debentures to the
Holders in accordance with this Trust Agreement, including, without limitation, giving prompt written notice to the Holders of any certification of a Market Disruption Event received from the Debenture Trustee under the Debentures as authorized by
the Indenture; 
 (F) the consent to the appointment of a Paying Agent and Securities Registrar in accordance with this Trust
Agreement (which consent shall not be unreasonably withheld); 
 (G) the execution of the Trust Securities in accordance with
this Trust Agreement; 
 (H) the execution and delivery of closing certificates pursuant to the Underwriting Agreement and the
application for a taxpayer identification number for the Issuer Trust; 
 (I) to the extent provided in this Trust Agreement,
the winding up of the affairs of and liquidation of the Issuer Trust and the preparation and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (J) unless otherwise required by applicable law, to execute on behalf of the Issuer Trust (either acting alone or together with any or all
of the Administrative Trustees) any documents that the Administrative Trustees have the power to execute pursuant to this Trust Agreement; and 
 (K) the taking of any action incidental to the foregoing as the Administrative Trustees may from time to time determine is necessary to give effect to the terms of this Trust Agreement for the benefit of the Holders
(without consideration of the effect of any such action on any particular Holder). 
  

 -11- 

 (ii) The Property Trustee shall have the power, duty and authority to act on behalf of
the Issuer Trust with respect to the following matters: 
 (A) the establishment of the Payment Account; 
 (B) the receipt of the Debentures; 
 (C) the collection of interest, principal and any other payments made in respect of the Debentures and the holding of such amounts in the Payment Account; 
 (D) the distribution through the Paying Agent of amounts distributable to the Holders in respect of the Trust Securities; 
 (E) the exercise of all of the rights, powers and privileges of a holder of the Debentures; 
 (F) the sending of notices of default and other information regarding the Trust Securities and the Debentures to the Holders in accordance
with this Trust Agreement; 
 (G) the distribution of the Trust Property in accordance with the terms of this Trust Agreement;

 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Issuer Trust
and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I)
after a Trust Event of Default (other than under paragraph (b), (c), (d) or (e) of the definition of such term if such Trust Event of Default is by or with respect to the Property Trustee) the taking of any action incidental to the
foregoing as the Property Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the
effect of any such action on any particular Holder); and 
 (J) any of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth herein; and in the event of a conflict between the action of the Administrative Trustees and the action of the Property Trustee, the action of the Property Trustee shall prevail. 
 (b) So long as this Trust Agreement remains in effect, the Issuer Trust (or the Issuer Trustees or Administrative Trustees acting on
behalf of the Issuer Trust) shall not undertake any business, activities or transaction except as expressly provided herein or contemplated hereby. In particular, the Issuer Trustees shall not (i) acquire any investments or engage in any
activities not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein, including to Holders, except as expressly provided
herein, (iii) take any action that would reasonably be expected to cause the Issuer Trust to be classified as an association taxable as a corporation or as other than a grantor trust for United States federal income tax purposes,
(iv) incur any indebtedness for borrowed money or issue any other debt or (v) take or consent to any action that would result in the placement of a Lien on any of the Trust Property. The Property Trustee shall, at the sole cost and expense
of the Issuer Trust, defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Issuer Trust or the Holders in their capacity as Holders. 
  

 -12- 

 (c) In connection with the issue and sale of the Capital Securities, the Depositor shall have the right
and responsibility to assist the Issuer Trust with respect to, or effect on behalf of the Issuer Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby
ratified and confirmed in all respects): 
 (i) the preparation and filing by the Issuer Trust with the Commission and the
execution on behalf of the Issuer Trust of a registration statement on the appropriate form in relation to the Capital Securities, including any amendments thereto, and the taking of any action necessary or desirable to sell the Capital Securities
in a transaction or a series of transactions pursuant thereto; 
 (ii) the determination of the States in which to take
appropriate action to qualify or register for sale all or part of the Capital Securities and the determination of any and all such acts, other than actions which must be taken by or on behalf of the Issuer Trust, and the advice to the Issuer Trust
of actions they must take on behalf of the Issuer Trust, and the preparation for execution and filing of any documents to be executed and filed by the Issuer Trust or on behalf of the Issuer Trust, as the Depositor deems necessary or advisable in
order to comply with the applicable laws of any such States in connection with the sale of the Capital Securities; 
 (iii) if
the Depositor shall desire, the preparation for filing by the Issuer Trust and execution on behalf of the Issuer Trust of an application to the New York Stock Exchange or any other national stock exchange or the Nasdaq National Market for listing,
upon notice of issuance, of any Capital Securities; 
 (iv) the preparation for filing by the Issuer Trust with the Commission
and the execution on behalf of the Issuer Trust of a registration statement on Form 8-A relating to the registration of the Capital Securities under Section 12(b) or 12(g) of the Exchange Act, including any amendments thereto; 
 (v) the preparation and execution of a Letter of Representations to the Depository Trust Company on behalf of the Issuer Trust;

 (vi) the negotiation of the terms of, and the execution and delivery of, the Underwriting Agreement providing for the sale
of the Capital Securities; and 
 (vii) the taking of any other actions necessary or incidental to carry out any of the
foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to
conduct the affairs of the Issuer Trust and to operate the Issuer Trust so that the Issuer Trust will not be deemed to be an “investment company” required to be registered under the 1940 Act, or to be classified as an association
taxable as a corporation or as other than a grantor trust for United States federal income tax purposes and so that the Debentures will be treated as indebtedness of the Depositor for United States federal income tax purposes. In this connection,
the Administrative Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that each Administrative Trustee determines in its discretion to be necessary or desirable for
such purposes, as long as such action does not adversely affect in any material respect the interests of the Holders of the Capital Securities. In no event shall the Administrative Trustees be liable to the Issuer Trust or the Holders for any
failure to comply with this section that results from a change in law or regulation or interpretation thereof. 
  

 -13- 

 SECTION 2.8. Assets of Trust.  
 The assets of the Issuer Trust shall consist of the Trust Property. 
 SECTION 2.9. Title to Trust Property.  
 Legal title to all Trust Property shall be vested at all
times in the Property Trustee (in its capacity as such) and shall be held and administered by the Property Trustee for the benefit of the Issuer Trust and the Holders in accordance with this Trust Agreement. 
  

 -14- 

 ARTICLE III 
 PAYMENT ACCOUNT 
 SECTION 3.1. Payment Account.  
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee
shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property
deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as herein provided, including (and subject to) any priority of
payments provided for herein. 
 (b) The Property Trustee shall deposit in the Payment Account, promptly upon receipt, all payments of
principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof. 
 ARTICLE IV 
 DISTRIBUTIONS;
REDEMPTION 
 SECTION 4.1. Distributions.  
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including Additional Amounts) will be made on the Trust Securities at the rate and on the dates that payments
of interest (including of Additional Interest, as defined in the Indenture) are made on the Debentures. Accordingly: 
 (i)
Distributions on the Trust Securities shall be cumulative, and will accumulate whether or not there are funds of the Issuer Trust available for the payment of Distributions. Distributions shall accrue from , and, except in the event (and to the
extent) that the Depositor exercises its right to defer the payment of interest on the Debentures pursuant to the Indenture, shall be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of
each year, commencing on March 15, 2007. If any date on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business
Day (and without any interest or other payment in respect of any such delay) except that, if such Business Day is in the next succeeding calendar year, payment of such Distribution shall be made on the immediately preceding Business Day, in each
case with the same force and effect as if made on the date such payment was originally payable (each date on which Distributions are payable in accordance with this Section 4.1(a), a “Distribution Date”). 
 (ii) Distributions shall accumulate in respect of the Capital Securities at a rate of 6.750% per annum of the Liquidation Amount of
the Trust Securities. The amount of Distributions payable for any period less than a full Distribution period shall be computed on the basis of a 360-day year of twelve 30-day months and the actual number of days elapsed in a partial month in a
period. Distributions payable for each full Distribution period will be computed by dividing the rate per annum by four. The amount of Distributions payable for any period shall include any Additional Amounts in respect of such period. 

(iii) Distributions on the Trust Securities shall be made by the Property Trustee from the Payment Account and shall be payable on each
Distribution Date only to the extent that the Issuer 

  

 -15- 

 
Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
  
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall
be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities at the close of business on the relevant record date, which shall be (i) the Business Day next preceding the relevant Distribution Date if the
Capital Securities are issued in the form of Book-Entry Global Capital Securities or (ii) the March 1, June 1, September 1 or December 1 next preceding the relevant Distribution Date if the Capital Securities are
not issued in the form of Book-Entry Global Capital Securities. 
 SECTION 4.2. Redemption.  
 (a) On each Debenture Redemption Date and on the stated maturity of the Debentures, the Issuer Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Redemption Date to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price or, if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price provided pursuant to the Indenture together with a
statement that it is an estimate and that the actual Redemption Price will be calculated on the third Business Day prior to the Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption Price on the
date that notice of such actual Redemption Price is received pursuant to the Indenture); 
 (iii) the CUSIP number or CUSIP
numbers of the Capital Securities affected; 
 (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the total Liquidation Amount of the particular Trust Securities to be redeemed; 
 (v) that on the
Redemption Date the Redemption Price will become due and payable upon each such Trust Security to be redeemed and that Distributions thereon will cease to accumulate on or after said date, except as provided in Section 4.2(d) below; and

 (vi) the place or places where the Trust Securities are to be surrendered for the payment of the Redemption Price.

