Document:

Form of Guarantee Agreement for KeyCorp Capital XI

 Exhibit 4(dd) 
  
  
 GUARANTEE AGREEMENT 
 between 
 KEYCORP 
 as Guarantor 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as Guarantee Trustee 
 relating to 
 KEYCORP CAPITAL XI 
 Dated as of
            , 20     
  
  

 KEYCORP CAPITAL XI 
 Certain Sections of this Guarantee Agreement relating to 
 Sections 310 through 318 of the 
 Trust Indenture Act of 1939 
  

					
	 Section of Trust Indenture Act
	  	 Section of Guarantee Agreement

	310	  	(a)	  	4.1(a)
		  	(b)	  	4.1(c), 2.8
		  	(c)	  	Inapplicable
	311	  	(a)	  	2.2(b)
		  	(b)	  	2.2(b)
		  	(c)	  	Inapplicable
	312	  	(a)	  	2.2(a)
		  	(b)	  	2.2(b)
		  	313	  	2.3
	314	  	(a)	  	2.4
		  	(b)	  	Inapplicable
		  	(c)	  	2.5
		  	(d)	  	Inapplicable
		  	(e)	  	1.1, 2.5, 3.2
		  	(f)	  	2.1, 3.2
	315	  	(a)	  	3.1(d)
		  	(b)	  	2.7
		  	(c)	  	3.1(c)
		  	(d)	  	3.1(d)
	316	  	(a)	  	1.1, 2.6, 5.4
		  	(b)	  	5.3, 5.7
		  	(c)	  	8.2
	317	  	(a)	  	Inapplicable
		  	(b)	  	Inapplicable
	318	  	(a)	  	2.1(b)
		  	(b)	  	2.1
		  	(c)	  	2.1(a)

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE I	  	INTERPRETATION AND DEFINITIONS	  	1
			
	 SECTION 1.1.
	  	Interpretation	  	1
	 SECTION 1.2.
	  	Definitions	  	2
			
	ARTICLE II	  	TRUST INDENTURE ACT	  	4
			
	 SECTION 2.1.
	  	Trust Indenture Act; Application	  	4
	 SECTION 2.2.
	  	List of Holders	  	4
	 SECTION 2.3.
	  	Reports by the Guarantee Trustee	  	5
	 SECTION 2.4.
	  	Periodic Reports to the Guarantee Trustee	  	5
	 SECTION 2.5.
	  	Evidence of Compliance with Conditions Precedent	  	5
	 SECTION 2.6.
	  	Events of Default; Waiver	  	5
	 SECTION 2.7.
	  	Events of Default; Notice	  	5
	 SECTION 2.8.
	  	Conflicting Interests	  	5
			
	ARTICLE III	  	POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE	  	6
			
	 SECTION 3.1.
	  	Powers and Duties of the Guarantee Trustee	  	6
	 SECTION 3.2.
	  	Certain Rights of Guarantee Trustee	  	7
	 SECTION 3.3.
	  	Compensation; Indemnity; Fees	  	8
			
	ARTICLE IV	  	GUARANTEE TRUSTEE	  	8
			
	 SECTION 4.1.
	  	Guarantee Trustee; Eligibility	  	8
	 SECTION 4.2.
	  	Appointment, Removal and Resignation of the Guarantee Trustee	  	9
			
	ARTICLE V	  	GUARANTEE	  	9
			
	 SECTION 5.1.
	  	Guarantee	  	9
	 SECTION 5.2.
	  	Waiver of Notice and Demand	  	9
	 SECTION 5.3.
	  	Obligations Not Affected	  	9
	 SECTION 5.4.
	  	Rights of Holders	  	10
	 SECTION 5.5.
	  	Guarantee of Payment	  	10
	 SECTION 5.6.
	  	Subrogation	  	10
	 SECTION 5.7.
	  	Independent Obligations	  	10
			
	ARTICLE VI	  	COVENANTS AND SUBORDINATION	  	11
			
	 SECTION 6.1.
	  	Subordination	  	11
	 SECTION 6.2.
	  	Pari Passu Guarantees	  	11
			
