Document:

Form of Mutual Agreement and Release

 Exhibit 10.1 
  
 Integrated Electrical Services, Inc. 
 MUTUAL AGREEMENT AND RELEASE 
  
 This Mutual Agreement and Release (“Agreement”), dated as of December 15, 2004, is between Margery M. Harris (“Harris”) and Integrated Electrical Services, Inc. (“IES”). 
  
 RECITALS 
  
 Margery M. Harris and IES wish to terminate their employment relationship amicably, settle existing disputes and to set
forth their remaining obligations to one another. In order to provide for a smooth transition and to foreclose any potential claims or disputes existing or arising between the parties, Margery M. Harris and IES have agreed to enter this Agreement.

  
 AGREEMENT 
  
 In consideration of the foregoing recitals, the mutual agreements and
undertakings of the parties set forth below, and other good and valuable consideration that is addition to any rights Harris may already have and the receipt, adequacy and sufficiency of which are hereby expressly acknowledged, Harris and IES agree
as follows: 
  
 1. Separation Date 
  
 Harris and IES hereby terminate their employment relationship effective
January 15, 2005 (“Separation Date”). Harris acknowledges that she is subject to an employment contract and that all obligations of IES under that contract have been fulfilled or are fulfilled in full by this agreement and that IES has the
right to terminate her employment without any further liability of any kind, including but not limited to payments of any kind pursuant to such contract. 
  
 2. Severance Payment 
  
 In return for this entire Agreement and particularly for the releases set forth in paragraph 4, 9 and 10 below, IES will pay Harris a severance payment of
$61,250.00 (less applicable state and federal taxes, Medicare, FICA and other customary deductions) as set out in paragraph 6 below. This severance payment will be paid in the form of base salary continuation in accordance with IES Management,
L.P.’s regular payroll schedule and will begin following receipt of the Mutual Agreement and Release by the Company and upon satisfaction of the revocation period. Salary continuation payments shall be made until the full severance benefit has
been paid. Additionally, IES will pay the cost of continuing medical and dental health care coverage for herself and eligible dependents under COBRA for a period of six (6) months. 
  
 Harris agrees that IES may retain any amounts owed to IES and credit it to any amounts owed to IES from Harris. Such
credited amounts will be considered paid to Harris for the purpose of this Agreement and will not affect the validity of this Agreement and the releases contained herein. Harris acknowledges that the severance payment constitutes good and valuable
consideration for the promises, releases, waivers and assignments contained in this 

  

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Agreement. The severance payment set forth in this paragraph includes the severance amount due to Harris under any contract, plan, policy, practice or
guideline of IES. Harris agrees that, if she does not sign and return the Agreement and Release form on or before January 6, 2005, IES is not required to pay any sum as severance. 
  
 The final payment for all work and services provided by Harris before the Separation Date has been paid separately and such
payment has fully satisfied all obligations for compensation that IES owed to Harris through such date. 
  
 3. Other Benefit and Compensation Plans 
  
 This Agreement does not affect any previously vested rights to funds or benefits under the IES welfare or benefit plans. All benefits and distributions under those plans will be paid according to the terms and
conditions of those plans. IES agrees that Harris may exercise any presently vested and exercisable stock options according to the terms and provisions of the relevant stock option plan, provided she does not have insider information. 
  
 PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A 
 COMPLETE RELEASE OF ALL KNOWN AND UNKNOWN 
 CLAIMS. 
  