 The Issuer Trust in issuing the Trust Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property
Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices of redemption and related materials as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Trust Securities or as contained in any notice of redemption and related materials. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption Price with the proceeds from the contemporaneous redemption of Debentures. Redemptions of the Trust Securities shall be made and the Redemption
Price shall be payable on each Redemption Date only to the extent that the Issuer Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
  

 -16- 

 (d) If the Property Trustee gives a notice of redemption in respect of any Capital Securities, then, by
12:00 noon, New York City time, on the Redemption Date, subject to Section 4.2(c), the Property Trustee will, with respect to Book-Entry Capital Securities, irrevocably deposit with the Clearing Agency for such Book-Entry Capital Securities, to
the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the Owners thereof. With respect to Capital Securities
that are not Book-Entry Capital Securities, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give
the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders thereof upon surrender of their Capital Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption
Date for any Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If
notice of redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Holders of Trust Securities so called for redemption will cease, except the right of such Holders to receive the Redemption
Price including any unpaid Distribution payable on or prior to the Redemption Date, but without interest, and such Trust Securities will cease to be Outstanding. In the event that any date on which any Redemption Price is payable is not a Business
Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day falls in the
next calendar year, such payment will be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date. In the event that payment of the Redemption Price in respect of any Trust Securities
called for redemption is improperly withheld or refused and not paid either by the Issuer Trust or by the Depositor pursuant to the Guarantee, Distributions on such Trust Securities will continue to accumulate as set forth in Section 4.1, from
the Redemption Date originally established by the Issuer Trust for such Trust Securities to the date such Redemption Price is actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the
Redemption Price. 
 (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption
Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated on a pro rata basis (based on Liquidation Amounts) among the Common Securities and the Capital Securities. The particular Capital Securities to
be redeemed shall be selected on a pro rata basis (based upon Liquidation Amounts) not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Capital Securities not previously called for redemption,
provided that, so long as the Capital Securities are in book-entry-only form, such selection shall be made in accordance with the customary procedures for the Clearing Agency for the Capital Securities. The Property Trustee shall promptly
notify the Securities Registrar in writing of the Capital Securities selected for redemption and, in the case of any Capital Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust
Agreement, unless the context otherwise requires, all provisions relating to the redemption of Capital Securities shall relate, in the case of any Capital Securities redeemed or to be redeemed only in part, to the portion of the Liquidation Amount
of Capital Securities that has been or is to be redeemed. 
 SECTION 4.3. Subordination of Common Securities. 
 (a) Payment of Distributions (including any Additional Amounts) on, and the Redemption Price of, the Trust Securities, as applicable, shall be made,
subject to Section 4.2(e), pro rata (based on Liquidation Amounts) among the Common Securities and the Capital Securities; provided, however, that if on any Distribution Date or Redemption Date any Trust Event of Default resulting
from a Debenture Event of Default shall have occurred and be continuing, no payment of any Distribution (including any 

  

 -17- 

 
Additional Amounts) on, or Redemption Price of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of
Common Securities, shall be made unless payment in full in cash of all accumulated and unpaid Distributions (including any Additional Amounts) on all Outstanding Capital Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption Price on all Outstanding Capital Securities, shall have been made or provided for, and all funds immediately available to the Property Trustee shall first be applied to
the payment in full in cash of all Distributions (including any Additional Amounts) on, or the Redemption Price of, Capital Securities then due and payable. 
 (b) In the case of the occurrence of any Trust Event of Default resulting from any Debenture Event of Default, the Holder of Common Securities will be deemed to have waived any right to act with respect to any such
Trust Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Capital Securities have been cured, waived or otherwise eliminated. Until any such Trust Event of Default under this Trust Agreement
with respect to the Capital Securities has been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Capital Securities and not on behalf of the Holder of the Common Securities, and only the
Holders of the Capital Securities will have the right to direct the Property Trustee to act on their behalf. 
 SECTION 4.4. Payment
Procedures.  
 Payments of Distributions (including Additional Amounts, if applicable) in respect of the Capital Securities shall be made
by check mailed to the address of the Holder entitled thereto as such address shall appear on the Securities Register or, if the Capital Securities are held by a Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately
available funds, which shall credit the relevant Holders’ accounts at such Clearing Agency on the applicable Distribution Dates. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed between the
Property Trustee and the Holder of the Common Securities. 
 SECTION 4.5. Tax Returns and Reports.  
 The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United States federal, state and local
tax and information returns and reports required to be filed by or in respect of the Issuer Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal Revenue
Service Form required to be filed in respect of the Issuer Trust in each taxable year of the Issuer Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder the appropriate Internal Revenue Service form required
to be provided by the Issuer Trust. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Property Trustee shall comply with United
States federal withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Holders under the Trust Securities. 
 SECTION 4.6. Payment of Taxes, Duties, Etc. of the Issuer Trust.  
 Upon receipt under the Debentures
of Additional Sums, the Property Trustee shall promptly pay any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes) imposed on the Issuer Trust by the United States or any other taxing authority. 
 SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.  
 Any amount payable hereunder to any Holder of Capital Securities shall be reduced by the amount of any corresponding payment such Holder (or an Owner with
respect to the Holder’s Capital 

  

 -18- 

 
Securities) has directly received pursuant to Section 5.8 of the Indenture or Section 5.13 of this Trust Agreement. 
  
 SECTION 4.8. Liability of the Holder of Common Securities.  
 Any Holder of the Common Securities shall be liable for all costs, expenses or liabilities of the Issuer Trust, other than to pay to Holders of any
Capital Securities the amounts due to such holders pursuant to the terms of the Capital Securities, and such costs, expenses or liabilities shall constitute unsecured obligations of the Holder of the Common Securities. 
 SECTION 4.9. Exchanges.  
 (a) If at
any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliated Owner/Holder”) is the Owner or Holder of any Capital Securities, such Depositor Affiliated Owner/Holder shall have the right to deliver to the
Property Trustee all or such portion of its Capital Securities as it elects and receive, in exchange therefor, a Like Amount of Debentures. Such election (i) shall be exercisable effective on any Distribution Date by such Depositor Affiliated
Owner/Holder delivering to the Property Trustee a written notice of such election specifying the Liquidation Amount of the Capital Securities with respect to which such election is being made and the Distribution Date on which such exchange shall
occur, which Distribution Date shall be not less than ten Business Days after the date of receipt by the Property Trustee of such election notice and (ii) shall be conditioned upon such Depositor Affiliated Owner/Holder having delivered or
caused to be delivered to the Property Trustee or its designee the Capital Securities which are the subject of such election by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. After the exchange, such Capital
Securities will be cancelled and will no longer be deemed to be Outstanding and all rights of the Depositor or its Affiliate(s) with respect to such Capital Securities will cease. 
 (b) In the case of an exchange described in Section 4.9(a), the Issuer Trust will, on the date of such exchange, exchange Debentures having a
principal amount equal to a proportional amount of the aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio of the aggregate Liquidation Amount of the Capital Securities exchanged pursuant to Section 4.9(a)
divided by the aggregate Liquidation Amount of the Capital Securities Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously shall be cancelled and no longer
be deemed to be Outstanding); provided, that the Depositor delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 10:00 A.M. New York time, on the Distribution
Date on which such exchange is to occur. 
 ARTICLE V 
 TRUST SECURITIES CERTIFICATES 
 SECTION 5.1. Initial Ownership.  
 Upon the creation of the Issuer Trust and the contribution by the Depositor pursuant to Section 2.3 and until the issuance of the Trust Securities,
and at any time during which no Trust Securities are outstanding, the Depositor shall be the sole beneficial owner of the Issuer Trust. 
 SECTION 5.2. The Trust Securities Certificates.  
 (a) The Capital Securities Certificates and the Common Securities
Certificates shall be issued in denominations of $25 Liquidation Amount and integral multiples thereof. The Trust Securities 

  

 -19- 

 
Certificates shall be executed on behalf of the Issuer Trust by manual or facsimile signature of at least one Administrative Trustee. Trust Securities
Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer Trust, shall be validly issued and entitled to the benefits of this
Trust Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such Trust Securities
Certificates. A transferee of a Trust Securities Certificate shall become a Holder, and shall be entitled to the rights and subject to the obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate in such
transferee’s name pursuant to Section 5.5. 
 (b) Upon their original issuance, Capital Securities Certificates shall be issued in
the form of one or more Global Capital Securities Certificates registered in the name of DTC, as Clearing Agency, or its nominee and deposited with DTC or a custodian for DTC for credit by DTC to the respective accounts of the Owners thereof (or
such other accounts as they may direct). 
 (c) A single Common Securities Certificate representing the Common Securities shall be issued to
the Depositor in the form of a definitive Common Securities Certificate. 
 SECTION 5.3. Execution and Delivery of Trust Securities
Certificates. 
 At the Closing Date, the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation
Amount as provided in Sections 2.4 and 2.5, to be executed on behalf of the Issuer Trust by manual or facsimile signature and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president, any executive
vice president or any vice president, treasurer or assistant treasurer or controller without further corporate action by the Depositor, in authorized denominations. 
 SECTION 5.4. Book-Entry Capital Securities.  
 As provided in Section 5.2(b), Capital Securities,
upon original issuance, will be issued in the form of Global Capital Securities Certificates representing Book-Entry Capital Securities, to be delivered to DTC or its nominee by, or on behalf of, the Issuer Trust. Such Global Capital Securities
Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of DTC, and no Owner will receive a Definitive Capital Securities Certificate representing such Owner’s interest in such
Capital Securities, except as provided in this Section 5.4. 
 (a) Each Global Capital Securities Certificate issued under this Trust
Agreement shall be registered in the name of the Clearing Agency or a nominee thereof designated by the Depositor for the related Book-Entry Capital Securities and delivered to such Clearing Agency or a nominee thereof or custodian therefor and each
such Global Capital Securities Certificate shall constitute a single Capital Securities Certificate for all purposes of this Trust Agreement. 
 (b) Notwithstanding any other provision in this Trust Agreement, no Global Capital Securities Certificate may be exchanged in whole or in part for Capital Securities Certificates registered, and no transfer of a Global Capital Securities
Certificate in whole or in part may be registered, in the name of any Person other than the Clearing Agency for such Global Capital Securities Certificate or a nominee thereof unless (i) the Clearing Agency advises the Depositor and the
Property Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Global Capital Securities Certificates, and the Depositor is unable to locate a qualified successor,
(ii) the Depositor at its option advises the Clearing Agency in writing that it elects to terminate the book-entry system through the Clearing Agency, or (iii) a Debenture Event of Default has occurred and is continuing 

  