	ARTICLE VII	  	TERMINATION	  	11
			
	 SECTION 7.1.
	  	Termination	  	11
			
	ARTICLE VIII	  	MISCELLANEOUS	  	11
			
	 SECTION 8.1.
	  	Successors and Assigns	  	11
	 SECTION 8.2.
	  	Amendments	  	11
	 SECTION 8.3.
	  	Notices	  	11
	 SECTION 8.4.
	  	Benefit	  	12
	 SECTION 8.5.
	  	Governing Law	  	12
	 SECTION 8.6.
	  	Counterparts	  	12

  

 (i) 

 GUARANTEE AGREEMENT, dated as of
            , 20     , is executed and delivered by KEYCORP, an Ohio corporation (the “Guarantor”) having its principal office at 127 Public Square, Cleveland,
Ohio 44114-1306, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Capital Securities (as defined
herein) of KEYCORP CAPITAL XI, a Delaware statutory trust (the “Issuer Trust”). 
 WITNESSETH: 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of             ,
20     (the “Trust Agreement”), among the Guarantor, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial
interests in the assets of the Issuer Trust, the Issuer Trust is issuing $             aggregate Liquidation Amount (as defined in the Trust Agreement) of its     %
Enhanced Trust Preferred Securities, Liquidation Amount $25 per Capital Security (the “Capital Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the
Trust Agreement; 
 WHEREAS, the Capital Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds
from the issuance of the Issuer Trust’s Common Securities (as defined below), will be used to purchase the Junior Subordinated Debentures (as defined in the Trust Agreement) of the Guarantor which will be deposited with Deutsche Bank Trust
Company Americas, as Property Trustee under the Trust Agreement, as trust assets; 
 WHEREAS, as an incentive for the Holders to purchase the
Capital Securities, the Guarantor irrevocably and unconditionally agrees, to the extent set forth herein, to pay to the Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Capital Securities, which purchase the
Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the Capital Securities: 
 ARTICLE I 
 INTERPRETATION AND
DEFINITIONS 
 SECTION 1.1. Interpretation. 
 In this Guarantee Agreement, unless the context otherwise requires: 
 (a) capitalized terms used in this
Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.2; 
 (b) a term
defined anywhere in this Guarantee Agreement has the same meaning throughout; 
 (c) all references to “the Guarantee Agreement” or
“this Guarantee Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 
 (d) all
references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 
 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a reference to the singular includes the plural and vice-versa; and 

 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine and
neuter genders. 
 SECTION 1.2. Definitions. 
 As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings: 
 “Allocable Amounts”, when used with respect to any Senior Subordinated Debt or Junior Subordinated Debt, means the amount necessary to pay all principal of (and premium, if any) and interest, if any, on such
Senior Subordinated Debt or Junior Subordinated Debt, as applicable, in full less, if applicable, any portion of such amounts 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, from the Guarantor 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. 
 “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 to be an Affiliate of the
Guarantor. 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. 
 “Board of Directors” means either the board of directors of the Guarantor or any committee of that board duly authorized to act hereunder. 
 “Common Securities” means the securities representing common undivided beneficial interests in the assets of the Issuer Trust. 
 “Event of Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided,
however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default and shall not have cured such default within 30 days after receipt of such notice. 
 “Guarantee Payments” means the following payments or distributions, without duplication, with respect to the Capital Securities, to the extent
not paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Capital Securities, to the extent the Issuer Trust shall have funds on hand
available therefor at such time, (ii) the redemption price, including all accumulated and unpaid Distributions to the date of redemption (the “Redemption Price”), with respect to any Capital Securities called for redemption by the
Issuer Trust, to the extent the Issuer Trust shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer Trust, unless Junior Subordinated Debentures
are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation Amount of $25 per Capital Security plus accumulated and unpaid Distributions on the Capital Securities to the date of payment to the extent that the Issuer Trust
shall have funds available therefor at such time and (b) the amount of assets of the Issuer Trust remaining available for distribution to Holders in liquidation of the Issuer Trust (in either case, the “Liquidation Distribution”).

