Document:

EX-10.24

 EXHIBIT 10.24 

KEYCORP DIRECTORS’ DEFERRED SHARE PLAN (December 31, 2008) 

ARTICLE I 
 PURPOSE

 The purpose of this KeyCorp Directors’ Deferred Share Plan (“Plan”) is to attract, retain and compensate highly
qualified individuals to serve as Directors and to align the interests of Directors with the shareholders of the Corporation further and thereby promote the long-term success and growth of the Corporation. 

ARTICLE II 

DEFINITIONS 
 For
purposes of this Plan, the following words and phrases shall have the meanings hereinafter set forth, unless a different meaning is clearly required by the context: 
  

	(a)	“Account”: A bookkeeping account in which Deferred Shares shall be recorded and to which dividends may be credited in accordance with the Plan. 

 

	(b)	“Beneficiary” or “Beneficiaries”: The person or persons designated by a Director in accordance with the Plan to receive payment of the Director’s Account in the event of the death of the
Director. 

  

	(c)	“Beneficiary Designation”: An agreement in substantially the form adopted and modified from time to time by the Corporation pursuant to which a Director may designate a Beneficiary or Beneficiaries.

  

	(d)	“Board”: The Board of Directors of the Corporation. 

  

	(e)	“Change of Control”: A Change of Control shall be deemed to have occurred if, under any rabbi trust arrangement maintained by the Corporation (the “Trust”), as such Trust may from time to time
be amended or substituted, the Corporation is required to fund the Trust to secure the payment of any Deferred Shares because a “Change of Control,” as defined in the Trust, has occurred on or after the effective date of the Plan.

  

	(f)	“Change of Control Election”: The meaning set forth in Section 4.6(a). 

  

	(g)	“Committee”: The Nominating and Corporate Governance Committee of the Board or any successor committee designated by the Board. 

 

	(h)	“Common Shares”: The Corporation’s common shares, $1.00 par value per share. Common Shares may be shares of original issuance or treasury shares or a combination of the foregoing.

  

	(i)	“Common Shares Account”: The meaning of such term as set forth in the Corporation’s Director Deferred Compensation Plan. 

 

	(j)	“Corporation”: KeyCorp or any successor or successors thereto. 

  

	(k)	“Deferral Period”: The meaning set forth in Section 4.2. 

  

	(l)	“Deferred Shares”: A right to receive Common Shares or the equivalent cash value thereof granted pursuant to Article III. 

 

	(m)	“Director”: An individual duly elected or chosen as a Director of the Corporation who is not also an employee of the Corporation or any of its subsidiaries. 

 

	(n)	“Director Deferred Compensation Plan” shall mean the KeyCorp Second Director Deferred Compensation Plan, as the same may be amended or substituted from time to time. 

 

	(o)	 “Fair Market Value”: The price per share at which the Common Shares were last sold (i.e. the closing price) on the New York Stock
Exchange for a day specified herein for which such fair market value is to be 

	 	
calculated, or if there was no sale of Common Shares so reported for such day, on the most recently preceding day on which there was such a sale, or if the Common Shares are not listed or
admitted for trading on the New York Stock Exchange on the day as of which the determination is being made, the amount determined by the Board to be the Fair Market Value on that date. 

 

	(p)	“Plan”: The Plan set forth in this instrument as it may from time to time be amended. 

  

	(q)	“Plan Year”: The fiscal year of the Corporation. 

  

	(r)	“Retainer”: The portion of a Director’s annual cash compensation that is payable on a current basis without regard to the number of Board or committee meetings attended or committee positions.

  

	(s)	“Settlement Date”: The date on which the three-year Deferral Period ends, provided that the Director has not elected to transfer his or her Deferred Shares to his or her Common Shares Account under the
Director Deferred Compensation Plan, as provided in Section 4.2(b). 

 ARTICLE III 

ANNUAL DEFERRED SHARE AWARDS 

Each Director shall receive, after the date of approval of the Plan by the Corporation’s shareholders in 2003, and each Plan Year
thereafter, an annual award of Deferred Shares. The number of Deferred Shares to be awarded shall be equal to a number of Common Shares having an aggregate Fair Market Value of the date of the award equal to 200% of the Director’s Retainer,
unless a lesser number of Deferred Shares is determined by the Committee. To the extent that the application of any formula in computing the number of Deferred Shares to be granted would result in fractional shares of stock, the number of shares
shall be rounded down to the nearest whole share. Unless the Committee from time to time determines another date for the annual award due to unusual circumstances or otherwise, such annual award shall be made the later of the July Committee meeting
or the third business day following the second quarter earnings release. At the time of making the annual award, the Committee shall determine, in its sole discretion, whether the Director’s Account shall be distributed pursuant to
Section 5.3 in the form of Common Shares (with fractional shares being rounded down to the nearest whole share), cash, or a combination of Common Shares and cash. 

ARTICLE IV 

DIRECTORS’ ACCOUNTS 

4.1 Grant of Deferred Shares. All of a Director’s Deferred Shares granted pursuant to Article III above shall be
credited on a bookkeeping basis to the Director’s Account. The number of Deferred Shares, which shall be credited to a Director’s Account effective as of the day such Deferred Shares were awarded, shall be equal to the number of Deferred
Shares granted pursuant to such award. Separate sub-accounts may be established to reflect on a bookkeeping basis all earnings, gains, or losses attributable to the Deferred Shares.  

4.2 Deferral Period.  
  

	(a)	Minimum Three-Year Deferral Period. Each grant of Deferred Shares shall be subject to a required deferral period (a “Deferral Period”) beginning on the Deferred Shares’ grant date and ending on the
third anniversary of such grant date; provided, however, that the Deferral Period will end prior to the third anniversary of the grant date (i) in the event of a Change of Control pursuant to a Director’s Change of Control
Election as provided in Section 4.6(a)(i); (ii) if the Director dies or (iii) the Director’s service as a Director is terminated (unless the termination follows a Change of Control and the Director has elected in a Change of
Control Election to receive his or her Account pursuant to Section 4.6(a)(iii)). 