 -20- 

 
and the Holders of a majority in Liquidation Amount of the Capital Securities determine to discontinue the book-entry system through the Clearing Agency.
Upon the occurrence of any event specified in clause (i), (ii) or (iii) above, the Administrative Trustees shall notify the Clearing Agency and the Clearing Agency shall notify all Owners of Book-Entry Capital Securities, the Property
Trustee and the Administrative Trustees of the occurrence of such event and of the availability of the Definitive Capital Securities Certificates to Owners of such class or classes, as applicable, requesting the same. 
 (c) If any Global Capital Securities Certificate is to be exchanged for other Capital Securities Certificates or cancelled in part, or if another Capital
Securities Certificate is to be exchanged in whole or in part for a beneficial interest in any Global Capital Securities Certificate, then either (i) such Global Capital Securities Certificate shall be so surrendered for exchange or
cancellation as provided in this Article Five or (ii) the aggregate Liquidation Amount represented by such Global Capital Securities Certificate shall be reduced, subject to Section 5.2, or increased by an amount equal to the Liquidation
Amount represented by that portion of the Global Capital Securities Certificate to be so exchanged or cancelled, or equal to the Liquidation Amount represented by such other Capital Securities Certificates to be so exchanged for Global Capital
Securities represented thereby, as the case may be, by means of an appropriate adjustment made on the records of the Securities Registrar, whereupon the Property Trustee, in accordance with the Applicable Procedures, shall instruct the Clearing
Agency or its authorized representative to make a corresponding adjustment to its records. Upon surrender to the Administrative Trustees or the Securities Registrar of the Global Capital Securities Certificate or Certificates by the Clearing Agency,
accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Capital Securities Certificates in accordance with the instructions of the Clearing Agency. None of the Securities Registrar or
the Issuer Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities Certificates, the Issuer
Trustees shall recognize the Holders of the Definitive Capital Securities Certificates as Holders. The Definitive Capital Securities Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably
acceptable to the Administrative Trustees, as evidenced by the execution thereof by the Administrative Trustees or any one of them. 
 (d)
Every Capital Securities Certificate executed and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Capital Securities Certificate or any portion thereof, whether pursuant to this Article Five or Article Four or
otherwise, shall be executed and delivered in the form of, and shall be, a Global Capital Securities Certificate, unless such Capital Securities Certificate is registered in the name of a Person other than the Clearing Agency for such Global Capital
Securities Certificate or a nominee thereof. 
 (e) The Clearing Agency or its nominee, as registered owner of a Global Capital Securities
Certificate, shall be the Holder of such Global Capital Securities Certificate for all purposes under this Trust Agreement and the Global Capital Securities Certificate, and Owners with respect to a Global Capital Securities Certificate shall hold
such interests pursuant to the Applicable Procedures. The Securities Registrar and the Issuer Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Capital Securities
(including the payment of the Liquidation Amount of and Distributions on the Capital Securities evidenced by Book-Entry Capital Securities and the giving of instructions or directions to Owners of Capital Securities evidenced by Book-Entry Capital
Securities) as the sole Holder of Capital Securities evidenced by the Book-Entry Capital Securities and shall have no obligations to the Owners thereof. Neither the Property Trustee nor the Securities Registrar shall have any liability in respect of
any transfers effected by the Clearing Agency. 
 The rights of the Owners of the Book-Entry Capital Securities shall be exercised only
through the Clearing Agency and shall be limited to those established by law, the Applicable Procedures and 

  

 -21- 

 
agreements between such Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and
until Definitive Capital Securities Certificates are issued pursuant to Section 5.4(b), the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments on the Capital
Securities to such Clearing Agency Participants, and none of the Depositor or the Issuer Trustees shall have any responsibility or obligation with respect thereto. 
 SECTION 5.5. Registration of Transfer and Exchange of Capital Securities Certificates.  
 (a) The
Property Trustee shall keep or cause to be kept, at the office or agency maintained pursuant to Section 5.9, a register or registers for the purpose of registering Trust Securities Certificates and transfers and exchanges of Capital Securities
Certificates (the “Securities Register”) in which the registrar designated by the Property Trustee (the “Securities Registrar”) with the reasonable consent of the Administrative Trustees, subject to such reasonable
regulations as it may prescribe, shall provide for the registration of Capital Securities Certificates and Common Securities Certificates (subject to Section 5.11 in the case of the Common Securities Certificates) and registration of transfers
and exchanges of Capital Securities Certificates as herein provided. The Bank shall be the initial Securities Registrar. 
 Upon surrender
for registration of transfer of any Capital Securities Certificate at the office or agency maintained pursuant to Section 5.9, the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the
Property Trustee for further delivery, in the name of the designated transferee or transferees, one or more new Capital Securities Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of execution by such
Administrative Trustee. 
 The Securities Registrar shall not be required to register the transfer of any Capital Securities that have been
called for redemption. At the option of a Holder, Capital Securities Certificates may be exchanged for other Capital Securities Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon surrender of
the Capital Securities Certificates to be exchanged at the office or agency maintained pursuant to Section 5.9. 
 Every Capital
Securities Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Securities Registrar duly executed by the Holder or his attorney duly
authorized in writing. Each Capital Securities Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently disposed of by the Property Trustee or Securities Registrar in accordance with such Person’s
customary practice. 
 No service charge shall be made for any registration of transfer or exchange of Capital Securities Certificates, but
the Securities Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Capital Securities Certificates. The provisions of Sections 8.1, 8.3 and 8.6
herein shall apply to the Bank also in its role as Securities Registrar, for so long as the Bank shall act as Securities Registrar. 
 Whenever this Trust Agreement makes reference to the execution of Trust Securities Certificates, such reference to execution shall mean manual execution by an Administrative Trustee or, in the alternative, execution by facsimile signature
by an Administrative Trustee and authentication by the Property Trustee. 
 Capital Securities Certificates bearing the manual or facsimile
signatures of individuals who were at any time the proper Administrative Trustees of the Issuer Trust shall bind the Issuer Trust, 

  

 -22- 

 
notwithstanding that such individuals or any of them have ceased to hold such office prior to the authentication and delivery of such Capital Securities
Certificates or did not hold such offices at the date of such Capital Securities Certificates. 
 Each Capital Securities Certificate that is
executed by facsimile and authenticated by the Property Trustee shall be dated the date of its authentication. 
 (b) Certain Transfers
and Exchanges. Notwithstanding any other provision of this Trust Agreement, transfers and exchanges of Capital Securities Certificates and beneficial interests in Book-Entry Capital Securities of the kinds specified in this Section 5.5(b)
shall be made only in accordance with this Section 5.5(b). 
 (i) Non-Global Capital Securities Certificate to Global
Capital Securities Certificate. If the Holder of a Capital Securities Certificate (other than a Global Capital Securities Certificate) wishes at any time to transfer all or any portion of the Capital Securities represented thereby to a Person
who wishes to take delivery thereof in the form of Book-Entry Capital Securities represented by a Global Capital Securities Certificate, such transfer may be effected only in accordance with the provisions of this Clause (b)(i) and subject to the
Applicable Procedures. Upon receipt by the Securities Registrar of such Capital Securities Certificate as provided in Section 5.5(a) and instructions satisfactory to the Securities Registrar directing that a specified number of Capital
Securities to be represented by the Global Capital Securities Certificate not greater than the number of Capital Securities represented by such Capital Securities Certificate be credited to a specified Clearing Agency Participant’s account and
then the Securities Registrar shall cancel such Capital Securities Certificate (and issue a new Capital Securities Certificate in respect of any untransferred portion thereof) as provided in Section 5.5(a) and increase the aggregate Liquidation
Amount of the Global Capital Securities Certificate by the Liquidation Amount represented by such Capital Securities so transferred as provided in Section 5.4(c). 
 (ii) Non-Global Capital Securities Certificate to Non-Global Capital Securities Certificate. Capital Securities other than
Book-Entry Capital Securities may be transferred, in whole or in part, to a Person who takes delivery in the form of a Capital Securities Certificate that is not a Global Capital Securities Certificate as provided in Section 5.5(a). 

(iii) Global Capital Securities Certificate to Non-Global Capital Securities Certificate. Capital Securities represented by a
Global Capital Securities Certificate may be exchanged for a Capital Securities Certificate that is not a Global Capital Securities Certificate as provided in Section 5.4. 
 Before registering for transfer or exchange any Capital Securities Certificates issued in certificated fully registered form as provided in Sections 5.2,
5.4 or 5.5 of the Trust Agreement, the Property Trustee as Securities Registrar may require an Opinion of Counsel or other evidence satisfactory to it (which may include a certificate from such purchaser or Holder) that such purchaser or Holder is
eligible for the exemptive relief available under U.S. Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption with respect to such purchase or holding
and, in the case of any purchaser or Holder relying on any exemption other than PTCE 96-23, 95-60, 91-38, 90-1 or 84-14, an Opinion of Counsel or other evidence satisfactory to the Property Trustee with respect to the availability of such exemption.
Any purchaser or Holder of any Capital Securities or any interest therein will be deemed to have represented by its purchase and holding thereof that either (i) it is not a Plan and no part of the assets to be used by it to purchase and/or hold
such Capital Securities or any interest therein constitutes “plan assets” of any Plan, or (ii) it is itself a Plan or is purchasing or holding the Capital Securities or an interest therein on behalf of or with “Plan Assets”
of 

  

 -23- 

 
one or more Plans, and each such purchase and holding of such securities either (A) satisfies the requirements of, and is entitled to full exemptive
relief under, PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 (or some other applicable class or individual exemption) (or, in the case of a non-ERISA Plan, a similar exemption applicable to the transaction) or (B) will not result in a prohibited
transaction under ERISA or the Code or its equivalent under applicable similar laws. 
 (c) The Property Trustee shall not be required to
insure or verify compliance with securities laws, including the Securities Act, Exchange Act and 1940 Act, in connection with transfers and exchanges of Capital Securities Certificates. 
 SECTION 5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. 
 If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities Registrar, or if the Securities Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to the Securities Registrar and the Administrative Trustees such security or indemnity as may be required by
them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a bona fide purchaser, the Administrative Trustees, or any one of them, on behalf of the Issuer Trust shall execute
and make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of
any new Trust Securities Certificate under this Section, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
Any duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Issuer Trust, as if originally issued, whether or not the lost, stolen or
destroyed Trust Securities Certificate shall be found at any time. 
 SECTION 5.7. Persons Deemed Holders.  
 The Issuer Trustees or the Securities Registrar shall treat the Person in whose name any Trust Securities Certificate shall be registered in the
Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and neither the Issuer Trustees nor the Securities Registrar shall be bound by any notice to the
contrary. 
 SECTION 5.8. Access to List of Holders’ Names and Addresses. 
 Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the Property Trustee, the Delaware Trustee or the Administrative
Trustees accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 SECTION 5.9. Maintenance of Office or Agency. 
 The Property Trustee shall designate, with the consent of the Administrative
Trustees, which consent shall not be unreasonably withheld, an office or offices or agency or agencies where Capital Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the
Issuer Trustees in respect of the Trust Securities Certificates may be served. The Corporate Trust Office of the Property Trustee is initially designated the office for such purpose. The Administrative Trustees or the Property Trustee shall give
prompt written notice to the Depositor and to the Holders of any change in the location of the Securities Register or any such office or agency. 
  