 4. Release and Waiver 
  
 As a material inducement to IES to enter into this Agreement and the
severance benefit payment discussed in paragraph 2 above, Margery M. Harris, on behalf of herself and her heirs and assigns, does hereby RELEASE, ACQUIT, AND FOREVER DISCHARGE Integrated Electrical Services, Inc., its successors, present and
former employees, agents, corporate officers, directors, corporate affiliates and all other persons, firms, corporations and any other entity or person (“the parties released”), of and from any and all liability of any kind and character,
including attorney’s fees, whatsoever arising from, growing out of, or in any way connected with her employment with IES or separation there from or the negligent or intentional acts, statements or omissions of the parties released at any time
up to and including the date of execution of this Agreement. Harris declares that it is her intention to fully release IES and all of the parties released from any and all liability of any kind and character whatsoever arising from, growing out of,
or in any way connected with her employment with IES or separation there from including, but not limited to, known and unknown claims, in negligence, contract or in tort, which arose at any time prior to the execution of this Agreement, under any
Federal or State statute including, but not limited to, the Age Discrimination in Employment Act, as amended, 29 U.S.C. §§ 621—634; Older Workers Benefit Protection Act, as amended, 29 U.S. §§ 621, 623; Title VII of the
Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e—2000e-17; the Fair Labor Standards Act of 1938 as amended; the Equal Pay Act of 1963, as amended, 29 U.S.C. §§ 206(d); the Employee Retirement Income
Security Act of 1974, as amended, 29 U.S.C. §§ 1001—1461; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101 et seq.; the National Labor Relations Act, as amended, 29 U.S.C.
§§ 151—169; Family and Medical Leave Act of 1993, as amended, 29 U.S.C. § 825 et seq. Americans with Disability Act of 1990, as amended, 42 U.S.C. §§ 12101 et. seq.; infliction of emotional distress,
defamation, 

  

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personal injury, breach of contract, the Texas Commission on Human Rights Act; Tex. Lab. Code §§ 21.001—21.405; the Civil Law of the
State of Texas; and the statutory and common law of these United States, collectively and singularly. 
  
 This is a full and final release, without limitation, of all known, unknown, and suspected claims. This complete release is intended to be for the benefit
of the parties released. Harris waives all rights to re-employment, reinstatement or independent contractor status with IES and agrees not to apply for re-employment, reinstatement or future employment with IES. The preceding sentence does not
restrict IES from contacting Harris for future employment or independent contractor services. This Agreement is not intended to and does not affect the rights, if any, that Harris may have for medical plan reimbursements, unemployment compensation
or presently pending worker’s compensation claims. 
  
 5. Indemnification

  
 As a further part of this Agreement, Harris hereby agrees
to indemnify and hold the parties released harmless from and against any and all loss, costs, damages, or expenses, including, without limitation, attorney’s fees, incurred by the parties released and arising out of any negligent or intentional
breach of the Agreement by Harris or because any of the representations made herein by Harris were false when made. Harris also hereby assigns to the parties released all causes of actions she or her heirs or assigns may have arising from her
employment or termination thereof. 
  
 6. Review and Revocation of Release;
Effective Date 
  
 Harris acknowledges that she has had a
full and fair opportunity to review this Agreement and has been allowed at least twenty-one (21) (“Review Period”) days to consider whether to accept the benefits of the Agreement in return for the release. Harris hereby certifies and
represents that the decision to execute this Agreement was made after adequate reflection concerning the purposes and effects of this Agreement, and was not coerced by the parties released or anyone acting on their behalf or in concert with them.
Harris represents that she understands the reasons for her employment termination and has had the opportunity to fully consider the terms, contents and conditions of this Agreement. Consequently, Harris has fully informed herself and warrants and
represents that she knowingly and voluntarily executed this Agreement after her separation from employment with IES. The waivers contained herein are not intended to release any claims arising after the full execution of this Agreement. 

 
 Harris and IES agree that she shall have seven (7) calendar days (the
“Revocation Period”) following the date she executes this Agreement to revoke her acceptance of this Agreement and the Release set forth in paragraph 4 of this Agreement. Harris and IES agree and acknowledge that a revocation of this
Agreement must be received before the expiration of the Revocation Period to H. Roddy Allen; 1800 West Loop South, Suite 500, Houston, Texas 77027. This Agreement will become effective, binding and irrevocable upon signing this agreement. Severance
payment, in the form of lump sum amount and base salary continuation will commence on or after the 8th day following
IES’s receipt of a completely executed copy of this Agreement. 
  

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 7. Confidentiality of Agreement 
  
 Harris agrees that the terms and conditions of this Agreement shall be treated as confidential, and agrees not to
disclose such terms and conditions to any third party. The preceding sentence shall not be applicable to disclosure or discussion with representatives of the Internal Revenue Service or the Social Security Administration, Harris’s immediate
family members or professionals from whom legal or financial advice is sought (provided they are instructed and agree to keep the information confidential), or as otherwise required by law. 
  