  

	(b)	Directors’ Option to Transfer the Deferred Shares. Notwithstanding Section 4.2(a), a Director may elect at any time, provided that his or her election is no later than twelve full calendar months prior
to the close of the applicable Deferral Period to transfer his or her Deferred Shares into the Common Shares Account maintained under the Director Deferred Compensation Plan. Such transfer will become effective at the conclusion of the applicable
three-year Deferral Period. 

	(c)	Evergreen Deferral Election. Once a Director elects to transfer Deferred Shares into his or her Common Shares Account maintained under the Director’s Deferred Compensation Plan, his or her transfer election
will continue to be effective from Plan Year to Plan Year and the Deferred Shares for which the applicable three-year Deferral Period lapses following such election will also be transferred to his or her Director’s Deferred Compensation
Plan’s Common Shares Account. To modify this evergreen deferral election with respect to Deferred Shares otherwise granted in a particular Plan Year, the Director’s revocation or modification of his or her evergreen election shall be
delivered to the Corporation no later than twelve full calendar months prior to the date on which the applicable Deferral Period ends. 

  

	(d)	No Rights During Deferral Period. During the Deferral Period, the Director shall have no right to transfer any rights under his or her Deferred Shares and shall have no other rights of ownership therein.

 4.3 Dividend Equivalents. A Director’s Account will be credited, on the date of the Corporation’s
dividend payment, with that number of additional Deferred Shares (including fractional shares) equal to the amount of cash dividends paid by the Corporation on the number of Deferred Shares in the Director’s Account divided by the Fair Market
Value of one Common Share on that date. Such dividend equivalents, which shall likewise be credited with dividend equivalents, shall be deferred until the end of the Deferral Period for the Deferred Shares with respect to which the dividend
equivalents were credited and, if the Director has so elected, such dividend equivalents shall be transferred, along with the Deferred Shares, into the Director’s Common Shares Account under the Director Deferred Compensation Plan.  

4.4 Death of a Director. Notwithstanding anything to the contrary contained in this Plan, in the event of the death of a
Director, the three-year Deferral Period will be deemed to have ended, and the Settlement Date will be deemed to have occurred, on the date of the Director’s death. The Director’s Account shall be paid, as soon as practicable following the
Settlement Date, but in no event later than 90 days following the Settlement Date, to the Beneficiary or Beneficiaries designated on the Director’s Beneficiary Designation or, if no such designation is in effect or no Beneficiary is then
living, then to the Director’s estate.  
 4.5 Acceleration.  

 

	(a)	Change of Control. Notwithstanding anything to the contrary contained in this Plan, upon the occurrence of a Change of Control, a Director shall be entitled to receive from the Corporation the payment of his or her
Account in the manner selected as follows: Not later than the later of 30 calendar days after the effective date of this Plan, or 30 calendar days after the date a person first becomes a Director, a Director shall be entitled to make an election
which will be applicable in the event of a Change of Control (the “Change of Control Election”). The Change of Control Election will provide the following payment alternatives to a Director in the event of a Change of Control:

  

	 	(i)	upon the occurrence of a Change of Control, the entire amount of the Director’s Account will be immediately paid in full, regardless of whether the Director continues as a Director after the Change of Control;

  

	 	(ii)	upon and after the occurrence of a Change of Control and in accordance with Section 4.2(a), the entire amount of the Director’s Account will be immediately paid in full if and when the Director’s service
as a Director is terminated; or 

  

	 	(iii)	upon the occurrence of a Change of Control, the payment elections specified by the Director prior to the Change of Control shall govern irrespective of the Change of Control. . 

 

	(b)	 Hardship in the event of an unforeseeable emergency, the Corporation may accelerate the payment of all or any portion of the Director’s
Account to the Director but only up to the amount necessary to meet the emergency. For purposes of this Section 4.6(b), the term “unforeseeable emergency” shall mean a severe financial hardship to the Director resulting from a sudden
and unexpected illness or accident of the Director, the Director’s spouse, or the Director’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)), the loss of the
Director’s property due to casualty, or such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the 

	 	
Director. The determination of an unforeseeable emergency and the ability of the Corporation to accelerate the Director’s Account distribution shall be determined in accordance with the
requirements of Section 409A of the Code and the applicable regulations issued thereunder. Payment of the Director’s Account shall be limited only to such amount as is necessary to satisfy the emergency, which shall include all applicable
taxes owed or to be owed by the Director as a result of the distribution. 

 ARTICLE V 

DISTRIBUTION OF ACCOUNTS 

5.1 Settlement Date. A Director, or in the event of such Director’s death, his or her Beneficiary, shall be entitled to a
distribution of such Director’s Account, as provided in this Article V, following such Director’s Settlement Date.  

5.2 Amount to be Distributed. The amount to which a Director, or in the event of such Director’s death, his or her
Beneficiary, is entitled in accordance with the following provisions of this Article V, shall be based on the Director’s balance in his or her Account determined as of the Settlement Date.  

5.3 Form of Distribution. As soon as practicable following the Settlement Date, but in no event later than 90 days
following the Director’s Settlement Date, the Corporation shall distribute or cause to be distributed, to the Director or, in the case of the death of the Director, his or her Beneficiary, the balance of the Director’s Account.
Distribution of a Director’s Account shall be made in a lump sum in the form determined pursuant to Article III. If distribution of an Account is made in the form of Common Shares, the Corporation will provide procedures to facilitate the
sale of such Common Shares following distribution upon the request of the Director. If distribution of an Account is made in cash, the amount distributed shall be equal to the Fair Market Value on the Settlement Date.  

5.4 Fractional Shares. The Corporation will not be required to issue any fractional Common Shares pursuant to this Plan.

 5.5 Transfer of Deferred Shares. In accordance with the provisions of Section 4.2(b) and 4.2(c) hereof, if a
Director elects to transfer his or her Deferred Shares to the Director Deferred Compensation Plan, such Deferred Shares when transferred shall be subject to the terms and conditions of the Director Deferred Compensation Plan, provided, however, that
in no event shall such Deferred Shares be transferred unless the Director’s transfer election has been made a minimum of twelve months prior to the close of the applicable Deferral Period for such Shares, and provided further, that the
transferred Deferred Shares are deferred under the Director Deferred Compensation Plan for a minimum of five (5) years from the date of the Deferred Shares transfer, regardless of the Director’s termination or retirement, and regardless of
the distribution instructions contained in the Director’s transfer election form (as required under the subsequent deferral requirements of Section 409A of the Code).  