 -24- 

 SECTION 5.10. Appointment of Paying Agent.  
 The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee
and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account for the purpose of making the Distributions referred to above. The Property Trustee may revoke such power and remove the
Paying Agent in its sole discretion. The Paying Agents shall initially be the Bank, and any co-paying agent chosen by the Bank, and reasonably acceptable to the Administrative Trustees. Any Person acting as Paying Agent shall be permitted to resign
as Paying Agent upon 30 days’ written notice to the Administrative Trustees and the Property Trustee. In the event that the Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its authority to act be revoked,
the Property Trustee shall appoint a successor that is reasonably acceptable to the Administrative Trustees to act as Paying Agent (which shall be a bank or trust company). Such successor Paying Agent or any additional Paying Agent shall execute and
deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if
any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying Agent, for so long as the Bank shall act as Paying
Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 SECTION 5.11. Ownership of Common Securities by Depositor. 
 At the Closing Date, the Depositor shall acquire and retain beneficial and record ownership of the Common Securities. Neither the Depositor nor any successor Holder of the Common Securities may transfer less than all
the Common Securities, and the Depositor and any successor Holder may transfer the Common Securities only (i) in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the
Depositor of its properties and assets substantially as an entirety to any Person, pursuant to Section 8.1 of the Indenture, or (ii) to the Depositor or an Affiliate of the Depositor in compliance with applicable law (including the
Securities Act and applicable State securities and blue sky laws). To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the next preceding sentence shall be void. The Administrative
Trustees shall cause each Common Securities Certificate issued to the Depositor to contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION 5.11 OF THE TRUST AGREEMENT. 
 SECTION 5.12. Notices to Clearing Agency.  
 To the extent that a notice or other communication to the Owners is required under this Trust Agreement, unless and until Definitive Capital Securities Certificates shall have been issued to all Owners pursuant to Section 5.4(b), the
Issuer Trustees shall give all such notices and communications specified herein to be given to Owners to the Clearing Agency, and shall have no obligations to the Owners. 
 SECTION 5.13. Rights of Holders.  
 (a) The legal title to the Trust Property is vested exclusively in
the Property Trustee (in its capacity as such) in accordance with Section 2.9, and the Holders shall not have any right or title therein other than the undivided beneficial interest in the assets of the Issuer Trust conferred by their Trust

  

 -25- 

 
Securities and they shall have no right to call for any partition or division of property, profits or rights of the Issuer Trust except as described below.
The Trust Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and, except to the extent set forth in
Section 4.8, when issued and delivered to Holders against payment of the purchase price therefor will be fully paid and nonassessable undivided beneficial interests in Trust Property. Except as set forth in Section 4.8, the Holders, in
their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture Event of Default under Section 5.1(a)(1) of the Fourth
Supplemental Indenture, dated as of November 21, 2006, the Debenture Trustee fails or the holders of not less than 25% in aggregate principal amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be
immediately due and payable, the Holders of at least 25% in aggregate Liquidation Amount of the Capital Securities then Outstanding shall have such right by a notice in writing to the Depositor and the Debenture Trustee with a copy to the Property
Trustee. If the Property Trustee fails to enforce its rights under the Indenture, any Holder of Capital Securities may, to the extent permitted by applicable law, institute a legal proceeding against the Depositor to enforce the Property
Trustee’s rights under the Indenture without first instituting legal proceedings against the Property Trustee or any other person. If a Debenture Event of Default has occurred due to Depositor’s failure to pay interest in full on the
Debentures for a period of 30 days after the conclusion of the 10-year period following the commencement of any Optional Deferral Period, then a registered Holder of Capital Securities may institute a direct action on or after the due date directly
against the Depositor for enforcement of payment of the principal of, or interest on, the Debentures to that Holder with respect to Debentures having a principal amount equal to the total liquidation amount of that Holder’s Capital Securities.
If such a Debenture Event of Default occurs, a majority in Liquidation Amount of the Holders of the Capital Securities shall be entitled to remove or appoint the Property Trustee and the Delaware Trustee. 
 At any time after such a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for payment of the
money due has been obtained by the Debenture Trustee as in the Indenture provided, the Holders of at least a majority in aggregate Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the Depositor and the
Debenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Depositor has paid or deposited
with the Debenture Trustee a sum sufficient to pay 
 (A) all overdue installments of interest (including any Additional
Interest (as defined in the Indenture)) on all of the Debentures, 
 (B) the principal of (and premium, if any, on) any
Debentures which have become due otherwise than by such declaration of acceleration and interest and Additional Interest thereon at the rate borne by the Debentures, and 
 (C) all sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and
advances of the Debenture Trustee and the Property Trustee, their agents and counsel; and 
 (ii) all Events of Default with
respect to the Debentures, other than the non-payment of the principal of the Debentures which has become due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
  

 -26- 

 The Holders of at least a majority in aggregate Liquidation Amount of the Capital Securities may, on
behalf of the Holders of all the Capital Securities, waive any past default under the Indenture, except a default in the payment of principal or interest (unless such default has been cured and a sum sufficient to pay all matured installments of
interest and principal due otherwise than by acceleration has been deposited with the Debenture Trustee) or a default in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the holder of
each outstanding Debenture. No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Upon receipt by
the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of the Capital Securities all or part of which is represented by Book-Entry Capital Securities, a record date shall be established
for determining Holders of Outstanding Capital Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property Trustee receives such notice. The Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or rescission and annulment, as the case
may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day which is 90 days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may
be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after expiration of such 90-day period, a new written
notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice which has been canceled pursuant to the proviso to the preceding sentence, in which event a new record date shall
be established pursuant to the provisions of this Section 5.13(b). 
 (c) For so long as any Capital Securities remain Outstanding, to
the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Debenture Event of Default specified in Section 5.1(a)(1), 5.1(b)(2) or 5.1(b)(3) of the Fourth Supplemental Indenture, dated as of
November 21, 2006, any Holder of Capital Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 5.8 of the Indenture, for enforcement of payment to such Holder of the principal amount
of or interest on Debentures having a principal amount equal to the Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). In addition, if such a Debenture Event of Default results from the failure to pay
interest in full on the Debentures for a period of 30 days after the conclusion of the 10-year period following the commencement of any Optional Deferral Period, then a Holder of Capital Securities may directly institute a Direct Action against the
Debenture Issuer on or after the respective due date specified in the Debentures. 
 ARTICLE VI 
 ACTS OF HOLDERS; MEETINGS; VOTING 
 SECTION 6.1. Limitations on Voting Rights. 
 (a) Except as expressly provided in this Trust Agreement and in the Indenture
and as otherwise required by law, no Holder of Capital Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Issuer Trust or the obligations of the parties hereto, nor shall
anything herein set forth, or contained in the terms of the Trust Securities Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
 (b) So long as any Debentures are held by the Issuer Trust, the Property Trustee shall not (i) direct the time, method or place of conducting any
proceeding for any remedy available to the Debenture Trustee, or executing any trust or power conferred on the Property Trustee with respect to such 

  

 -27- 

 
Debentures, (ii) waive any past default which is waivable under Section 5.13 of the Indenture, (iii) exercise any right to rescind or annul a
declaration that the principal of all the Debentures shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or the Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a majority in Liquidation Amount of all Outstanding Capital Securities, provided, however, that where a consent under the Indenture would require the consent of each holder of Debentures
affected thereby, no such consent shall be given by the Property Trustee without the prior written consent of each Holder of Capital Securities. The Issuer Trustees shall not revoke any action previously authorized or approved by a vote of the
Holders of Capital Securities, except by a subsequent vote of the Holders of Capital Securities. The Property Trustee shall notify all Holders of the Capital Securities of any notice of default received from the Debenture Trustee with respect to the
Debentures. In addition to obtaining the foregoing approvals of the Holders of the Capital Securities, prior to taking any of the foregoing actions, the Property Trustee shall, at the expense of the Depositor, obtain an Opinion of Counsel
experienced in such matters to the effect that such action shall not cause the Issuer Trust to be classified as an association taxable as a corporation or as other than a grantor trust for United States Federal income tax purposes. 
 (c) If any proposed amendment to the Trust Agreement provides for, or the Issuer Trustees otherwise propose to effect, (i) any action that would
adversely affect in any material respect the powers, preferences or special rights of the Capital Securities, whether by way of amendment to this Trust Agreement or otherwise, or (ii) the dissolution, winding-up or termination of the Issuer
Trust, other than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Capital Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with
the approval of the Holders of at least a majority in Liquidation Amount of the Outstanding Capital Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such
amendment, it would cause the Issuer Trust to be classified as an association taxable as a corporation or as other than a grantor trust for United States federal income tax purposes. 
 SECTION 6.2. Notice of Meetings. 
 Notice of all meetings of Holders of Capital Securities, stating the time, place and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each such Holder at such Holder’s address as it
appears in the Securities Register as of the record date for such meeting. Such notice shall be sent, first-class mail, at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may
be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned without further notice. 
 SECTION 6.3. Meetings of Holders of Capital Securities. 
 No annual meeting of Holders is required to be held. The Property
Trustee, however, shall call a meeting of Holders of Capital Securities to vote on any matter upon the written request of the Holders of record of at least 25% of the aggregate Liquidation Amount of Outstanding Capital Securities) and the
Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of Holders of Capital Securities to vote on any matters as to which Holders of Capital Securities are entitled to vote. 
 Holders of at least 50% of the aggregate Liquidation Amount of Outstanding Capital Securities, present in person or by proxy, shall constitute a quorum
at any meeting of Holders of Capital Securities. 
  

 -28- 

 If a quorum is present at a meeting, an affirmative vote by the Holders of record present, in person or
by proxy, holding at least a majority of the Liquidation Amount of Outstanding Capital Securities held by the Holders of record present, either in person or by proxy, at such meeting shall constitute the action of the Holders of Capital Securities,
unless this Issuer Trust Agreement requires a greater number of affirmative votes. 
 SECTION 6.4. Voting Rights.  
 In respect of any matter as to which a Holder is entitled to vote, such Holder shall be entitled to one vote for each $25 in Liquidation Amount of Trust
Securities held of record by such Holder. 
 SECTION 6.5. Proxies, Etc.  
 At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall
have been placed on file with the Property Trustee, or with such other officer or agent of the Issuer Trust as the Property Trustee may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of the
Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled to vote. When Trust Securities are held jointly by several Persons, any one of
them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to
be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
 SECTION 6.6. Holder Action by
Written Consent. 
 Any action which may be taken by Holders at a meeting may be taken without a meeting and without prior notice, if
Holders holding a majority of the aggregate Liquidation Amount of the Outstanding Trust Securities entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement)
shall consent to the action in writing. 
 SECTION 6.7. Record Date for Voting and Other Purposes.  
 For the purpose of determining the Holders who are entitled to notice of and to vote at any meeting or to act by written consent, or to participate in any
Distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees or Property Trustee may from time to time fix a date,
not more than 90 days prior to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the Holders of record for such purposes. 
 SECTION 6.8. Acts of Holders. 
 Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or taken by Holders or Owners may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders or Owners in person or by an agent duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered
to the Property Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) 

  

 -29- 

 
are herein sometimes referred to as the “Act” of the Holders or Owners signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive in favor of the Issuer Trustees, if made in the manner provided in this Section.