 8. Confidentiality of Information 
  
 Harris acknowledges that while she was employed by IES, Harris had access to
confidential business information of IES and its subsidiaries and affiliated companies, including technical ideas; concepts and information; business strategies; long-term and short-term goals; business opportunities; and financial data and other
business information (cumulatively referred to herein as IES’s “Proprietary Information”). Harris represents to IES that she has returned to IES all documents and things (including magnetic media) belonging to IES, including all
documents embodying or containing any of IES’s Proprietary Information. Harris acknowledges her continuing obligation to maintain in confidence IES’s Proprietary Information and to refrain from using such Proprietary Information or
disclosing it to any other person, company or entity. Harris agrees not to communicate with any third party (including reporters, editors, and employees of trade publications, newspapers, magazines, etc.) concerning any matter involving the
IES’s business and/or confidential information or Proprietary Information. 
  
 Harris agrees that she further agree they will not now and will not in future disparage either parties name, reputation or business, IES Integrated Electrical Services, Inc. or of its officers, directors, affiliates
or employees to any third party particularly including any customers or vendors. This non-disparagement includes an agreement to not participate or cooperate in any litigation contrary to the interest of IES, Integrated Electrical Services, Inc. or
any of its subsidiaries, to the degree allow by law. If any governmental or private entity requests any information or statement about the Company or its officers, directors, affiliates or employees, Harris will give the Company immediate notice of
such request to allow the Company to defend against the disclosure of such information. 
  
 9. Transition and Cooperation 
  
 Upon
IES’s reasonable request, Employee agrees to cooperate fully and consult with IES, their officers and employees, at all times concerning her former areas of responsibility. This obligation includes, without limitation, full and good faith
cooperation with IES and their officers, employees and/or attorneys concerning any litigation where Employee is or may be a witness or have relevant information. 
  

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 10. Non-Solicitation Obligations 
  
 In addition to any other similar obligation owed by Employee agrees that for a period of six (6) months from the Separation
Date, she shall not, directly or indirectly, for herself or for others’ solicit, request or induce (i) any employee of IES or any of its subsidiaries or affiliated companies to terminate her employment with the IES or such subsidiaries or
affiliates, or (ii) any customer, contractor or representative having a business relationship with IES or any of its subsidiaries or affiliated companies to alter, affect, modify, change, diminish or terminate such business relationship; or retain,
hire or otherwise employ any individual who was employed by IES as of the Separation Date. As used herein, the term “subsidiary or affiliated IES shall mean an entity that directly or indirectly controlled by or under the common control of IES.

  
 Further, Harris agrees the following provisions of her
employment agreement dated October 2, 2003 shall survive: Non-Competition, Return of Company Property, Inventions, Trade Secrets, and Confidentiality. 
  
 11. Miscellaneous 
  
 The provisions of the Agreement are severable, and if any part of it is found to be unlawful or unenforceable, then such part will be deemed changed or
deleted to the minimal extent necessary to make the entire Agreement lawful and enforceable. The other provisions of this Agreement shall remain fully valid and enforceable to the maximum extent consistent with applicable law. 
  
 Harris acknowledges and agrees (i) she is responsible for any tax liability
that may result as a consequence of the receipt of the severance benefits described herein, (ii) IES makes no representation of the taxability of these funds and (iii) IES has encouraged her to seek advice from a personal tax advisor regarding the
duty and manner to report any possible tax consequences. The money paid under this Agreement does not come from a qualified retirement plan and therefore it may not be rolled into any other qualified plan or Individual Retirement Account.

  
 Harris represents and agrees that she: (i) was specifically
advised to and fully understands her rights to discuss all aspects of this Agreement with an attorney, her immediate family and financial counselor, (ii) has, to the extent she desires, availed herself of these rights, (iii) has carefully read and
fully understands all the provisions of this Agreement, and (iv) has entered into and executed this Agreement knowingly and without duress or coercion from any source. 
  