 “Guarantee Trustee” means Deutsche Bank Trust Company Americas, until a Successor Guarantee Trustee has been appointed and has
accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee. 
  

 -2- 

 “Holder” means any holder, as registered on the books and records of the Issuer Trust, of any
Capital Securities; provided, however, that in determining whether the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the
Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee. 
 “Indenture” means the Indenture dated as of
December 4, 1996, between the Guarantor and Bankers Trust Company (now known as Deutsche Bank Trust Company Americas), as trustee, as supplemented and amended from time to time. 
 “Junior Subordinated Debt” has the meaning specified in the Indenture. 
 “List of Holders” has the meaning specified in Section 2.2(a). 
 “Majority in Liquidation Amount of the Capital Securities” means, except as provided by the Trust Indenture Act, a vote by the Holder(s),
voting separately as a class, of more than 50% of the Liquidation Amount of all then outstanding Capital Securities issued by the Issuer Trust. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman or a Vice Chairman of the Board of Directors of such Person or the President or a Vice President of such Person, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this
Guarantee 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 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 officer, such condition or covenant has been complied with. 
 “Pari Passu Securities” means (i) indebtedness (A) the terms of which provide that such indebtedness ranks equally with the Junior
Subordinated Debentures in right of payment and upon liquidation and (B) that qualifies or is issued to financing vehicles issuing securities that qualify as Tier 1 capital of the Guarantor under the capital guidelines of the Federal Reserve
(as defined in the Trust Agreement); and (ii) guarantees of indebtedness described in clause (i) or securities issued by one or more financing vehicles described in clause (i)(B). 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company,
limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
 “Responsible Officer” means, with respect to the Guarantee Trustee, any Managing Director, any Director, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, any Associate, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer or any other officer of the Corporate Trust Department of the Guarantee Trustee and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Senior Debt” means any obligation of the Guarantor to its creditors, whether now outstanding or subsequently incurred, other than any obligation as to which, in the instrument creating or evidencing the obligation 

  

 -3- 

 
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) and (ii) the Allocable Amounts of Senior Subordinated Debt, and (iii) the Allocable Amounts of Junior Subordinated Debt.

 “Senior Subordinated Debt” means any obligation of the Guarantor to its creditors, whether now outstanding or subsequently
incurred, where the instrument creating or evidencing the obligation or pursuant to which the obligation is outstanding, provides that it is subordinate and junior in right of payment to Senior Debt. Senior Subordinated Debt includes the
Guarantor’s outstanding subordinated debt securities and any subordinated debt securities issued in the future with substantially similar subordination terms and does not include the Junior Subordinated Debentures or any subordinated debt
securities issued in the future or the past with substantially similar subordination terms. 
 “Successor Guarantee Trustee” means
a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended. 
 Capitalized or otherwise defined terms used but not otherwise defined herein
shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof. 
 ARTICLE II 
 TRUST INDENTURE ACT 
 SECTION 2.1.
Trust Indenture Act; Application. 
 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to
be part of this Guarantee Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any
provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act through the operation of Section 318(c) thereof, such imposed duties shall control. If
any provision of this Guarantee 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 Guarantee Agreement as so modified or to be excluded,
as the case may be. 
 SECTION 2.2. List of Holders. 
 (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a) semiannually, on or before June 30 and December 31 of each year, commencing
            , 20    , a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (the “List of Holders”)
as of a date not more than 15 days prior to the delivery thereof, and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date
not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been
received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture
Act. 
  

 -4- 

 SECTION 2.3. Reports by the Guarantee Trustee. 
 Not later than May 31 of each year, commencing May 31, 20 , the Guarantee Trustee shall provide to the Holders such reports as are required by
Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act. The Guarantor will notify the Guarantee Trustee if and when any Capital Securities are listed on any stock exchange. 
 SECTION 2.4.
Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and
the Holders such documents, reports and information, if any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 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 2.5. Evidence of Compliance with Conditions Precedent. 