 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner which any Issuer Trustee receiving the same deems sufficient. 
 The
ownership of Capital Securities shall be proved by the Securities Register. 
 Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Trust Security shall bind every future Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Issuer Trustees or the Issuer Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with
regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
 If any dispute shall arise between the Holders and the Issuer Trustees with respect to the authenticity, validity or binding nature of any request,
demand, authorization, direction, consent, waiver or other Act of such Holder or Issuer Trustee under this Article VI, then the determination of such matter by the Property Trustee shall be conclusive with respect to such matter. 
 SECTION 6.9. Inspection of Records. 
 Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Issuer Trust shall be open to inspection by Holders during normal business hours for any purpose reasonably related to such Holder’s
interest as a Holder. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 7.1. Representations and Warranties of the Property
Trustee and the Delaware Trustee. 
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby
represents and warrants for the benefit of the Depositor and the Holders that: 
 (a) the Property Trustee is a New York banking corporation;

  

 -30- 

 (b) the Property Trustee has full corporate power, authority and legal right to execute, deliver and
perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (c) the Delaware Trustee is a banking corporation duly organized, validly existing; 
 (d) the Delaware
Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust
Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and
constitutes the valid and legally binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
 (f)
the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the Delaware Trustee and does not require any approval of stockholders of
the Property Trustee or the Delaware Trustee and such execution, delivery and performance will not (i) violate the Charter or By-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of any indenture, mortgage,
credit agreement, license or other agreement or instrument to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, which violation would materially and adversely affect the Issuer Trust, the Holders or the ability
of the Property Trustee or the Delaware Trustee to enter into or perform their obligations under the Trust Agreement, or result in the creation, or imposition of any Lien on any properties included in the Trust Property, or (iii) violate any
law, governmental rule or regulation of the United States, the State of New York or the State of Delaware, as the case may be, governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee (as appropriate in context)
or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) neither the authorization, execution or
delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee (as appropriate in context) contemplated herein requires the consent or
approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing federal law governing the banking, trust or general powers of the Property Trustee
or the Delaware Trustee, as the case may be, under the laws of the United States, the State of New York or the State of Delaware; 
 (h)
there are no proceedings pending or, to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge, threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental
authority, agency or arbitration board or tribunal which, in the good faith judgment of the Property Trustee or the Delaware Trustee, as the case may be, as amended individually or in the aggregate, would materially and adversely affect the Issuer
Trust or the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Issuer Trustees under this Trust Agreement. 
 SECTION 7.2. Representations and Warranties of Depositor. 
 The Depositor hereby represents and warrants for the benefit of the Holders that the Trust Securities Certificates issued on the Closing Date on behalf of the Issuer Trust have been duly authorized and will have been,
duly and validly executed, issued and delivered by the Issuer Trustees pursuant to the 

  

 -31- 

 
terms and provisions of, and in accordance with the requirements of, this Trust Agreement and the Holders will be, as of each such date, entitled to the
benefits of this Trust Agreement. 
  
 ARTICLE VIII 
 THE ISSUER TRUSTEES 
 SECTION 8.1.
Certain Duties and Responsibilities. 
 (a) The duties and responsibilities of the Issuer Trustees shall be as provided by this Trust
Agreement and, in the case of the Property Trustee, by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Trust Agreement shall require any of the Issuer Trustees to expend or risk their own funds or otherwise incur any
financial liability in the performance of any of their duties hereunder, or in the exercise of any of their rights or powers, if they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity reasonably
satisfactory to it against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to
the Issuer Trustees shall be subject to the provisions of this Article. Nothing in this Trust Agreement shall be construed to release an Administrative Trustee from liability for its own negligence, bad faith or willful misconduct with respect to
acts or omissions. To the extent that, at law or in equity, an Issuer Trustee has duties and liabilities relating thereto to the Issuer Trust or to the Holders, such Issuer Trustee shall not be liable to the Issuer Trust or to any Holder for such
Issuer Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the duties and liabilities of the Issuer Trustees otherwise existing at law or in equity,
are agreed by the Depositor and the Holders to replace such other duties and liabilities of the Issuer Trustees. 
 (b) All payments made by
the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to
enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent
legally available for distribution to it as herein provided and that the Issuer Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This
Section 8.1(b) does not limit the liability of the Issuer Trustees expressly set forth elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the Trust Indenture Act. 
 (c) If a Trust Event of Default has occurred and is continuing, the Property Trustee shall enforce this Trust Agreement for the benefit of the Holders.

 (d) No provision of this Trust Agreement shall be construed to relieve the Property Trustee or the Delaware Trustee from liability for its
own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) the Property
Trustee shall not be liable for any error of judgment made in good faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
 (ii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of not less than a majority in Liquidation Amount of the Trust Securities relating to the time, method and place of conducting any 

  

 -32- 

 
proceeding for any remedy available to the Property Trustee, or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement;

 (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and physical preservation of the
Debentures and the Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the protections and limitations on liability afforded to the Property
Trustee under this Trust Agreement and the Trust Indenture Act; 
 (iv) the Property Trustee shall not be liable for any
interest on any money received by it except as it may otherwise agree with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the Payment Account maintained by the Property
Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
 (v) the Property Trustee shall
not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of the Administrative
Trustees or the Depositor. 
 (e) The Administrative Trustees shall not be responsible for monitoring the compliance by the other Issuer
Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall either Administrative Trustee be liable for the default or misconduct of any other Administrative Trustee, the other Issuer Trustees or the Depositor.

 SECTION 8.2. Certain Notices.  
 Within five Business Days after the occurrence of any Trust Event of Default actually known to a Responsible Officer of the Property Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in
Section 10.8, notice of such Trust Event of Default to the Holders, the Administrative Trustees and the Depositor, unless such Trust Event of Default shall have been cured or waived. 
 Within five Business Days after the receipt of notice of the Depositor’s exercise of its right to defer the payment of interest on the Debentures
pursuant to the Indenture, the Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8, notice of such exercise to the Holders, unless such exercise shall have been revoked. 
 SECTION 8.3. Certain Rights of Property Trustee.  
 Subject to the provisions of Section 8.1: 
 (a) the Property Trustee may conclusively rely and shall be
protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation of a Holder or transferee, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action or
(ii) in construing any of the provisions of this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any other provisions 

  

 -33- 

 
contained herein or (iii) the Property Trustee is unsure of the application of any provision of this Trust Agreement, then, except as to any matter as
to which the Holder of Capital Securities is entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting the Depositor’s direction as to the course of action to be taken and,
if not so directed, the Property Trustee shall take such action, or refrain from taking such action, as the Property Trustee shall deem advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability
except for its own bad faith, negligence or willful misconduct; 
 (c) any direction or act of the Depositor or the Administrative Trustees
contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
 (d) whenever in the administration
of this Trust Agreement, the Property Trustee shall deem it desirable that a matter be established before undertaking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence is herein specifically prescribed) may, in
the absence of bad faith on its part, request and rely upon an Officers’ Certificate as to factual matters (other than the interpretation of this Agreement) which, upon receipt of such request, shall be promptly delivered by the Depositor or
the Administrative Trustees; 
 (e) the Property Trustee shall have no duty to see to any recording, filing or registration of any instrument
(including any financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or reregistration thereof; 
 (f) the Property Trustee may consult with counsel (which counsel may be counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the advice of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with such advice; the Property Trustee shall have the right at any time to seek
instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (g) the Property Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property
Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; provided that, nothing contained in this Section 8.3(g)
shall be taken to relieve the Property Trustee, upon the occurrence of a Trust Event of Default, of its obligation to exercise the rights and powers vested in it by this Trust Agreement; 
 (h) the Property Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one or more Holders, but the Property Trustee may
make such further inquiry or investigation into such facts or matters as it may see fit; 
 (i) the Property Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys and the Property Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any
such agent or attorney appointed with due care by it hereunder; 
 (j) whenever in the administration of this Trust Agreement the Property
Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder the Property Trustee (i) may request instructions from the Holders of the Trust Securities which 

  

 -34- 

 
instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be entitled to direct the
Property Trustee under the terms of the Trust Securities in respect of such remedy, right or action, (ii) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (iii) shall be
fully protected in acting in accordance with such instructions; 
 (k) except as otherwise expressly provided by this Trust Agreement, the
Property Trustee shall not be under any obligation to take any action that is discretionary under the provisions of this Trust Agreement; 
 (l) when the Property Trustee incurs expenses or renders services in connection with a Bankruptcy Event, such expenses (including the fees and expenses of its counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy law or law relating to creditors rights generally; and 
 (m) the Property Trustee shall not
be charged with knowledge of a Trust Event of Default unless a Responsible Officer of the Property Trustee obtains actual knowledge of such event or the Property Trustee receives written notice of such event from Holders holding more than a majority
of Capital Securities (based upon Liquidation Amount). 
 No provision of this Trust Agreement shall be deemed to impose any duty or
obligation on any Issuer Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which any Issuer Trustee shall be unqualified or
incompetent in accordance with applicable law, to perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to any Issuer Trustee shall be construed to be a duty. 

SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.  
 The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Issuer Trust, and the Issuer Trustees do
not assume any responsibility for their correctness. The Issuer Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Debentures. 
 SECTION 8.5. May Hold Securities.  
 Any Issuer Trustee or any other agent of any Issuer Trustee or the Issuer Trust, in its individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13 and except as provided in
the definition of the term “Outstanding” in Article I, may otherwise deal with the Issuer Trust with the same rights it would have if it were not an Issuer Trustee or such other agent. 
 SECTION 8.6. Compensation; Indemnity; Fees. 
 The Depositor agrees: 
 (a) to pay to the Issuer Trustees from time to time reasonable compensation for all services rendered by
them hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  

 -35- 

 (b) except as otherwise expressly provided herein, to reimburse the Issuer Trustees upon request for all
reasonable expenses, disbursements and advances incurred or made by the Issuer Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence, bad faith or willful misconduct; and 
 (c) to the
fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Issuer Trustee, (ii) each Paying Agent, (iii) any Affiliate of any Issuer Trustee, (iv) any officer, director, shareholder, employee,
representative or agent of any Issuer Trustee, and (v) any employee or agent of the Issuer Trust or its Affiliates (referred to herein as an “Indemnified Person”) from and against any loss, damage, liability, tax, penalty,
expense or claim of any kind or nature whatsoever incurred by such Indemnified Person by reason of the creation, operation or termination of the Issuer Trust or any act or omission performed or omitted by such Indemnified Person in good faith on
behalf of the Issuer Trust and in a manner such Indemnified Person reasonably believed to be within the scope of authority conferred on such Indemnified Person by this Trust Agreement, except that no Indemnified Person shall be entitled to be
indemnified in respect of any loss, damage or claim incurred by such Indemnified Person by reason of negligence, bad faith or willful misconduct with respect to such acts or omissions. 
 The provisions of this Section 8.6 shall survive the termination of this Trust Agreement or the earlier resignation or removal of any Issuer
Trustee. 
 No Issuer Trustee may claim any Lien on any Trust Property as a result of any amount due pursuant to this Section 8.6.