ARTICLE VI 

BENEFICIARY DESIGNATION 

6.1 Beneficiary Designation. Each Director shall have the right, at any time, to designate one or more persons or an entity as
Beneficiary (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of the Director’s death prior to distribution of the Director’s Account. Each Beneficiary Designation shall be in a written
form prescribed by the Corporation and shall be effective only when filed with the Corporation during the Director’s lifetime.  

6.2 Changing Beneficiary. Any Beneficiary Designation may be changed by the Director without the consent of the previously named
Beneficiary by the Director’s filing of a new Beneficiary Designation with the Corporation. The filing of a new Beneficiary Designation shall cancel all Beneficiary Designations previously filed by the Director.  

 ARTICLE VII 

SHARES SUBJECT TO PLAN; ADJUSTMENTS 

7.1 Shares Subject to Plan. Subject to adjustment as provided in this Plan, the total number of Common Shares which may be
delivered to Directors upon distribution of their Accounts shall not in the aggregate exceed 500,000 Common Shares. Any Common Shares delivered to Directors by a trust that is treated as a “grantor trust” within the meaning of
Sections 671-679 of the Internal Revenue Code of 1986, as amended, shall be treated as delivered by the Corporation under this Plan.  

7.2 Forfeitures; Etc.; Payment in Cash. The number of Common Shares available under Section 7.1 shall be adjusted to
account for shares credited to the Accounts that are forfeited, surrendered or relinquished to the Corporation, to provide for the payment of taxes or otherwise, paid or distributed to Directors or their Beneficiaries in the form of cash, or
transferred to a Director’s Common Shares Account pursuant to Sections 4.2(b) and 4.2(c). Upon forfeiture, surrender or relinquishment, upon payment or distribution in cash, or upon transfer to a Director’s Common Shares Account, of
Common Shares credited to an Account, such Common Shares shall again be available for delivery upon distribution of an Account under this Plan.  

7.3 Adjustments. 
  

	 	(a)	Adjustments. The Committee may make or provide for such adjustments in the (i) number of Common Shares covered by this Plan, (ii) number of Deferred Shares granted or credited to Accounts hereunder, and
(ii) kind of shares covered thereby, as the Committee in its sole discretion may in good faith determine to be equitably required in order to prevent dilution or enlargement of the rights of Directors that otherwise would result from
(x) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Corporation, (y) any merger, consolidation, spin-off, spin-out, split-off, split-up, reorganization, partial or
complete liquidation of the Corporation or other distribution of assets, issuance of rights or warrants to purchase securities of the Corporation, or (z) any other corporate transaction or event having an effect similar to any of the foregoing.
In the event of any such transaction or event, the Committee may provide in substitution for any or all outstanding grants or awards under this Plan such alternative consideration as it may in good faith determine to be equitable under the
circumstances and may require in connection therewith the surrender of all awards so replaced. Moreover, the Committee may on or after the date of grant provide that the holder of the grant or award may elect to receive an equivalent grant or award
in respect of securities of the surviving entity of any merger, consolidation or other transaction or event having a similar effect, or the Committee may provide that the holder will automatically be entitled to receive such an equivalent grant or
award. 

  

	 	(b)	Change of Control. Notwithstanding Section 8.2 hereof, in the event of a Change of Control as defined in accordance with Section 2.1(e) of the Plan, no amendment or modification of the Plan may be made
at any time on or after such Change of Control (1) to reduce or modify a Director’s Pre-Change of Control Account balance, or (2) to reduce or modify the Accounts’ method of calculating earnings, gains, and/or losses on the
Director’s Pre-Change of Control Account balance. For purposes of this Section 7.3(b), the term “Pre-Change of Control Account Balance” shall mean, with regard to any Director, the aggregate amount of the Director’s Deferred
Shares with all earnings, gains, and losses thereon which are credited to the Director’s Account through the close of the calendar year in which such Change of Control occurs. 

ARTICLE VIII 

ADMINISTRATION, AMENDMENT AND TERMINATION 

8.1 Administration. The Plan shall be administered by the Corporation. The Corporation shall have such powers as may be
necessary to discharge its duties hereunder. The Corporation may, from time to time, employ, appoint or delegate to an agent or agents (who may be an officer or officers of the Corporation) and delegate to them such administrative duties as it sees
fit, and may from time to time consult with legal counsel who may be counsel to the Corporation. No agent appointed by the Corporation to perform administrative duties hereunder shall be liable for any action taken or determination made in good
faith. All elections, notices and directions under the Plan by a Director shall be made on such forms as the Corporation shall prescribe. 

 8.2 Amendment and Termination. The Committee may alter or amend this Plan from time
to time or may terminate it in its entirety; provided, however, that no such action, except for an acceleration of benefits, shall, without the consent of a Director, impair the rights in any Deferred Shares issued or to be issued to
such Director under the Plan; and further provided, that any amendment that must be approved by the shareholders of the Corporation in order to comply with applicable law or the rules of the principal exchange upon which the Common
Shares are traded or quoted shall not be effective unless and until such approval has been obtained in compliance with such applicable law or rules. Presentation of this Plan or any amendment hereof for shareholder approval shall not be construed to
limit the Corporation’s authority to offer similar or dissimilar benefits through plans or other arrangements that are not subject to shareholder approval unless otherwise limited by applicable law or stock exchange rules.  

ARTICLE IX 
 FINANCING
OF BENEFITS 
 9.1 Financing of Benefits. The Deferred Shares payable under the Plan to a Director or, in the event of
his or her death, to his or her Beneficiary, shall be paid by the Corporation from its general assets, including treasury shares. The right to receive payment of the Deferred Shares represents an unfunded, unsecured obligation of the Corporation.
 
 9.2 Security for Benefits. Notwithstanding the provisions of Section 9.1, nothing in this Plan shall preclude
the Corporation from setting aside Common Shares or funds in a so-called “grantor trust” pursuant to one or more trust agreements between a trustee and the Corporation. However, no Director or Beneficiary shall have any secured interest or
claim in any assets or property of the Corporation or any such trust and all Common Shares or funds contained in such trust shall remain subject to the claims of the Corporation’s general creditors.  