The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this Guarantee
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 of the Guarantor pursuant to Section 314(c)(1) may be given in the form of an
Officers’ Certificate. 
 SECTION 2.6. Events of Default; Waiver. 
 The Holders of a Majority in Liquidation Amount of the Capital Securities may, by vote, on behalf of the Holders, waive any past Event of Default and its
consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent therefrom. 
 SECTION 2.7. Events of Default; Notice.

 (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid,
to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the
Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that
the withholding of such notice is in the interests of the Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default. 
 SECTION 2.8. Conflicting Interests. 
 The
Trust Agreement and the Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
  

 -5- 

 ARTICLE III 
 POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE 
 SECTION 3.1. Powers and Duties of the Guarantee
Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee
shall not transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act
as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting
and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 
 (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the Holders.

 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing of all Events of Default that may have
occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of
this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (i) prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement, and the
Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are
specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement; 
 (ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it
shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 
 (iii) the
Guarantee 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 Capital Securities relating to
the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
 (iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the 

  

 -6- 

 
exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not reasonably assured to it. 
 SECTION 3.2. Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1:

 (i) The Guarantee Trustee may rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented
by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently
evidenced by an Officers’ Certificate unless otherwise prescribed herein. 
 (iii) Whenever, in the administration of this Guarantee
Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee 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 which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 
 (iv) The Guarantee Trustee may consult with legal counsel, and the written advice or opinion of such legal counsel with respect to legal matters shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be legal counsel to the Guarantor or
any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction. 
 (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or
direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee such adequate security and indemnity as would satisfy a reasonable person in the position of the Guarantee Trustee, against the costs, expenses (including
attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided that, nothing contained in this
Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement. 
 (vi) The Guarantee 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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit. 
 (vii) The Guarantee 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 Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it hereunder.

 (viii) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders, (B) may refrain from enforcing such remedy or right or taking such other action until
such instructions are received, and (C) shall be protected in acting in accordance with such instructions. 
  

 -7- 

 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the
Guarantee 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 the Guarantee 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 the Guarantee Trustee shall be construed to be a duty to act in accordance with
such power and authority. 
 SECTION 3.3. Compensation; Indemnity; Fees. 
 The Guarantor agrees: 
 (a) to pay to the
Guarantee Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provisions of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements and
advances incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee 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 or bad faith; and 
 (c) to indemnify the Guarantee Trustee and its
directors, officers, agents and employees for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Guarantee Trustee, arising out of or in connection with the acceptance or
administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Guarantee Trustee will not
claim or exact any lien or charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. 
 The
provisions of this Section 3.3 shall survive the termination of this Guarantee Agreement or the earlier resignation or removal of the Guarantee Trustee. 
 ARTICLE IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1. Guarantee Trustee; Eligibility. 
 (a) There shall at all times be a Guarantee Trustee which shall: 
 (i) not be an Affiliate of the Guarantor; and 
 (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000, and
shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining
authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c)
If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act. 
  

 -8- 

 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by written
instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed hereunder
shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing executed
by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor Guarantee
Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have been
appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 
 ARTICLE V 
 GUARANTEE 

SECTION 5.1. Guarantee. 
 The Guarantor
irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer Trust), as and when due, regardless of any defense, right of set-off or
counterclaim which the Issuer Trust may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by
causing the Issuer Trust to pay such amounts to the Holders. 
 SECTION 5.2. Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand
for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other
notices and demands. 
 SECTION 5.3. Obligations Not Affected. 
 The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following:

 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer Trust of any express or implied
agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer Trust; 
 (b) the
extension of time for the payment by the Issuer Trust of all or any portion of the Distributions (other than an extension of time for payment of Distributions that results from the extension of any interest payment period on the Junior Subordinated
Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Capital Securities or the extension of time for the performance of any other obligation under, arising out of, or
in connection with, the Capital Securities; 
  

 -9- 

 (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or
exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital Securities, or any action on the part of the Issuer Trust granting indulgence or extension of any kind; 
 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the benefit of
creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the Issuer Trust; 
 (e) any invalidity of, or defect or deficiency in, the Capital Securities; 
 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than payment of the underlying obligation), it being the intent of this Section 5.3 that the obligations of the Guarantor
hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice
to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
 SECTION 5.4. Rights of Holders.