 The Depositor and any Issuer Trustee (in the case of the Property Trustee, subject to Section 8.8 hereof) may engage in or possess an
interest in other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Issuer Trust, and the Issuer Trust and the Holders of Trust Securities shall have no rights by virtue of
this Trust Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Issuer Trust, shall not be deemed wrongful or improper. None of
the Depositor or any Issuer Trustee, shall be obligated to present any particular investment or other opportunity to the Issuer Trust even if such opportunity is of a character that, if presented to the Issuer Trust, could be taken by the Issuer
Trust, and the Depositor or any Issuer Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity. Any Issuer Trustee may engage
or be interested in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for, or act on any committee or body of holders of, securities or other obligations of the
Depositor or its Affiliates. 
 SECTION 8.7. Corporate Property Trustee Required; Eligibility of Issuer Trustees.  
 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be a Person that is a
national or state chartered bank and eligible pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50,000,000. If any such Person publishes reports of condition at least annually, pursuant to law or
to the requirements of its supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the provisions of this Section and the Trust Indenture Act, it shall resign immediately in the manner and
with the effect hereinafter specified in this 

  

 -36- 

 
Article. At the time of appointment, the Property Trustee must have securities rated in one of the three highest rating categories by a nationally recognized
statistical rating organization. 
 (b) There shall at all times be one or more Administrative Trustees hereunder with respect to the Trust
Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized to bind that entity. 
 (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall either be (i) a natural person
who is at least 21 years of age and a resident of the State of Delaware or (ii) a legal entity with its principal place of business in the State of Delaware and that otherwise meets the requirements of applicable Delaware law that shall act
through one or more persons authorized to bind such entity. 
 SECTION 8.8. Conflicting Interests.  
 (a) If the Property Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Property Trustee shall either
eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Trust Agreement. 
 (b) The Guarantee Agreement and the Indenture shall be deemed to be specifically described in this Trust Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act. 
 SECTION 8.9. Co-Trustees and Separate Trustee.  
 Unless a Trust Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the
Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Property Trustee shall have power to appoint, and upon the written request of the Property Trustee, the Depositor and the
Administrative Trustees shall for such purpose join in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee,
jointly with the Property Trustee, of all or any part of such Trust Property, or to the extent required by law to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and
to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. Any co-trustee or separate trustee appointed pursuant to this Section
shall either be (i) a natural person who is at least 21 years of age and a resident of the United States or (ii) a legal entity with its principal place of business in the United States that shall act through one or more persons authorized
to bind such entity. 
 Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for
more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. 
 Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:

 (a) The Trust Securities shall be executed by at least one Administrative Trustee and the Trust Securities shall be delivered by the
Property Trustee and all rights, powers, duties, and obligations 

  

 -37- 

 
hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Issuer Trustees
specified hereunder shall be exercised solely by such Issuer Trustees and not by such co-trustee or separate trustee. 
 (b) The rights,
powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property
Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be
performed, the Property Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 
 (c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the
resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case a Debenture Event of Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any
such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery and performance of all instruments and
agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigning or removed may be appointed in the manner provided in this Section. 
 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee or any other trustee
hereunder. 
 (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 

SECTION 8.10. Resignation and Removal; Appointment of Successor.  
 No resignation or removal of any Issuer Trustee (the “Relevant Trustee”) and no appointment of a successor Issuer Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Issuer Trustee in accordance with the applicable requirements of Section 8.11. 
 Subject to the
immediately preceding paragraph, a Relevant Trustee may resign at any time by giving written notice thereof to the Holders. If the instrument of acceptance by the successor Issuer Trustee required by Section 8.11 shall not have been delivered
to the Relevant Trustee within 60 days after the giving of such notice of resignation, the Relevant Trustee may petition, at the expense of the Issuer Trust, any court of competent jurisdiction for the appointment of a successor Relevant Trustee.

 Unless a Debenture Event of Default shall have occurred and be continuing, any Issuer Trustee may be removed at any time by Act of the
Holder of the Common Securities. If a Debenture Event of Default shall have occurred and be continuing, the Property Trustee or Delaware Trustee, or both of them, may be removed at such time by Act of the Holders of a majority in Liquidation Amount
of the Capital Securities, delivered to the Relevant Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed by the Holder of the Common Securities at any time. In no event will the Holders of the
Capital Securities have a right to vote to appoint, remove or replace the Administrative Trustees. 
  

 -38- 

 If any Issuer Trustee shall resign, be removed or become incapable of acting as Issuer Trustee, or if a
vacancy shall occur in the office of any Issuer Trustee for any reason, at a time when no Debenture Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act, shall promptly appoint a successor Issuer
Trustee or Issuer Trustees, and the retiring Issuer Trustee shall comply with the applicable requirements of Section 8.11, except that a successor Administrative Trustee need not comply with Section 8.11. If the Property Trustee or the
Delaware Trustee shall resign, be removed or become incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may be, at a time when a Debenture Event of Default shall have occurred and be continuing, the Holders of
the Capital Securities, by Act of the Holders of a majority in Liquidation Amount of the Capital Securities then Outstanding shall promptly appoint a successor Relevant Trustee or Trustees, and such successor Trustee shall comply with the applicable
requirements of Section 8.11. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when a Debenture Event of Default shall have occurred and be continuing, the Holder of the
Common Securities, by Act, shall promptly appoint a successor Administrative Trustee or Trustees. If no successor Relevant Trustee shall have been so appointed by the Holder of the Common Securities or the Holders of the Capital Securities and
accepted appointment in the manner required by Section 8.11 if applicable, any Holder who has been a Holder of Trust Securities for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Relevant Trustee. 
 The Property Trustee shall give notice of each resignation and each
removal of an Issuer Trustee and each appointment of a successor Issuer Trustee to all Holders in the manner provided in Section 10.8 and shall give notice to the Depositor. Each notice shall include the name of the successor Relevant Trustee
and the address of its Corporate Trust Office if it is the Property Trustee. 
 Notwithstanding the foregoing or any other provision of this
Trust Agreement, in the event any Administrative Trustee who is a natural person dies or becomes, in the opinion of the Holder of Common Securities, incompetent or incapacitated, the vacancy created by such death, incompetence or incapacity may be
filled by appointment by the remaining Administrative Trustees. 
 SECTION 8.11. Acceptance of Appointment by Successor.  

In case of the appointment hereunder of a successor Relevant Trustee, other than the appointment of a successor Administrative Trustee pursuant to
Section 8.19(a), the retiring Relevant Trustee (if requested by the Depositor) and each successor Relevant Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor Relevant Trustee shall
accept such appointment and which (a) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring
Relevant Trustee with respect to the Trust Securities and the Issuer Trust and (b) shall add to or change any of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration of the Issuer Trust by
more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute such Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring
Relevant Trustee shall become effective to the extent provided therein and each such successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Relevant
Trustee; but, on request of the Issuer Trust or any successor Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such
retiring Relevant Trustee hereunder with respect to the Trust Securities and the Issuer Trust. 
  

 -39- 

 Upon request of any such successor Relevant Trustee, the Issuer Trust shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Relevant Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No successor Relevant Trustee shall accept its appointment unless at the time of such acceptance such successor Relevant Trustee shall be qualified and
eligible under this Article. 
 SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business.  
 Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of such Relevant Trustee, shall be the successor of such
Relevant Trustee hereunder, provided such Person shall be otherwise eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 
 SECTION 8.13. Preferential Collection of Claims Against Depositor or the Issuer Trust.  
 If and when the Property Trustee shall be or become a creditor of the Depositor or the Issuer Trust (or any other obligor upon the Capital Securities),
the Property Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or the Issuer Trust (or any such other obligor). 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar
judicial proceeding relative to the Issuer Trust or any other obligor upon the Trust Securities or the property of the Issuer Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the
Trust Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Property Trustee shall have made any demand on the Issuer Trust for the payment of any past due Distributions) shall
be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
 (a) to file and prove a
claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
 Nothing herein
contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment 

  

 -40- 

 
or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of
any Holder in any such proceeding. 
 SECTION 8.14. Reports by Property Trustee.  
 (a) Not later than May 31 of each year commencing with May 31, 2007, the Property Trustee shall transmit to all Holders in accordance with
Section 10.8, and to the Depositor, a brief report dated as of the immediately preceding March 31, with respect to: 
 (i) its eligibility under Section 8.7 or, in lieu thereof, if to the best of its knowledge it has continued to be eligible under said Section, a written statement to such effect; 
 (ii) its knowledge of such Property Trustee’s compliance with all conditions and covenants under this Agreement; and 
 (iii) any change in the property and funds in its possession as Property Trustee since the date of its last report and any action taken by
the Property Trustee in the performance of its duties hereunder which it has not previously reported and which in its opinion materially affects the Trust Securities. 
 (b) In addition the Property Trustee shall transmit to Holders such reports concerning the Property Trustee and its actions under this Trust Agreement as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto. 
 (c) A copy of each such report shall, at the time of such transmission to Holders, be
filed by the Property Trustee with each national stock exchange, the Nasdaq National Market or such other interdealer quotation system or self-regulatory organization upon which the Trust Securities are listed or traded, with the Commission and with
the Depositor. 
 SECTION 8.15. Reports to the Property Trustee.  
 The Depositor and the Administrative Trustees on behalf of the Issuer Trust shall provide to the Property Trustee such documents, reports and information
as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act. 
 SECTION 8.16. Evidence of Compliance with Conditions Precedent.  
 Each of the Depositor and the Administrative Trustees on behalf of the Issuer Trust shall provide to the Property Trustee such evidence of compliance with
any conditions precedent, if any, provided for in this Trust Agreement that relate to any of the matters set forth in Section 314 (c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to
Section 314(c)(1) or Section 314(e) of the Trust Indenture Act shall be given in the form of an Officers’ Certificate. 
 SECTION 8.17. Number of Issuer Trustees.  
 (a) The number of Issuer Trustees shall be four. The Property Trustee and the
Delaware Trustee may be the same Person. 
 (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy shall occur. The vacancy
shall be filled with an Issuer Trustee appointed in accordance with Section 8.10. 
  

 -41- 

 (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the
duties of an Issuer Trustee shall not operate to dissolve, terminate or annul the Issuer Trust. 
 SECTION 8.18. Delegation of Power. 

 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age
of 21 his or her power for the purpose of executing any documents contemplated in Section 2.7(a), including any registration statement or amendment thereto filed with the Commission, or making any other governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number or to the Depositor the doing of such things and
the execution of such instruments either in the name of the Issuer Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of this Trust Agreement, as set forth herein. 
 SECTION 8.19. Appointment of Administrative Trustees.