ARTICLE X 
 GENERAL
PROVISIONS 
 10.1 Governing Law. The provisions of this Plan shall be governed by and construed in accordance with
the laws of the State of Ohio.  
 10.2 Shareholder Approval. Notwithstanding the foregoing provisions of the Plan, no
Common Shares shall be issued or transferred pursuant to the Plan before the date of the approval of this Plan by the Corporation’s shareholders.  

10.3 Miscellaneous. Headings are given to the sections of this Plan solely as a convenience to facilitate reference. Such
headings, numbering and paragraphing shall not in any case be deemed in any way material or relevant to the construction of this Plan or any provisions thereof.  

10.4 No Right to Continue as Director. Neither the Plan, nor the granting of Deferred Shares nor any other action taken pursuant
to the Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that a Director has a right to continue as a Director for any period of time, or at any particular rate of compensation.  

10.5 Compliance with Section 409A Requirements. The Plan is intended to provide for the deferral of compensation in
accordance with the provisions of Section 409A of the Code and regulations and published guidance issued pursuant thereto. Accordingly, the Plan shall be administered in a manner consistent with those provisions. Notwithstanding any provision
of the Plan to the contrary, no otherwise permissible election, deferral, accrual, transfer or distribution shall be made or given effect under the Plan that would result in a violation of Section 409A of the Code.EX-10.25

 EXHIBIT 10.25 

KEYCORP DIRECTORS’ DEFERRED SHARE SUB-PLAN 

(September 18, 2013) 

ARTICLE I 
 PURPOSE

 The KeyCorp Directors’ Deferred Share Sub-Plan (“Sub-Plan”) has been established as a sub-plan under the KeyCorp
2013 Equity Compensation Plan (“Equity Compensation Plan”). The Sub-Plan is a successor to the KeyCorp Directors’ Deferred Share Plan, adopted as of December 31, 2008 (the “Prior Plan”), which terminated in its entirety
effective on May 16, 2013, the date that the Corporation’s shareholders approved the Equity Compensation Plan (provided that all outstanding awards under the Prior Plan as of such date shall remain outstanding and shall be administered and
settled in accordance with the terms of the Prior Plan). The purpose of the Sub-Plan is to attract, retain and compensate highly qualified individuals to serve as Directors and to align the interests of Directors with the shareholders of the
Corporation further and thereby promote the long-term success and growth of the Corporation. The Sub-Plan is hereby amended and restated in its entirety as set forth herein, effective as of September 18, 2013. 

ARTICLE II 

DEFINITIONS 

Capitalized terms used in the Sub-Plan but not defined herein shall have the same meanings as defined in the Equity Compensation Plan. In
addition to those terms and the terms defined in Article I hereof, the following terms shall have the meanings hereinafter set forth, unless a different meaning is clearly required by the context: 

 

	 	(a)	“Account”: The meaning set forth in Section 4.3. 

  

	 	(b)	“Beneficiary” or “Beneficiaries”: The person or persons designated by a Director in accordance with the Sub-Plan to receive payment of the Director’s unpaid Deferred Shares and the
Director’s Account in the event of the death of the Director. 

  

	 	(c)	“Beneficiary Designation”: An agreement in substantially the form adopted and modified from time to time by the Corporation pursuant to which a Director may designate a Beneficiary or Beneficiaries.

  

	 	(d)	“Change of Control”: Notwithstanding any provision of the Equity Compensation Plan, a Change of Control shall be deemed to have occurred if and only if, under any rabbi trust arrangement maintained by
the Corporation (the “Trust”), as such Trust may from time to time be amended or substituted, the Corporation is required to fund the Trust to secure the payment of any Deferred Shares or Account balances because a “Change of
Control,” as defined in the Trust, has occurred on or after the effective date of the Sub-Plan; provided that the Change of Control transaction also constitutes the occurrence of a “change in the ownership,” a “change in the
effective control” or a “change in the ownership of a substantial portion of the assets” of the Corporation within the meaning of Section 409A of the Code. 

 

	 	(e)	“Change of Control Election”: The meaning set forth in Section 6.1. 

  

	 	(f)	“Deferral Period”: The meaning set forth in Section 3.2(a). 

  

	 	(g)	“Deferred Shares”: A right to receive Common Shares or the equivalent cash value thereof granted pursuant to Section 11 of the Equity Compensation Plan and Article III of this Sub-Plan.

  

	 	(h)	“Election Agreement”: The written election to defer payment of Fees and/or Deferred Shares in accordance with Section 3.2(b) or Article IV signed in writing by the Director and in the form provided
by the Corporation. Election Agreements shall be irrevocable. 

  

	 	(i)	“Fees”: The fees earned as Director. 

  

	 	(j)	“Nominating and Corporate Governance Committee”: The Nominating and Corporate Governance Committee of the Board or any successor committee designated by the Board. 

	 	(k)	“Participant”: Any Director who has at any time elected to defer the receipt of his or her Fees and/or Deferred Shares in accordance with the terms of the Sub-Plan. 

 

	 	(l)	“Retainer”: The portion of a Director’s annual cash compensation that is payable on a current basis without regard to the number of Board or committee meetings attended or committee positions.

  

	 	(m)	“Second Director Plan”: The KeyCorp Second Director Deferred Compensation Plan, as the same may be amended from time to time. 

 

	 	(n)	“Settlement Date”: The date on which the three-year Deferral Period with respect to an award of Deferred Shares ends, provided that the Director has not elected to defer payment of his or her Deferred
Shares pursuant to Section 3.2(b). 

  

	 	(o)	“Year”: The calendar year. 