 Harris understands and agrees that this Agreement may not be used as evidence in any proceeding against the parties released
except in a proceeding based solely upon a specific allegation that the parties released have breached this Agreement or in a proceeding in which either party presents testimony about matters covered by this Agreement. The parties released believe
and assert that Harris has been treated in a fair and lawful manner, and it is agreed between the parties that nothing herein is intended or shall be construed as an admission of fault or liability by the parties released. 
  

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 Harris understands and agrees that this Agreement is being executed by IES on behalf of itself,
and its corporate affiliates and that all of the rights of IES under this Agreement and all of Harris’s obligations and duties under this Agreement will inure to the benefit of and may be enforced by IES, or any of their affiliates or any of
the parties released. 
  
 This Agreement sets forth the entire
agreement between the parties and fully supersedes all prior written and oral agreements, understandings and representations between the parties. Harris represents, warrants and agrees that she does not rely and has not relied upon any
representation or statement made by any officer, director, agent or representative of IES, or any subsidiary or affiliate of IES with regard to the subject matter, background or effect of this Agreement, except as expressly set forth in this
Agreement. 
  
 This Agreement shall be governed and construed
under the laws of the State of Texas. Any legal proceeding arising as a result of or relating to this Agreement, Harris’s employment or separation shall be filed and heard in the City of Houston, Harris County, Texas without regard to conflicts
of law. 
  
 This Agreement is executed in duplicate originals and
is effective and enforceable only after both parties have signed the Agreement and an original executed Agreement has been returned to IES. Harris acknowledges that she has read this Agreement, has understood it and knowingly and voluntarily desires
to sign it. 
  

							
	Accepted, Understood and Agreed	  	IES Management, L.P.
	 	 	 	  	By: IES Residential Group, Inc.
	 	 	 	  	Its Managing General Partner
			
	 /S/    MARGERY M. HARRIS        
	  	By:	 	 /S/    H. RODDY
ALLEN        

	 Margery M. Harris
	  	 	 	H. Roddy Allen
				
	 Date:
	 	December 15, 2004        	  	Title:	 	President & Chief Executive Officer
				
	 	 	 	  	Date:	 	December 15, 2004        

  
  

 Page 6 of 6Form of First Supplemental Indenture

 Exhibit 4(b) 
  

  
 FIRST SUPPLEMENTAL INDENTURE 
  
 Dated as of
                     
  
 between 
  
 KEYCORP 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Trustee 
  
 to 
  
 JUNIOR SUBORDINATED INDENTURE 
  
 Dated as of December 4, 1996 
  
 between 
  
 KEYCORP 
  
 and 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 (formerly known as Bankers Trust
Company), as Trustee 
  

 FIRST SUPPLEMENTAL INDENTURE, dated as of
                ,          (this “First Supplemental Indenture”) between KEYCORP, an Ohio
corporation (the “Corporation”), having its principal office at 127 Public Square, Cleveland, Ohio 44114-1306, and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company), a New York banking corporation, as
trustee (the “Trustee”), to the Junior Subordinated Indenture dated as of December 4, 1996, between the Corporation and the Trustee (the “Indenture”). All capitalized terms used in this First Supplemental Indenture
and not otherwise defined herein have the meanings given such terms in the Indenture. 
  
 RECITALS OF THE CORPORATION 
  
 WHEREAS, the Corporation and the Trustee entered into the Indenture, pursuant to which one or more series of unsecured junior subordinated debt securities of the Corporation (the “Securities”) may be issued from time to
time; and 
  
 WHEREAS, Section 9.1 of the Indenture provides,
among other things, that without the consent of the Holders of any Securities, the Corporation, when authorized by a Board Resolution, and the Trustee may enter into an indenture supplemental to the Indenture in form satisfactory to the Trustee in
order to change or eliminate any provision of the Indenture provided that any such change or elimination shall (a) become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental
indenture that is entitled to the benefit of such provision or (b) not apply to any Outstanding Securities; and 
  
 WHEREAS, the Corporation wishes to amend the Indenture as provided herein, but only with respect to any series of Securities issued on or after the date
of this First Supplemental Indenture; and 
  
 WHEREAS, all things
necessary to make this First Supplemental Indenture a valid agreement of the Corporation, in accordance with its terms, have been done. 
  