 The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for
the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Capital Securities have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and
(iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust or any other
Person. 
 SECTION 5.5. Guarantee of Payment. 
 This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment of the Guarantee Payments in full (without duplication of amounts
theretofore paid by the Issuer Trust) or upon distribution of Junior Subordinated Debentures to Holders as provided in the Trust Agreement. 
 SECTION 5.6. Subrogation. 
 The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in
respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and shall have the right to waive payment by the Issuer Trust pursuant to Section 5.1; provided, however, that the Guarantor shall not (except to the
extent required by mandatory provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee
Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for
the Holders and to pay over such amount to the Holders. 
 SECTION 5.7. Independent Obligations. 
 The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer Trust with respect to the Capital Securities
and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g),
inclusive, of Section 5.3 hereof. 
  

 -10- 

 ARTICLE VI 
 COVENANTS AND SUBORDINATION 
 SECTION 6.1. Subordination. 
 The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank subordinate and
junior in right of payment to all Senior Indebtedness of the Guarantor. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Indebtedness, Senior Debt or Senior Subordinated Debt. 
 SECTION 6.2. Pari Passu Guarantees. 
 The
obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under any similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital securities issued
by any KeyCorp Trust (as defined in the Indenture). 
 ARTICLE VII 
 TERMINATION 
 SECTION 7.1. Termination. 
 This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all Capital
Securities, (ii) the distribution of Junior Subordinated Debentures to the Holders in exchange for all of the Capital Securities or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the
Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to Capital Securities or this
Guarantee Agreement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.1. Successors and Assigns. 
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and pursuant
to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder. 
 SECTION 8.2. Amendments. 
 Except with respect to any changes which do not adversely affect the rights of the
Holders in any material respect (in which case no consent of the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Capital
Securities. The provisions of Article VI of the Trust Agreement concerning meetings of the Holders shall apply to the giving of such approval. 
 SECTION 8.3. Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing,
duly signed by the party giving such notice, and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the
Guarantor, to the address set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Holders: 
  

 -11- 

 KeyCorp 
 127 Public Square 
 Cleveland, Ohio 44114-1306 
 Facsimile No.: (216) 689-4121 
 Attention: General Counsel 
 (b) if given to the Issuer Trust, in care of the Guarantee Trustee, at the Issuer Trust’s (and
the Guarantee Trustee’s) address set forth below or such other address as the Guarantee Trustee on behalf of the Issuer Trust may give notice to the Holders: 
 KeyCorp Capital XI 
 c/o KeyCorp 
 127 Public Square 
 Cleveland, Ohio 44114-1306

 Facsimile No.: (216) 689-4121 
 Attention: General Counsel 
 with a copy to: 
 Deutsche Bank Trust Company Americas 
 60 Wall Street 
 Mail Stop NYC 60-2710, 27th Floor 
 New York,
NY 10005 
 Facsimile No.: (732) 578-4635 
 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: Trust and Securities Services 
 (c) if given to any Holder, at the address set forth on the books and records of the Issuer Trust. 
 All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver. 
 SECTION 8.4. Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Capital Securities. 
 SECTION 8.5. Governing Law. 
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 8.6. 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. 
  

 -12- 

 IN WITNESS WHEREOF, the undersigned have executed this Guarantee Agreement as of the date first above
written. 
  