 ARTICLE III 

ANNUAL DEFERRED SHARE AWARDS 

3.1 Annual Awards. Each Director shall receive, after the date of approval of the Equity Compensation Plan by the
Corporation’s shareholders in 2013, and each Year thereafter, an annual award of Deferred Shares. The number of Deferred Shares to be awarded shall be equal to a number of Common Shares having an aggregate Fair Market Value as of the date of
the award equal to 200% of the Director’s Retainer, unless a lesser number of Deferred Shares is determined by the Nominating and Corporate Governance Committee. To the extent that the application of any formula in computing the number of
Deferred Shares to be granted would result in fractional shares of stock, the number of shares shall be rounded down to the nearest whole share. Unless the Nominating and Corporate Governance Committee from time to time determines another date for
the annual award due to unusual circumstances or otherwise, beginning with the annual award made during 2014, such annual award shall be made on the day of the Corporation’s annual meeting of shareholders, in accordance with the
Corporation’s normal equity granting policies and only to those Directors serving as of the conclusion of such annual meeting. At the time of making the annual award, the Nominating and Corporate Governance Committee shall determine, in its
sole discretion, whether Deferred Shares shall be payable in the form of Common Shares (with fractional shares being rounded down to the nearest whole share), cash, or a combination of Common Shares and cash.  

3.2 Deferral Period.  
  

	 	(a)	Minimum Three-Year Deferral Period. Each grant of Deferred Shares shall be subject to a required deferral period (a “Deferral Period”) beginning on the Deferred Shares’ grant date and ending on the
earlier of the third anniversary of such grant date or the date of the Corporation’s annual meeting of shareholders that occurs in the third Year following the Year in which such grant date occurs (the “Vesting Date”); provided,
however, that the Deferral Period will end (and the Deferred Shares will become fully vested) prior to the Vesting Date (i) in the event of a Change of Control pursuant to a Director’s Change of Control Election as provided in
Section 6.1(a); (ii) if the Director dies; or (iii) if the Director’s service as a Director is terminated (unless the termination follows a Change of Control and the Director has elected in a Change of Control Election to receive
his or her Deferred Shares pursuant to Section 6.1(c)). 

  

	 	(b)	Directors’ Option to Defer Payment of Deferred Shares. Notwithstanding Section 3.2(a), a Director may elect, during the period specified by the Corporation in accordance with this Section 3.2(b)
and Section 409A of the Code, to defer the payment of his or her Deferred Shares. Any deferral election pursuant to this Section 3.2(b) shall specify (x) the date on which the Deferred Shares shall be distributed, which shall be the
first day of a calendar quarter commencing after the end of the Deferral Period, (y) whether the distribution of Deferred Shares is to be paid in its entirety or whether Deferred Shares shall be paid in installments, and (z) if in
installments, the number of annual installments (not to exceed 10). Deferred Shares being deferred pursuant to this Section 3.2(b) will be paid in the form (cash or Common Shares) originally granted. Any deferral of Deferred Shares pursuant to
an election under this Section 3.2(b) will become effective at the conclusion of the applicable Deferral Period. 

	 	(i)	With respect to any Deferred Shares granted after 2013, any such election shall be made no later than December 31 of the Year ending immediately prior to the Year in which the Deferred Shares are granted and shall
result in the crediting of the applicable Deferred Shares to the Director’s Account maintained under Article IV of this Sub-Plan. 

  

	 	(ii)	With respect to any Deferred Shares granted prior to 2014, any such election shall be made no later than twelve full calendar months prior to the close of the applicable Deferral Period and shall result in the transfer
of the applicable Deferred Shares into the Common Shares Account maintained for the Director under the Second Director Plan or the Director’s Account maintained under Article IV of this Sub-Plan, as the case may be. 

 

	 	(c)	Evergreen Deferral Election. Once a Director elects under Section 3.2(b) of this Sub-Plan to defer Deferred Shares into his or her Account maintained under Article IV of this Sub-Plan (or, as applicable, to
transfer such Deferred Shares into the Common Shares Account maintained for the Director under the Second Director Plan), his or her deferral election will continue to be effective from Year to Year to the extent provided in this
Section 3.2(c). 

  

	 	(i)	Any election with respect to Deferred Shares granted after 2013 will continue to be effective from Year to Year with respect to Deferred Shares granted after such Year and the Deferred Shares granted in subsequent Years
will also be credited to the Director’s Account maintained under Article IV of this Sub-Plan in accordance with such election, unless and until the election is revoked or modified, on a form provided by the Corporation, in accordance with this
Section 3.2(c)(i). To revoke or modify an evergreen deferral election under this Section 3.2(c)(i) with respect to Deferred Shares otherwise granted in a particular Year, the Director’s revocation or modification of his or her
evergreen election shall be delivered to the Corporation during the period specified by the Corporation and no later than December 31 of the Year ending immediately prior to the Year in which the Deferred Shares are granted. 

 

	 	(ii)	Any election with respect to Deferred Shares granted prior to 2014 will continue to apply to such Deferred Shares for which the applicable three-year Deferral Period lapses after 2013, and such Deferred Shares will be
transferred to the Director’s Common Shares Account maintained under the Second Director Plan in accordance with such election, unless and until the election is revoked or modified, on a form provided by the Corporation, in accordance with this
Section 3.2(c)(ii). No such election shall have any effect upon Deferred Shares granted after 2013. To revoke or modify an evergreen deferral election under this Section 3.2(c)(ii) with respect to Deferred Shares otherwise granted in a
particular Year, the Director’s revocation or modification of his or her evergreen election shall be delivered to the Corporation during the period specified by the Corporation and no later than twelve full calendar months prior to the date on
which the applicable Deferral Period ends. 

  

	 	(d)	No Rights During Deferral Period. During the Deferral Period, the Director shall have no right to transfer any rights under his or her Deferred Shares and shall have no other rights of ownership therein.

 3.3 Dividend Equivalents. Each award of Deferred Shares will provide for dividend equivalents, such
that, on the date of the Corporation’s dividend payment, each participating Director will be credited with a number of additional Deferred Shares (including fractional shares) equal to the amount of cash dividends paid by the Corporation on the
number of outstanding Deferred Shares divided by the Fair Market Value of one Common Share on that date. Such dividend equivalents, which shall likewise be credited with dividend equivalents, shall be deferred until the end of the Deferral Period
for the Deferred Shares with respect to which the dividend equivalents were credited and, if the Director has so elected, pursuant to Section 3.2(b), such dividend equivalents shall be credited to the Director’s Account maintained under
Article IV of this Sub-Plan. 
 3.4 Payment of Deferred Share Awards. Except as otherwise provided pursuant to a
Director’s election to defer payment of his or her Deferred Shares in accordance with Section 3.2(b), each Director’s Deferred Shares (including dividend equivalents) shall be shall be paid after the conclusion of the applicable
Deferral Period in accordance with this Section 3.4. 