 NOW, THEREFORE, in consideration of the foregoing recitals and other valuable consideration, the receipt whereof is hereby acknowledged, the Corporation
agrees with the Trustee, as follows: 
  
 ARTICLE I

  
 AMENDMENTS 
  
 Section 1.1. Amendment of Section 1.1. Definitions. For any series of
Securities issued on or after the date of this First Supplemental Indenture, the following definition shall be added to Section 1.1: 
  
 “‘Debenture Default’ has the meaning specified in Section 5.1.” 
  
 Section 1.2. Amendment of Section 3.5. Global Securities. For any
series of Securities issued on or after the date of this First Supplemental Indenture, the reference to “Event of Default” contained in Section 3.5(b) of the Indenture shall be deleted and replaced by “Debenture Default”.

  

 Section 1.3. Amendment of Section 5.1. Events of Default. For any series of Securities issued on
or after the date of this First Supplemental Indenture, Section 5.1 of the Indenture shall not apply and shall be replaced with Section 5.1 below: 
  
 “Section 5.1. Events of Default; Debenture Default. 
  
 (a) “Event of Default”, wherever used herein with respect to the Securities of any series, means
any one of the following events (whatever the reason for such Event of Default and whether it shall be occasioned by the provisions of Article Thirteen or be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body) except as may be specified pursuant to Section 3.1: 
  

(1) default in the payment of any interest upon any Security of that series, including any Additional Interest in respect thereof, when
it becomes due and payable, and continuance of such default for a period of 30 days following the deferral of such interest for 10 consecutive semi-annual periods (or 20 consecutive quarterly periods, as the case may be); or 
  
 (2) the entry of a decree or order by a court having
jurisdiction in the premises adjudging the Corporation a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization of the Corporation under the Bankruptcy Code or any other similar applicable Federal or State law, which
decree or order shall have continued undischarged and unstayed for a period of 60 days; or the entry of a decree or order of a court having jurisdiction in the premises for the appointment of a receiver or liquidator or trustee or assignee in
bankruptcy or insolvency of the Corporation or of its property, or for the winding up or liquidation of its affairs, which decree or order shall have continued undischarged and unstayed for a period of 60 days; or 
  
 (3) the commencement by the Corporation of voluntary
proceedings to be adjudicated a bankrupt, or consent by the Corporation to the filing of a bankruptcy proceeding against it, or the filing by the Corporation of a petition or answer or consent seeking reorganization under the Bankruptcy Code or any
other similar Federal or State law, or consent by the Corporation to the filing of any such petition, or the consent by the Corporation to the appointment of a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its
property, or the making by the Corporation of an assignment for the benefit of creditors, or the admission by the Corporation in writing of its inability to pay its debts generally as they become due. 
  
 (b) “Debenture Default”, wherever used herein with
respect to Securities of any series, means any one of the following events (whatever the reason for such Default and whether it shall be occasioned by the provisions of Article Thirteen or be voluntary or involuntary or be effected by operation of
law or pursuant to any judgment, decree or order of any court or any order, rule or regulation or any administrative or governmental body) except as may be specified pursuant to Section 3.1: 
  
 (1) an Event of Default with respect to Securities of that
series specified in Section 5.1(a); or 
  

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 (2) a default in the payment of any installment of interest (including any Additional
Interest) on any Security of that series when such interest becomes due and payable and such default continues for a period of 30 days (subject to the deferral of any due date in the case of an Extension Period), or 
  
 (3) a default in the payment of the principal of (or
premium, if any, on) any Security of that series at its Maturity; or 
  
 (4) failure on the part of the Corporation duly to observe or perform any other of the covenants or agreements on the part of the Corporation in the Securities of that series or in this Indenture for a period of 90
days after the date on which written notice of such failure, requiring the Corporation to remedy the same, shall have been given to the Corporation by the Trustee by registered or certified mail or to the Corporation and the Trustee by the Holders
of at least 25% in aggregate principal amount of the Outstanding Securities of that series.” 
  