			
	KEYCORP
		
	By:	 	  

	Name:	 	Daniel R. Stolzer
	Title:	 	Vice President and Deputy General Counsel
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Guarantee Trustee

		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -SP-Form of 2008 Restricted Stock Agreement

 Exhibit 10.1 
 Form of 2008 Restricted Stock Agreement 
 NCR 2006 Stock Incentive Plan 
 You have been awarded a number of restricted shares of NCR common stock (the “Restricted Stock”) under the 2006 Stock Incentive Plan (the
“Plan”) of NCR Corporation (“NCR”), as described on the restricted share grant information page on the website of NCR’s third party Plan administrator, subject to the terms and conditions of this 2008 Restricted Stock
Agreement (this “Agreement”) and the Plan. 
 1. All or a portion of the Restricted Stock will become non-forfeitable
(“Vested”) on the vesting date(s) described on the Information Page (each, a “Vesting Date”), provided that you are continuously employed by NCR or any of its affiliate companies (referred to collectively herein as
“NCR”) until the Vesting Date. 
 2. If your employment with NCR terminates prior to your Vesting Date due to: (i) your death;
or (ii) cessation of active employment by NCR as a result of a disability for which you qualify for benefits under the NCR Long-Term Disability Plan or another long-term disability plan sponsored by NCR (“Disability”); then, upon such
termination of employment, the restricted stock award will become fully Vested. If your employment with NCR terminates prior to your Vesting Date due to your: (a) Retirement (defined as termination by you of your employment with NCR at or after
age 55 with the consent of the Compensation and Human Resource Committee of the NCR Board of Directors (the “Committee”) other than, if applicable to you, for Good Reason (as described below) following a Change in Control (as defined in
the Plan)); or (b) reduction-in-force; then, upon such termination of employment, a pro rata portion of the Restricted Stock will become fully Vested. The pro rata portion of the Restricted Stock that will become fully Vested will be determined
by multiplying the total number of the shares of Restricted Stock awarded pursuant to this Agreement by a fraction, the numerator of which is the number of full and partial months of employment that you completed after the date of grant of this
award (the “Grant Date”), and the denominator of which is the total number of months during the period beginning on the Grant Date and ending on your Vesting Date. 
 Notwithstanding any provision in this Agreement to the contrary, in the event a Change in Control occurs and this restricted stock award is not assumed,
converted or replaced by the continuing entity, the Restricted Stock shall become fully Vested immediately prior to the Change in Control. In the event of a Change in Control wherein this restricted stock award is assumed, if a Termination of
Employment (as defined in the Plan) by the Company other than for Cause or Disability (as such terms are defined in the Plan) occurs during the twenty-four (24) months following the Change in Control, the Restricted Stock shall become fully
Vested immediately upon your Termination of Employment. If you are a participant in the NCR Change in Control Severance Plan, an NCR Severance Policy or a similar arrangement that defines “Good Reason” in the context of a resignation
following a Change in Control and you terminate your employment for Good Reason as so defined within twenty-four (24) months following a Change in Control, the Restricted Stock shall become fully vested immediately upon your Termination of
Employment. 