	 	(a)	Settlement Date. A Director, or in the event of such Director’s death, his or her Beneficiary, shall be entitled to payment of such Director’s Deferred Shares following such Director’s
Settlement Date. 

  

	 	(b)	Time and Form of Distribution. As soon as practicable following the Settlement Date, but in no event later than 90 days following the Director’s Settlement Date, the Corporation shall pay each
outstanding award of Deferred Shares to the Director or, in the case of the death of the Director, his or her Beneficiary. Such distribution shall be made in a lump sum in the form determined pursuant to Section 3.1. If payment of Deferred
Shares is made in the form of Common Shares, the Corporation will provide procedures to facilitate the sale of such Common Shares following distribution upon the request of the Director. If payment of Deferred Shares is made in cash, the amount
distributed shall be equal to the Fair Market Value on the Settlement Date. 

  

	 	(d)	Fractional Shares. The Corporation will not be required to issue any fractional Common Shares pursuant to this Sub-Plan. 

3.5 Shares Subject to Sub-Plan. The Common Shares which may be delivered to Directors upon payment of their Deferred
Shares shall be issued or delivered under the Equity Compensation Plan, or any successor equity compensation plan maintained by the Corporation and approved by its shareholders. Any Common Shares delivered to Directors by a trust that is treated as
a “grantor trust” within the meaning of Sections 671-679 of the Code shall be treated as delivered by the Corporation pursuant to this Sub-Plan.  

3.6 Adjustments. The number of Deferred Shares granted to a Director hereunder, and the kind of shares covered thereby, are
subject to adjustment as provided in Section 15 of the Equity Compensation Plan (or the corresponding provision of any successor equity compensation plan maintained by the Corporation and approved by its shareholders under which Common Shares
may be delivered pursuant to this Sub-Plan).  
 3.7 Death of a Director. Notwithstanding anything to the contrary
contained in this Sub-Plan, and except in the case of Deferred Shares deferred pursuant to Section 3.2(b), in the event of the death of a Director, the three-year Deferral Period will be deemed to have ended, and the Settlement Date will be
deemed to have occurred, on the date of the Director’s death. The Director’s Deferred Shares shall be paid as soon as practicable following the Settlement Date, but in no event later than 90 days following the Settlement Date, to the
Beneficiary or Beneficiaries designated on the Director’s Beneficiary Designation or, if no such designation is in effect or no Beneficiary is then living, then to the Director’s estate. 

ARTICLE IV 
 DEFERRAL
OF FEES; ACCOUNTS 
 4.1 Election to Defer Fees. Any Director may elect to defer (i) payment of his receipt of
all or a specified portion of his or her Fees for any Year in accordance with this Section 4.1 with such deferred Fees deemed invested in KeyCorp Common Shares. A Director who desires to defer the payment of all or a portion of his or her Fees
for any Year must complete and deliver an Election Agreement to the Corporation during the period specified by the Corporation and no later than the last day of the Year prior to the Year in which the Fees will be earned by the Director; provided,
however, that any Director hereafter elected to the Board of Directors of the Corporation or a subsidiary who was not previously a Participant in the Sub-Plan may make an election to defer the payment of Fees for the Year in which he or she is
elected to the Board of Directors by delivering the Election Agreement to the Corporation within 30 days of first becoming a Director (or during such shorter period as may be specified by the Corporation), with any such Election Agreement being
effective with respect to Fees earned commencing after the date that the Election Agreement becomes irrevocable. 
 4.2 Amount of Fees
Deferred; Date of Deferral. A Participant shall designate on the Election Agreement (a) the amount of his or her Fees that are to be deferred under this Sub-Plan for any Year, (b) the date on which the deferred Fees shall be
distributed, (c) whether the distribution of deferred Fees is to be paid in its entirety or whether such Fees shall be paid in installments, and (d) if in installments, the number of annual installments (not

 
to exceed 10). Deferrals shall be until the earlier to occur of: (x) the date specified by the Participant, or (y) the date of death of the Participant, at which time payment of the
amount deferred shall be made in accordance with Section 4.4 or Section 6.1. A Participant may not select more than one date in each Election Agreement upon which distribution shall be made or when installments shall begin. Distribution
dates shall be the first business day of a calendar quarter. 
 4.3 Account. The Corporation shall maintain a bookkeeping
account for each Participant to which shall be credited (a) the amount of Fees deferred by the Participant pursuant to this Article IV, (b) the Deferred Shares deferred by the Participant pursuant to Section 3.2(b) of this Sub-Plan,
and (c) dividend equivalents credited in accordance with this Sub-Plan. (an “Account”). All amounts credited to a Director’s Account shall be credited in the form of notional Common Shares. With respect to deferred Fees, as of
the last business day of any quarter, there shall be added to each Account the number of Common Shares (whole and fractional, rounded to the nearest one-hundredth of a share) equal to the dollar amount of deferred Fees payable for such quater plus
all dividends payable during such quarter on the Common Shares credited to the Account on the first day of such quarter divided by the Fair Market Value of the Common Shares at the close of business on the last business day of such quarter.

 4.4 Payment of Account; Period of Deferral. The balance of a Participant’s Account shall be paid to the
Participant in a single payment and/or in a number of individual, substantially equal consecutive annual installments (not to exceed 10), as elected by the Participant in his or her Election Agreement. Distributions of deferred Fees shall be made in
Common Shares, and distributions of deferred Deferred Shares shall be made as described in Section 3.2(b). The amount of the Account remaining after payment of each individual installment shall continue to be valued in accordance with
Section 4.5 of this Article. Full payment or the first annual installment, as the case may be, shall be made in accordance with the terms of the Participant’s Election Agreement as soon as administratively practicable following the
Participant’s designated payment date, but in any event no later than 90 days following the date (i) on which the Participant has elected to commence distribution of his or her Account, or (ii) of the Participant’s death. Any
installment payment shall be made pro rata.  
 The election as to the time for and method of payment of the amount of the Account
relating to Fees deferred for a particular Year shall be made on the Election Agreement(s) and thereafter shall not be altered except as provided in Article VI of this Sub-Plan. 