 (a) The Administrative Trustees shall initially be Daniel R. Stolzer, an individual, and Louis D. Raffis, an individual, and their
successors shall be appointed by the Holder of the Common Securities and may be removed by the Holder of the Common Securities at any time. Each Administrative Trustee shall sign an agreement agreeing to comply with the terms of this Trust
Agreement. If at any time there is no Administrative Trustee, the Property Trustee or any Holder who has been a Holder of Trust Securities for at least six months may petition any court of competent jurisdiction for the appointment of one or more
Administrative Trustee. 
 (b) Whenever a vacancy in the number of Administrative Trustees shall occur, until such vacancy is filled by the
appointment of an Administrative Trustee in accordance with this Section 8.19, the Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Agreement), shall have all the powers granted to
the Administrative Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this Trust Agreement. 
 Notwithstanding the foregoing or any other provision of this Trust Agreement, in the event any Administrative Trustee who is a natural person dies or becomes, in the opinion of the Holder of Common Securities, incompetent or incapacitated,
the vacancy created by such death, incompetence or incapacity may be filled by the unanimous act of the remaining Administrative Trustees if there were at least two of them prior to such vacancy (with the successor in each case being a Person who
satisfies the eligibility requirement for Administrative Trustees set forth in Section 8.7). 
 ARTICLE IX 
 TERMINATION, LIQUIDATION AND MERGER 
 SECTION 9.1. Dissolution Upon Expiration Date.  
 Unless earlier dissolved, the Issuer Trust shall automatically dissolve on
December 15, 2066 (the “Expiration Date”). 
 SECTION 9.2. Early Termination.  
  

 -42- 

 The first to occur of any of the following events is an “Early Termination Event,” upon
the occurrence of which the Issuer Trust shall dissolve: 
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Holder of the Common Securities; 
 (b) the written direction to the Property Trustee from the Holder of the Common
Securities at any time to dissolve the Issuer Trust and, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, distribute Debentures to Holders in exchange for the Capital Securities; 
 (c) the redemption of all of the Capital Securities in connection with the redemption of all the Debentures; and 
 (d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction. 
 SECTION 9.3. Termination.  
 The
respective obligations and responsibilities of the Issuer Trustees and the Issuer Trust created and continued hereby shall terminate upon the latest to occur of the following: (a) the distribution by the Property Trustee to Holders upon the
liquidation of the Issuer Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2, of all amounts required to be distributed hereunder upon the final payment of the Trust Securities;
(b) the payment of any expenses owed by the Issuer Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax reporting obligations with respect to the Issuer Trust or the
Holders. 
 SECTION 9.4. Liquidation.  
 (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs, or upon the Expiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as
the Property Trustee determines to be possible by distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, to each Holder a Like Amount of Debentures, subject to Section 9.4(d). Notice of
liquidation shall be given by the Property Trustee by first-class mail, postage prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the
Securities Register. All notices of liquidation shall: 
 (i) state the Liquidation Date; 
 (ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust
Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and 
 (iii)
provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or if Section 9.4(d) applies receive a Liquidation Distribution, as the Property Trustee (after consultation with
the Administrative Trustees) shall deem appropriate. 
 (b) Unless Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation
of the Issuer Trust and the distribution of Debentures to Holders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange
agent or through the appointment of a separate exchange agent, shall establish such 

  

 -43- 

 
procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. 

(c) Unless Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding,
(ii) certificates representing a Like Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of such certificates to the exchange agent for exchange, (iii) the Depositor shall use its best efforts
to have the Debentures listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization as the Capital Securities are then listed, (iv) any Trust Securities Certificates not so
surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates
until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (v) all rights of
Holders holding Trust Securities will cease, except the right of such Holders to receive Debentures upon surrender of Trust Securities Certificates. 
 (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the
manner provided herein is determined by the Property Trustee not to be practical, then the Trust Property shall be liquidated, and the Issuer Trust shall be wound-up by the Property Trustee in such manner as the Property Trustee determines. In such
event, on the date of the dissolution of the Issuer Trust, Holders will be entitled to receive out of the assets of the Issuer Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Issuer Trust as
provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such
winding up, the Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by
the Issuer Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holders of the Common Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata
(determined as aforesaid) with Holders of Capital Securities, except that, if a Debenture Event of Default specified in Section 5.1(a)(1), 5.1(b)(2) or 5.1(b)(3) of the Indenture has occurred and is continuing, the Capital Securities shall have
a priority over the Common Securities as provided in Section 4.3. 
 SECTION 9.5. Mergers, Consolidations, Amalgamations or
Replacements of the Issuer Trust.  
 The Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to any entity, except pursuant to this Article Nine. At the request of the Holder of the Common Securities and with the consent of the Holders of a majority (based on
Liquidation Amounts) of the Capital Securities, the Issuer Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a trust organized as such
under the laws of any State; provided, that (i) such successor entity either (a) expressly assumes all of the obligations of the Issuer Trust with respect to the Capital Securities or (b) substitutes for the Capital Securities
other securities having substantially the same terms as the Capital Securities (“Successor Securities”) so long as the Successor Securities rank the same as the Capital Securities rank in priority with respect to distributions and
payments upon liquidation, redemption and otherwise, (ii) a trustee of such successor entity possessing the same powers and duties as the Property Trustee is appointed as the holder of the Debentures, (iii) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized 

  

 -44- 

 
statistical rating organization, (iv) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holder of the Capital Securities (including any Successor Securities) in any material respect, (v) such successor entity has a purpose substantially identical to that of the Issuer Trust,
(vi) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Issuer Trust has received an Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including any Successor Securities) in any material respect, and (b) following such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, neither the Issuer Trust nor such successor entity will be required to register as an investment company under the 1940 Act and (vii) the Depositor owns all of the common securities of
such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee. Notwithstanding the foregoing, the Issuer Trust shall not, except with the consent of
Holders of all Outstanding Capital Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other Person to
consolidate, amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Issuer Trust or the successor Person to be classified as an association taxable as a
corporation or as other than a grantor trust for United States federal income tax purposes. 
 ARTICLE X 
 MISCELLANEOUS PROVISIONS 
 SECTION
10.1. Limitation of Rights of Holders. 
 The death or incapacity, or the dissolution, liquidation, termination, or the bankruptcy of
any Person having an interest, beneficial or otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor dissolve, terminate or annul the Trust, nor entitle the legal representatives, successors or heirs of such Person or
any Holder for such Person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them. 
 SECTION 10.2. Amendment.  
 (a) This Trust Agreement may be amended from time to time without the consent of any Holder of the Capital Securities, (i) by the Holder of the
Common Securities to cure any ambiguity, correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Trust Agreement,
which shall not be inconsistent with the other provisions of this Trust Agreement, (ii) by the Holder of the Common Securities to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure
that the Issuer Trust will not be classified for United States federal income tax purposes as an association taxable as a corporation or as other than a grantor trust at any times that any Trust Securities are outstanding or to ensure that the
Issuer Trust will not be required to register as an investment company under the 1940 Act, or (iii) by a Relevant Trustee pursuant to Section 8.11; provided, however, that such action shall not adversely affect in any material
respect the interests of any Holder, and any such amendments of this Trust Agreement shall become effective when notice thereof is given to the Holders. 
 (b) Except as provided in Section 10.2(c) hereof, any provision of this Trust Agreement may be amended by the Holder of the Common Securities with (i) the consent of Holders of at least a majority in
aggregate Liquidation Amount of the Outstanding Trust Securities and (ii) receipt by the Issuer Trustees 

  

 -45- 

 
of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Issuer Trustees in accordance with such amendment will
not affect the Issuer Trust’s status as a grantor trust or cause the Issuer Trust to be an association taxable as a corporation for United States federal income tax purposes or the Issuer Trust’s exemption from status of an investment
company under the 1940 Act. 
 (c) In addition to and notwithstanding any other provision in this Trust Agreement, without the consent of
each Holder, this Trust Agreement may not be amended to (i) change the amount or timing of any Distribution or otherwise adversely affect the amount of any Distribution required to be made as of a specified date or (ii) restrict the right
of a Holder to institute suit for the enforcement of any such payment on or after such date; notwithstanding any other provision herein, without the unanimous consent of the Holders, this paragraph (c) of this Section 10.2 may not be
amended. 
 (d) Notwithstanding any other provisions of this Trust Agreement, no Issuer Trustee shall enter into or consent to any amendment
to this Trust Agreement which would cause the Issuer Trust to be classified as an association taxable as a corporation or not to be a grantor trust for United States federal income tax purposes or to fail or cease to qualify for the exemption from
status of an investment company under the 1940 Act. 
 (e) Notwithstanding anything in this Trust Agreement to the contrary, without the
consent of the Depositor, this Trust Agreement may not be amended in a manner which imposes any additional obligation or liability on the Depositor. 
 (f) If any amendment to this Trust Agreement is made, the Administrative Trustees or the Property Trustee shall promptly provide to the Depositor a copy of such amendment. 
 (g) No amendment to this Trust Agreement that affects the Property Trustee’s or the Delaware Trustee’s rights, duties or immunities under this
Trust Agreement or would otherwise expose the Property Trustee to any liability or be contrary to applicable law shall be adopted unless the prior written consent to such amendment be received by the Depositor from the Property Trustee or the
Delaware Trustee, as the case may be. The Property Trustee shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement.

 SECTION 10.3. Separability.  
 If any provision in this Trust Agreement or in the Trust Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 10.4. Governing Law.  
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE ISSUER TRUST AND THE ISSUER TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE. 
 THE PROVISIONS OF SECTION 3540 AND SECTION 3561 OF TITLE 12 OF THE DELAWARE
CODE SHALL NOT APPLY TO THIS ISSUER TRUST. 
  

 -46- 

 SECTION 10.5. Payments Due on Non-Business Day.  
 If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may
be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue thereon for the
period after such date. 
 SECTION 10.6. Successors.  
 This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Issuer Trust or the Relevant Trustee, including any successor by operation of law. Except in connection
with a consolidation, merger or sale involving the Depositor that is permitted under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not
assign its obligations hereunder. 
 SECTION 10.7. Headings.  
 The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement. 
 SECTION 10.8. Reports, Notices and Demands. 
 Any report, notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may be given or served in writing by deposit thereof,
first-class postage prepaid, in the United States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of a Holder of Capital Securities, to such Holder as such Holder’s name and address may appear on the
Securities Register; and (b) in the case of the Holder of the Common Securities or the Depositor, to KeyCorp, 127 Public Square, Cleveland, Ohio 44114, Attention: General Counsel, facsimile no.: (216) 689-4121. Such notice, demand or other
communication to or upon a Holder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. 
 Any notice, demand or other communication which by any provision of this Trust Agreement is required or permitted to be given or served to or upon the Issuer Trust, the Property Trustee, the Delaware Trustee or the
Administrative Trustees shall be given in writing addressed (until another address is published by the Issuer Trust) as follows: (a) with respect to the Property Trustee to Deutsche Bank Trust Company Americas, 60 Wall Street, MS NYC 60-2710,
27th Floor, New York, NY 10005, Attention: Corporate Trust and Agency Services; with a copy to Deutsche Bank
National Trust Company, 25 DeForest Avenue, MS: 01-0105, Summit, NJ 07901, Attention: Corporate Trust and Agency Services; (b) with respect to the Delaware Trustee, to Deutsche Bank Trust Company Delaware, E.A. Delle Donne Corporate Center,
Montgomery Bldg., 1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266; and (c) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor, marked “Attention Administrative Trustees of
KeyCorp Capital IX.” Such notice, demand or other communication to or upon the Issuer Trust or the Property Trustee shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Issuer Trust or the
Property Trustee. 
  