 3. If your employment terminates prior to your Vesting Date for any reason other than as described in
Section 2, the Restricted Stock will automatically terminate and be forfeited. 
 4. By accepting this award, except to the extent that
disclosure is required by applicable law or regulation, you agree to keep this Agreement confidential and not to disclose its contents to anyone except your attorney, your immediate family, or your financial consultant, provided such persons agree
in advance to keep such information confidential and not disclose it to others. The Restricted Stock will be forfeited if you violate the terms and conditions of this Section 4. 
 5. In the event of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extra-ordinary dividend of cash or other
property, share combination, or recapitalization or similar event affecting the capital structure of the NCR, the Committee or the Board of Directors of NCR shall make such substitutions or adjustments as it deems appropriate and equitable to the
number and kind of securities subject to outstanding awards. In the case of Corporate Transactions (as defined in the Plan), such adjustments may include, without limitation, (1) the cancellation of outstanding awards in exchange for payments
of cash, property or a combination thereof having an aggregate value equal to the value of such awards, as determined by the Committee or the Board of Directors of NCR in its sole discretion, provided, that in the event of the cancellation of
such awards pursuant to this clause (1), the awards shall Vest in full immediately prior to the consummation of such Corporate Transaction; (2) the substitution of other property (including, without limitation, cash or other securities of NCR
and securities of entities other than NCR) for the Restricted Stock subject to outstanding awards; and (3) in connection with any Disaffiliation (as defined in the Plan), arranging for the assumption of awards, or replacement of awards with new
awards based on other property or other securities (including, without limitation, other securities of NCR and securities of entities other than NCR), by the affected Subsidiary, Affiliate (as such terms are defined in the Plan), or division or by
the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as any corresponding adjustments to awards that remain based upon NCR securities). 
 6. You will be the record owner of the Restricted Stock until such shares are forfeited, and as the record owner you will be entitled to all rights of a
common stockholder of NCR, including without limitation, voting rights and rights to cash and in-kind dividends, if any, on the Restricted Stock; provided, however, that the right to dividends will be subject to Section 8 below, and, prior to
your Vesting Date, the Restricted Stock is not freely transferable. As soon as practicable after your Vesting Date, subject to Section 9 below, NCR will instruct its Transfer Agent and/or its third party Plan administrator to release the
restrictions on your record account and the Restricted Stock will become freely transferable. 
 7. At all times before your Vesting Date,
the Restricted Stock may not be sold, transferred, pledged, assigned or otherwise alienated, except by beneficiary designation, will or by the laws of descent and distribution upon your death. 
 8. Any cash dividends on the Restricted Stock declared before your Vesting Date shall not be paid currently, but shall be reinvested in shares of common
stock of NCR. Any shares resulting from such reinvestment (the “Dividend Shares”) will be considered Restricted 

  

 2 

 
Stock for purposes of this Agreement and will be subject to all of the terms, conditions and restrictions set forth herein. As of each date that NCR would
otherwise pay the declared dividend on the Restricted Stock (the “Dividend Payment Date”) in the absence of the reinvestment requirements of this Section 8, the number of Dividend Shares will be determined by dividing the amount of
dividends attributable to the Restricted Stock but not paid on the Dividend Payment Date by the closing price of NCR’s common stock on the Dividend Payment Date. The Committee may, in its discretion, take such action as it deems appropriate
regarding in-kind dividends or distributions with respect to the Restricted Stock prior to your Vesting Date, which actions may include, without limitation, current distribution or liquidation or reinvestment in Restricted Stock. Any securities or
property so distributed may, in the Committee’s discretion, be subject to any or all of the forfeiture provisions set forth in this Agreement. 
 9. NCR has the right to deduct or cause to be deducted from, or collect or cause to be collected, with respect to the taxation of any Restricted Stock, any federal, state or local taxes required by the laws of the United States or any other
country to be withheld or paid with respect to the Restricted Stock, and you or your legal representative or beneficiary will be required to pay any such amounts. By accepting this award, you consent and direct that, if you are paid through
NCR’s United States payroll system at the time the Restricted Stock vests, NCR’s stock plan administrator may withhold or sell the number of shares underlying Restricted Stock from your award as NCR, in its sole discretion, deems necessary
to satisfy such withholding requirements. If you are paid through a non-United States NCR payroll system, you agree that NCR may satisfy any withholding obligations by withholding cash from your compensation otherwise due to you or by any other
action as it may deem necessary to satisfy any withholding obligation. 
 10. The Restricted Stock will be forfeited if the Committee
determines that you engaged in misconduct in connection with your employment with NCR. 
 11. In exchange for the Restricted Stock, you agree
that during your employment with NCR and for a period of twelve (12) months after the termination of employment (or if applicable law mandates a maximum time that is shorter than twelve months, then for a period of time equal to that shorter
maximum period), regardless of the reason for termination, you will not, without the prior written consent of the Chief Executive Officer of NCR, (i) render services directly or indirectly to, or become employed by, any Competing Organization
(as defined in this Section 11) to the extent such services or employment involves the development, manufacture, marketing, sale, advertising or servicing of any product, process, system or service which is the same or similar to, or competes
with, a product, process, system or service manufactured, sold, serviced or otherwise provided by NCR to its customers and upon which you worked or in which you participated during the last two (2) years of your NCR employment;
(ii) directly or indirectly recruit, hire, solicit or induce, or attempt to induce, any exempt employee of NCR to terminate his or her employment with or otherwise cease his or her relationship with NCR; or (iii) solicit the business of
any firm or company with which you worked during the preceding two (2) years while employed by NCR, including customers of NCR. If you breach the terms of this Section 11, you agree that in addition to any liability you may have for
damages arising from such breach, any unvested Restricted Stock will be immediately forfeited, and you agree to pay to NCR the Fair Market Value of any Restricted Stock that Vested during the twelve (12) months prior to the date of your
termination of employment. Such Fair Market Value shall be determined as of the Vesting Date. 
  