In the event that a Participant elects to receive installment payments under this Section 4.4, 

 

	 	(a)	The amount of the distribution from the Account shall be valued based on the Fair Market Value of the Common Shares on the last business day of the quarter immediately prior to the distribution date; 

 

	 	(b)	The amount of each installment shall be determined by dividing the value of the Account by the number of installments remaining to be paid to the Participant. 

4.5 Valuation of the Account. Each Participant’s Account shall be valued as of the last day of each quarter until payment
of the Participant’s Account is made in full. The Corporation shall ascertain the number of shares in the Account (whole and fractional, rounded to the nearest one-hundredth of a share) after taking into account dividend equivalents credited to
the Account and deemed reinvested in Common Shares and distributions from the Account under this Article, based on the Fair Market Value of the Common Shares on the last business day of such quarter. Automatically and without further action by the
Corporation, in the event of any stock dividend or split, recapitalization, merger, consolidation, spin-off, reorganization, combination, exchange of shares, or a similar corporate change, appropriate adjustments in the number and kind of shares
credited to a Participant’s Account shall be made by the Corporation to reflect such change.  
 4.7 Statement.
Each Participant shall receive a statement of his or her Account not less than annually. 
 4.8 Change of Control. 

 

	 	(a)	 Adjustments. Notwithstanding any other provision of the Sub-Plan to the contrary, in the event of a Change of Control, no amendment or
modification of this Sub-Plan may be made at any time on or 

	 	
after such Change of Control (i) to reduce or modify a Participant’s Pre-Change of Control Account Balance, (ii) to reduce or modify the method of calculating all earnings, gains,
and/or losses on a Participant’s Pre-Change of Control Account Balance, or (iii) to reduce or modify the Participant’s deferrals to be credited to the Participant’s Account for the applicable deferral period. For purposes of this
Section 4.8, the term “Pre-Change of Control Account Balance” shall mean, with regard to any Participant, the aggregate amount of such Participant’s prior deferrals with all earnings, gains, and losses thereon which are credited
to the Participant’s Account through the close of the Year in which such Change of Control occurs. 

  

	 	(b)	Common Stock Conversion. In the event of a Change of Control in which the Common Shares of the Corporation are converted into or exchanged for securities, cash and/or other property as a result of any capital
reorganization or reclassification of the capital stock of the Corporation, or as a result of the consolidation or merger of the Corporation with or into another corporation or entity, or the sale of all or substantially all of its assets to another
corporation or entity, the Corporation shall cause each Participant’s Account to reflect the securities, cash and other property to be received in such reorganization, reclassification, consolidation, merger or sale on the balance in the
Account and, from and after such reorganization, reclassification, consolidation, merger or sale, the Account shall reflect all dividends, interest, earnings and losses attributable to such securities, cash, and other property. 

 

	 	(c)	Amendment in the Event of a Change of Control. On or after a Change of Control, the provisions of this Article IV may not be amended or modified as such provisions apply to the Participants’ Pre-Change of
Control Account Balances. 

 4.10 Death of a Participant. In the event of the death of a Participant, the amount
of the Participant’s Account shall be paid to the Beneficiary or Beneficiaries designated in writing signed by the Participant in the form provided by the Corporation; in the event there is more than one Beneficiary, such form shall include the
proportion to be paid to each Beneficiary and indicate the disposition of such share if a Beneficiary does not survive the Participant; in the absence of any such designation, payment from the Account shall be divided equally among all other
Beneficiaries. Unless a Participant elects otherwise, in the event of the Participant’s death after December 31, 2014, payment of the Participant’s Account shall be made in a single lump sum to the Participant’s
Beneficiary(ies). 
 ARTICLE V 

BENEFICIARY DESIGNATION 

5.1 Beneficiary Designation. Each Director shall have the right, at any time, to designate one or more persons or an
entity as Beneficiary (both primary as well as secondary) to whom benefits under this Sub-Plan shall be paid in the event of the Director’s death prior to payment of the Director’s Deferred Shares or the Director’s Account. Each
Beneficiary Designation shall be in a written form prescribed by the Corporation and shall be effective only when filed with the Corporation during the Director’s lifetime.  

5.2 Changing Beneficiary. Any Beneficiary Designation may be changed by the Director without the consent of the
previously named Beneficiary by the Director’s filing of a new Beneficiary Designation with the Corporation. The filing of a new Beneficiary Designation shall cancel all Beneficiary Designations previously filed by the Director.  

ARTICLE VI 

ACCELERATION 

6.1 Change of Control. Notwithstanding anything to the contrary contained in this Sub-Plan, upon the occurrence of a Change of
Control, a Director shall be entitled to receive from the Corporation the payment of his or her Deferred Shares and the balance of his or her Account in the manner selected as follows: Not later than 30 calendar days after the date a person first
becomes a Director, a Director shall be entitled to make an election which will be applicable in the event of a Change of Control (the “Change of Control Election”). For purposes of 

 
clarity, notwithstanding any other provision of the Sub-Plan to the contrary, a Director’s Change of Control Election in effect immediately prior to September 18, 2013 shall continue in
effect on and after such date. The Change of Control Election will provide the following payment alternatives to a Director in the event of a Change of Control: 
  

	 	(a)	upon the occurrence of a Change of Control, the entire amount of the Director’s Deferred Shares and the balance of the Director’s Account will be immediately paid in full, regardless of whether the Director
continues as a Director after the Change of Control; 

  

	 	(b)	upon and after the occurrence of a Change of Control and in accordance with Section 3.2(a), the entire amount of the Director’s Deferred Shares and the balance of the Director’s Account will be
immediately paid in full if and when the Director’s service as a Director is terminated within two years after the Change of Control; or 

  

	 	(c)	upon the occurrence of a Change of Control, the payment elections specified by the Director prior to the Change of Control shall govern irrespective of the Change of Control. 