 Section 1.4. Amendment of Section 5.2. Acceleration of Maturity; Rescission and Annulment. For any series of Securities issued on or after the date
of this First Supplemental Indenture, Section 5.2 of the Indenture shall not apply and shall be replaced with Section 5.2 below: 
  
 “Section 5.2. Acceleration of Maturity; Rescission and Annulment. 
  
 If an Event of Default described in Section 5.1(a)(1) with
respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series may declare
the principal amount (or, if the Securities of that series are Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all the Securities of that series to be due and payable immediately, by a
notice in writing to the Corporation (and to the Trustee if given by Holders), provided that, in the case of the Securities of a series issued to an Issuer Trust, if, upon such an Event of Default, the Trustee or the Holders of not less than
25% in aggregate principal amount of the Outstanding Securities of such series fail to declare the principal of all the Outstanding Securities of such series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation
Amount (as defined in the related Trust Agreement) of the related series of Capital Securities issued by such Issuer Trust then outstanding shall have the right to make such declaration by a notice in writing to the Corporation and the Trustee; and
upon any such declaration such principal amount (or specified portion thereof) of and the accrued interest (including any Additional Interest) on all the Securities of such series shall become immediately due and payable. Payment of principal and
interest (including any Additional Interest) on such Securities shall remain subordinated to the extent provided in Article XIII notwithstanding that such amount shall become immediately due and payable as herein provided. If an Event of Default
described in Section 5.1(a)(2) or 5.1(a)(3) with respect 

  

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to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of such series (or, if the Securities of such series
are Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms of that series) shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become
immediately due and payable. 
  
 At any time
after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a
majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the Corporation and the Trustee, may rescind and annul such declaration and its consequences if: 
  
 (1) the Corporation has paid or deposited with the Trustee a
sum sufficient to pay: 
  
 (A) all overdue
installments of interest (including any Additional Interest) on all Securities of such series, 
  
 (B) the principal of (and premium, if any, on) any Securities of such series that have become due otherwise than by such declaration of
acceleration and interest thereon at the rate borne by the Securities, and 
  
 (C) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
  
 (2) all Events of Default with respect to Securities of that
series, other than the non-payment of the principal of Securities of that series that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. 
  
 In the case of Securities of a series initially issued to a KeyCorp Trust, if the holders of a majority in
aggregate liquidation amount (as defined in the Trust Agreement under which such KeyCorp Trust is formed) of the related series of Capital Securities issued by such KeyCorp Trust shall also have the right to rescind and annul such declaration and
its consequences by written notice to the Corporation and the Trustee, subject to the satisfaction of the conditions set forth in Clauses (1) and (2) above of this Section 5.2. 
  
 No such rescission shall affect any subsequent default or impair any right consequent thereon.”

  
 Section 1.5. Amendment of Section 5.3. Collection of
Indebtedness and Suits for Enforcement by Trustee. For any series of Securities issued on or after the date of this First Supplemental Indenture, Section 5.3 of the Indenture shall not apply and shall be replaced with Section 5.3 below:

  
 “Section 5.3. Collection of
Indebtedness and Suits for Enforcement by Trustee. 
  

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 (a) The Corporation covenants that if: 
  
 (1) there is a default in the payment of any installment of
interest (including any Additional Interest) on any Security of any series when such interest becomes due and payable and such default continues for a period of 30 days (subject to the deferral of any due date in the case of an Extension Period), or

  
 (2) there is a default in the payment of the
principal of (or premium, if any, on) any Security at the Maturity thereof; 
  
 the Corporation will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities the whole amount then due and payable on such Securities for principal, including any sinking fund payment
or analogous obligations (and premium, if any) and interest (including any Additional Interest) and, in addition thereto, all amounts owing to the Trustee under Section 6.7. 
  
 If the Corporation fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Corporation or any other obligor upon
such Security or Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Corporation or any other obligor upon such Security or Securities, wherever situated. 
  
 If a Debenture Default with respect to Securities of any
series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.” 
  
 Section 1.6. Amendment of Section 5.7. Limitation on Suits. For any
series of Securities issued on or after the date of this First Supplemental Indenture, the references to “Event of Default” contained in Section 5.7(1) and 5.7(2) of the Indenture shall be deleted and replaced by “Debenture
Default”. 
  