 -47- 

 SECTION 10.9. Agreement Not to Petition.  
 Each of the Issuer Trustees and the Depositor agree for the benefit of the Holders that, until at least one year and one day after the Issuer Trust has
been terminated in accordance with Article Nine, they shall not file, or join in the filing of, a petition against the Issuer Trust under any bankruptcy, insolvency, reorganization or other similar law (including, without limitation, the United
States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any proceeding against the Issuer Trust under any Bankruptcy Law. In the event the Depositor takes action in violation of this
Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against
the Issuer Trust or the commencement of such action and raise the defense that the Depositor has agreed in writing not to take such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Issuer
Trustees or the Issuer Trust may assert. The provisions of this Section 10.9 shall survive the termination of this Trust Agreement. 
 SECTION 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.  
 (a) This Trust Agreement is subject to the
provisions of the Trust Indenture Act that are required to be part of this Trust Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) The Property Trustee shall be the only Issuer Trustee which is deemed a trustee for the purposes of the Trust Indenture Act. 
 (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Trust Agreement by any of the provisions of the Trust Indenture Act, such required
provision shall control. If any provision of this Trust Agreement modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Trust Agreement as so
modified or excluded, as the case may be. 
 (d) The application of the Trust Indenture Act to this Trust Agreement shall not affect the
nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of the Issuer Trust. 
 SECTION
10.11. Acceptance of Terms of Trust Agreement, Guarantee and Indenture.  
 THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY
INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND SUCH OTHERS
THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS. 
  

 -48- 

 SECTION 10.12. Counterparts.  
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
 [The remainder of this page intentionally left blank; signature page
follows.] 
  

 IN WITNESS WHEREOF, the undersigned have executed this Amended and Restated Trust Agreement as of the
date first above written. 
  

			
	 KEYCORP,
 as Depositor

		
	By:	 	 /s/ Daniel R. Stolzer

		 	Daniel R. Stolzer
		 	Vice President and Deputy General Counsel
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Property Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	 /s/ Yana Kalachikova

	Name:	 	Yana Kalachikova
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Rodney Gaughan

	Name:	 	Rodney Gaughan
	Title:	 	Assistant Vice President
	
	DEUTSCHE BANK TRUST COMPANY DELAWARE, as Delaware Trustee
		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Daniel R. Stolzer

		 	Daniel R. Stolzer
		 	as Administrative Trustee
		
	By:	 	 /s/ Louis D. Raffis

		 	Louis D. Raffis
		 	as Administrative Trustee

 EXHIBIT A 
 CERTIFICATE OF TRUST 
 OF 
 KEYCORP CAPITAL IX 
 THIS CERTIFICATE OF TRUST of KeyCorp Capital IX (the “Trust”), dated
as of November 8, 2006, is being duly executed and filed by the undersigned, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.). 
 1. Name. The name of the statutory trust being formed hereby is KeyCorp Capital IX. 
 2. Delaware Trustee. The name and business address of the trustee of the Trust, with a principal place of business in the State of Delaware, are
Deutsche Bank Trust Company Delaware, E.A. Delle Donne Corporate Center, Montgomery Bldg., 1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266. 
 3. Effective Date. This Certificate of Trust shall be effective as of its filing with the Secretary of State of the State of Delaware. 
 IN WITNESS WHEREOF, the undersigned have duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act as of the date
first above written. 
  

			
	DEUTSCHE BANK TRUST COMPANY DELAWARE not in its individual capacity, but solely as Trustee
		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	Assistant Vice President
	
	DANIEL R. STOLZER
	not in his individual capacity, but solely as trustee
		
		 	 /s/ Daniel R. Stolzer

  

 A-1 

 EXHIBIT B 
 STANDARD FORM 
 DTC LETTER OF REPRESENTATIONS 
  

 B-1 

 EXHIBIT C 
 [Form of Common Securities Certificate] 
 THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE

 WITH SECTION 5.11 OF THE TRUST AGREEMENT 
  

			
	Certificate Number	  	Number of Common Securities
	C-	  	

 Certificate Evidencing Common Securities 
 of 
 KeyCorp Capital IX

 6.750% Common Securities 
 (Liquidation Amount $25 per Common Security) 
 KeyCorp Capital IX, a statutory trust created under the laws of the
State of Delaware (the “Issuer Trust”), hereby certifies that KeyCorp, an Ohio corporation (the “Holder”), is the registered holder of
                         (            )
common securities of the Issuer Trust, representing undivided beneficial interests in the assets of the Issuer Trust and designated the 6.750% Common Securities (Liquidation Amount $25 per Common Security) (the “Common Securities”).
Except as provided in Section 5.11 of the Trust Agreement (as defined below) the Common Securities are not transferable and any attempted transfer hereof shall be null and void. The designations, rights, privileges, restrictions, preferences
and other terms and provisions of the Common Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated
Trust Agreement of the Issuer Trust, dated as of November •, 2006, as the same may be amended from time to time (the “Trust Agreement”), including the designation of the terms of the Common Securities as set forth therein. The
Issuer Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Issuer Trust at its principal place of business. 
 By receipt and acceptance of this certificate, the Holder agrees to be bound by the Trust Agreement and is entitled to the benefits thereunder. 
 Terms used but not defined herein have the meanings set forth in the Trust Agreement. 
 IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Issuer Trust has executed this certificate as of the
             day of                     ,
    . 
  

			
	KEYCORP CAPITAL IX
		
	By:	 	  

	Name:	 	  

		 	as Administrative Trustee

  

 C-1 

 EXHIBIT D 
 [FORM OF CAPITAL SECURITIES CERTIFICATE] 
 [NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE
“PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH
PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, 95-60, 91-38, 90-1 OR 84-14 WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY PURCHASER OR
HOLDER OF THIS SECURITY OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (A) IT IS NOT A PLAN AND NO PART OF THE ASSETS TO BE USED BY IT TO PURCHASE AND/OR HOLD SUCH CAPITAL SECURITIES
OR ANY INTEREST THEREIN CONSTITUTES “PLAN ASSETS” OF ANY PLAN OR (B) IT IS ITSELF A PLAN, OR IS PURCHASING OR HOLDING THE CAPITAL SECURITIES OR AN INTEREST THEREIN ON BEHALF OF OR WITH “PLAN ASSETS” OF ONE OR MORE PLANS, AND
EACH SUCH PURCHASE AND HOLDING OF SUCH SECURITIES EITHER (I) SATISFIES THE REQUIREMENTS OF, AND IS ENTITLED TO FULL EXEMPTIVE RELIEF UNDER, PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 (OR SOME OTHER APPLICABLE CLASS OR INDIVIDUAL EXEMPTION) (OR, IN
THE CASE OF A NON-ERISA PLAN, A SIMILAR EXEMPTION APPLICABLE TO THE TRANSACTION) OR (II) WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR ITS EQUIVALENT UNDER APPLICABLE SIMILAR LAWS.] 
 [IF THIS CAPITAL SECURITY IS A GLOBAL CAPITAL SECURITIES CERTIFICATE, THEN INSERT—This Capital Security is a Global Capital Securities Certificate
within the meaning of the Trust Agreement hereinafter referred to and is registered in the name of a clearing agency or a nominee thereof. This Capital Security may not be exchanged in whole or in part for a Capital Security registered, and no
transfer of this Capital Security in whole or in part may be registered, in the name of any person other than such clearing agency or a nominee thereof, except in the limited circumstances described in the Trust Agreement.] 
 [If the Security is a Global Capital Security and The Depository Trust Company is to be the Clearing Agency therefor, then insert—Unless this
Capital Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York) to KeyCorp Capital IX or its agent for registration of transfer, exchange or payment, and any Capital Security issued is
registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
  

 D-1 

			
	Certificate Number	  	Number of Capital Securities
	P-	  	[                ]

 CUSIP NO. 49327Q204 
 Certificate Evidencing Capital Securities 
 of 
 KeyCorp Capital IX 
 6.750% Capital
Securities 
 (Liquidation Amount $25 per Capital Security) 
 KeyCorp Capital IX, a statutory trust created under the laws of the State of Delaware (the “Issuer Trust”), hereby certifies that
Cede & Co. (the “Holder”) is the registered owner of              (            ) capital securities of
the Issuer Trust representing an undivided preferred beneficial interest in the assets of the Issuer Trust and designated the KeyCorp Capital IX 6.750% Capital Securities (Liquidation Amount $25 per Capital Security) (the “Capital
Securities”). The Capital Securities are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in
Section 5.5 of the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities are set forth in, and this certificate and the Capital Securities
represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Trust Agreement of the Issuer Trust, dated as of November 21, 2006, as the same may be amended from time to time (the
“Trust Agreement”), including the designation of the terms of Capital Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement entered into by KeyCorp, an Ohio corporation, and Deutsche Bank
Trust Company Americas, as guarantee trustee, dated as of November 21, 2006, as amended from time to time (the “Guarantee”), to the extent provided therein. The Issuer Trust will furnish a copy of the Trust Agreement and the
Guarantee to the Holder without charge upon written request to the Issuer Trust at its principal place of business or registered office. 
 By receipt and acceptance of this certificate, the Holder agrees to be bound by the Trust Agreement and is entitled to the benefits thereunder. 
  

 D-2 

 IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Issuer Trust has executed this
certificate as of the      day of                     ,         .

  

			
	KEYCORP CAPITAL IX
		
	By:	 	  

	Name:	 	  

		 	as Administrative Trustee

  

 D-3 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security to: 
 (Insert assignee’s social security or tax identification number) 
 (Insert address and zip code of assignee)

 and irrevocably appoints 
 agent to transfer this Capital Securities Certificate on the books of the Issuer Trust. The agent may substitute another to act for him or her. 
  

					
	Date:	  	  
	  	
	Signature:	  	  
	  	

 (Sign exactly as your name appears on the other side of this Capital Security Certificate)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 
  

 D-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]