6.2 Hardship. In the event of an unforeseeable emergency, the Corporation may accelerate the payment of all or any portion of
the Director’s Deferred Shares and the Director’s Account to the Director, but only up to the amount necessary to meet the emergency. For purposes of this Section 6.2, the term “unforeseeable emergency” shall mean a severe
financial hardship to the Director resulting from a sudden and unexpected illness or accident of the Director, the Director’s spouse, or the Director’s dependent (as defined in Section 152 of the Code, without regard to
Section 152(b)(1), (b)(2), and (d)(1)(B)), the loss of the Director’s property due to casualty, or such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director. The
determination of an unforeseeable emergency and the ability of the Corporation to accelerate payment of the Director’s Deferred Shares and the Director’s Account shall be determined in accordance with the requirements of Section 409A
of the Code and the applicable regulations issued thereunder. Payment of the Director’s Deferred Shares and the Director’s Account shall be limited only to such amount as is necessary to satisfy the emergency, which shall include all
applicable taxes owed or to be owed by the Director as a result of the distribution. 
 6.3 Small Accounts. Notwithstanding
any other provision of this Sub-Plan, the Corporation may, to the extent permitted under Section 409A of the Code, accelerate payment of a Director’s Account if, at any time, the balance of the Director’s Account (and the value of any
other nonqualified deferred compensation arrangement that is aggregated with the Director’s Account under Treasury Regulation Section 1.409A-1(c)) is less than or equal to the applicable dollar amount then in effect under
Section 402(g)(1)(B) of the Code. 
 ARTICLE VII 

ADMINISTRATION, AMENDMENT AND TERMINATION 

7.1 Administration. Notwithstanding any provision of the Equity Compensation Plan, the Sub-Plan shall be administered
by the Corporation. The Corporation shall have such powers as may be necessary to discharge its duties hereunder. The Corporation may, from time to time, employ, appoint or delegate to an agent or agents (who may be an officer or officers of the
Corporation) and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who may be counsel to the Corporation. No agent appointed by the Corporation to perform administrative duties hereunder
shall be liable for any action taken or determination made in good faith. All elections, notices and directions under the Sub-Plan by a Director shall be made on such forms as the Corporation shall prescribe.  

7.2 Amendment and Termination. Notwithstanding any provision of the Equity Compensation Plan, the Nominating and
Corporate Governance Committee may alter or amend this Sub-Plan from time to time or may terminate it in its entirety; provided, however, that no such action, except for an acceleration of benefits, shall, without the consent of a
Director, impair the Director’s rights with respect to the amount credited to the Director’s Account or with respect to any Deferred Shares issued or to be issued to such Director under the Sub-Plan; and further
provided, that any amendment that must be approved by the shareholders of the Corporation in order to comply with applicable law or the rules of the principal exchange upon which the Common Shares are

 
traded or quoted shall not be effective unless and until such approval has been obtained in compliance with such applicable law or rules. Presentation of this Sub-Plan or any amendment
hereof for shareholder approval shall not be construed to limit the Corporation’s authority to offer similar or dissimilar benefits through plans or other arrangements that are not subject to shareholder approval unless otherwise limited by
applicable law or stock exchange rules.  
 ARTICLE VIII 

FINANCING OF BENEFITS 

8.1 Financing of Benefits. The Deferred Shares and the balance of a Director’s Account payable under the Sub-Plan
to a Director or, in the event of his or her death, to his or her Beneficiary, shall be paid by the Corporation from its general assets, including treasury shares. The right to receive payment of the Deferred Shares or an Account balance represents
an unfunded, unsecured obligation of the Corporation.  
 8.2 Security for Benefits. Notwithstanding the
provisions of Section 8.1, nothing in this Sub-Plan shall preclude the Corporation from setting aside Common Shares or funds in a so-called “grantor trust” pursuant to one or more trust agreements between a trustee and the
Corporation. However, no Director or Beneficiary shall have any secured interest or claim in any assets or property of the Corporation or any such trust and all Common Shares or funds contained in such trust shall remain subject to the claims of the
Corporation’s general creditors.  
 ARTICLE IX 

GENERAL PROVISIONS 

9.1 Governing Law. The provisions of this Sub-Plan shall be governed by and construed in accordance with the laws of
the State of Ohio.  
 9.2 Shareholder Approval. Notwithstanding the foregoing provisions of the Sub-Plan, no
Common Shares shall be issued or transferred pursuant to the Sub-Plan before the date of the approval of the Equity Compensation Plan by the Corporation’s shareholders.  

9.3 Miscellaneous. Headings are given to the sections of this Sub-Plan solely as a convenience to facilitate
reference. Such headings, numbering and paragraphing shall not in any case be deemed in any way material or relevant to the construction of this Sub-Plan or any provisions thereof.  

9.4 No Right to Continue as Director. Neither the Sub-Plan, nor the granting of Deferred Shares nor any other action
taken pursuant to the Sub-Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that a Director has a right to continue as a Director for any period of time, or at any particular rate of compensation. 

 9.5 Compliance with Section 409A Requirements. The Sub-Plan is intended to provide for the deferral of
compensation in accordance with the provisions of Section 409A of the Code and regulations and published guidance issued pursuant thereto. Accordingly, the Sub-Plan shall be administered in a manner consistent with those provisions.
Notwithstanding any provision of the Sub-Plan to the contrary, no otherwise permissible election, deferral, accrual, transfer or distribution shall be made or given effect under the Sub-Plan that would result in a violation of Section 409A of
the Code.  
 9.6 Elections Under Prior Plan. Each Director’s Account hereunder shall remain subject to
the same Change of Control elections, elections under Section 4.2(b) of the Prior Plan that are described in Sections 3.2(b)(ii) and 3.2(c)(ii) of this Sub-Plan to transfer the Deferred Shares to the Director’s Common Shares Account under
the Second Director Plan, and Beneficiary Designations that were controlling under the Prior Plan immediately prior to the approval of the Equity Compensation Plan by the Corporation’s shareholders for the remainder of the period or periods for
which such elections or designations are by their original terms applicable or, in the case of Beneficiary Designations and elections under Section 4.2(b) of the Prior Plan that are described in Sections 3.2(b)(ii) and 3.2(c)(ii) of this
Sub-Plan, until such time as such designations and elections are revoked or modified or otherwise cease to be effective in accordance with this Sub-Plan.

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