 Section 1.7. Amendment of Section 5.8.
Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Capital Securities. For any series of Securities issued on or after the date of this First Supplemental Indenture, the phrase “upon the
occurrence of an Event of Default described in Section 5.1(1) or 5.1(2)” contained in Section 5.8 of the Indenture shall be deleted and replaced by the phrase “upon the occurrence of a Debenture Default described in Section 5.1(a)(1),
5.1(b)(2) or 5.1(b)(3)”. 
  

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 Section 1.8. Amendment of Section 5.11. Delay or Omission Not Waiver. For any series of Securities
issued on or after the date of this First Supplemental Indenture, the two references to “Event of Default” contained in the first paragraph of Section 5.11 of the Indenture shall be deleted and replaced by “Debenture Default”.

  
 Section 1.9. Amendment of Section 5.13. Waiver of Past
Defaults. For any series of Securities issued on or after the date of this First Supplemental Indenture, the reference to “Event of Default” contained in the last paragraph of Section 5.13 of the Indenture shall be deleted and replaced
by “Debenture Default”. 
  
 Section 1.10. Amendment
of Section 6.1. Certain Duties and Responsibilities. For any series of Securities issued on or after the date of this First Supplemental Indenture, the references to “Event of Default” contained in Sections 6.1(a) and (b) of the
Indenture shall be deleted and replaced by “Debenture Default”. 
  
 Section 1.11. Amendment of Section 6.2. Notice of Defaults. For any series of Securities issued on or after the date of this First Supplemental Indenture, the reference to “Event of Default” contained
in the last sentence of Section 6.2 of the Indenture shall be deleted and replaced by “Debenture Default”. 
  
 Section 1.12. Amendment of Section 8.1. Company May Consolidate, Etc., Only on Certain Terms. For any series of Securities issued on or after the
date of this First Supplemental Indenture, the two references to “Event of Default” contained in Section 8.1(2) of the Indenture shall be deleted and replaced by “Debenture Default”. 
  
 Section 1.13. Amendment of Section 9.1. Supplemental Indentures without
Consent of Holders. For any series of Securities issued on or after the date of this First Supplemental Indenture, the reference to “Event of Default” contained in Section 9.1(5) of the Indenture shall be deleted and replaced by
“Debenture Default”. 
  
 Section 1.14. Amendment of
Section 9.2. Supplemental Indentures with Consent of Holders. For any series of Securities issued on or after the date of this First Supplemental Indenture, the three references to “Event of Default” contained in the proviso paragraph
of Section 9.2 of the Indenture shall be deleted and replaced by “Debenture Default”. 
  
 Section 1.15. Amendment of Section 10.6. Additional Sums. For any series of Securities issued on or after the date of this First Supplemental
Indenture, the phrase “so long as no Event of Default has occurred and is continuing and” contained in Section 10.6 of the Indenture shall be deleted. 
  

Section 1.16. Amendment of Section 10.7. Additional Covenants. For any series of Securities issued on or after the date of this First
Supplemental Indenture, the reference to “Event of Default” contained in Section 9.1(5) of the Indenture shall be deleted and replaced by “Debenture Default”. 
  

 6 

 ARTICLE II 
  

MISCELLANEOUS 
  
 Section 2.1. Effect of First Supplemental Indenture on Indenture. This First Supplemental Indenture is a supplement to the Indenture. As
supplemented by this First Supplemental Indenture, the Indenture is in all respects ratified, approved and confirmed, and the Indenture and this First Supplemental Indenture shall together constitute one and the same instrument. 
  
 Section 2.2. Effective Date. The modifications to the Indenture set
forth in this First Supplemental Indenture shall become effective on the date first written above. 
  
 Section 2.3. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 2.4. Governing Law. This First Supplemental Indenture shall be governed by and construed in accordance with the laws of the jurisdiction
that govern the Indenture and its construction. 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed
by their respective officers duly authorized, as of the date and year first above written. 
  

			
	 KEYCORP

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 Attest:

	
	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as Trustee

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 Attest:

	
	 
	 Name:
	 	 
	 Title:
	 	 

  
 Signature Page to First
Supplemental Indenture

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