 3 

 As used in this Section 11, “Competing Organization” means an organization identified by
the Chief Executive Officer of NCR as a Competing Organization for the year in which your employment with NCR terminates, and any other person or organization which is engaged in or about to become engaged in research on or development, production,
marketing, leasing, selling or servicing of a product, process, system or service which is the same or similar to or competes with a product, process, system or service manufactured, sold, serviced or otherwise provided by NCR to its customers. The
list of Competing Organizations identified by the Chief Executive Officer is maintained by the NCR Law Department. 
 12. By accepting this
award, you agree that, where permitted by local law, any controversy or claim arising out of or related to your employment relationship with NCR shall be resolved by arbitration. If you are employed in the United States, the arbitration shall be
pursuant to the NCR dispute resolution policy and the then current rules of the American Arbitration Association and shall be held in Dayton, Ohio. If you are employed outside the United States, where permitted by local law, the arbitration shall be
conducted in the regional headquarters city of the business unit in which you work. The arbitration shall be held before a single arbitrator who is an attorney knowledgeable in employment law. The arbitrator’s decision and award shall be final
and binding and may be entered in any court having jurisdiction. For arbitrations held in the United States, issues of arbitrability shall be determined in accordance with the federal substantive and procedural laws relating to arbitration; all
other aspects shall be interpreted in accordance with the laws of the State of Ohio. Each party shall bear its own attorney’s fees associated with the arbitration, and other costs and expenses of the arbitration shall be borne as provided by
the rules of the American Arbitration Association for an arbitration held in the United States, or similar applicable rules for an arbitration held outside the United States. 
 Notwithstanding the preceding subparagraph, you acknowledge that if you breach Section 11, NCR will sustain irreparable injury and will not have an adequate remedy at law. As a result, you agree that in the event
of your breach of Section 11 NCR may, in addition to any other remedies available to it, bring an action in a court of competent jurisdiction for equitable relief to preserve the status quo pending appointment of an arbitrator and completion of
an arbitration. You stipulate to the exclusive jurisdiction and venue of the state and federal courts located in Montgomery County, Ohio, the location from which NCR’s equity programs are administered, for any such proceedings. 
 13. Subject to the terms of this Agreement, you may designate one or more beneficiaries to receive all or part of any Restricted Stock to be distributed
in case of your death, and you may change or revoke such designation at any time. In the event of your death, any Restricted Stock distributable hereunder that is subject to such a designation will be distributed to such beneficiary or beneficiaries
in accordance with this Agreement. Any other Restricted Stock not designated by you will be distributable to your estate. If there is any question as to the legal right of any beneficiary to receive a distribution hereunder, the Restricted Stock in
question may be transferred to your estate, in which event NCR will have no further liability to anyone with respect to such Restricted Stock. 
  

 4 

 14. The provisions of this Agreement are severable. If any provision of this Agreement is held to be
unenforceable or invalid by a court or other tribunal of competent jurisdiction (including an arbitration tribunal), it shall be severed and shall not affect any other part of this Agreement, which will be enforced as permitted by law. 

15. The terms of this award of Restricted Stock as evidenced by this Agreement may be amended by the NCR Board of Directors or the Committee.

 16. In the event of a conflict between the terms and conditions of this Agreement and the terms and conditions of the Plan, the terms and
conditions of the Plan shall prevail, except that with respect to matters involving choice of law the terms and conditions of Section 12 of this Agreement shall prevail. 
  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]