Document:

EX-10.34

Exhibit 10.34

KEYCORP

COMMISSIONED DEFERRED COMPENSATION PLAN

(Amended and Restated as of December 31, 2008)

ARTICLE I

     The KeyCorp Commissioned Deferred Compensation Plan (“Plan”) as originally established
effective January 1, 2003, and amended January 1, 2005, is hereby amended and restated effective as
of December 31, 2008. The Plan, as structured, is intended to provide certain selected employees
of KeyCorp with the opportunity to defer up to 50% of their commissions earned in excess of
$100,000 during the applicable Plan year. In providing those selected employees of KeyCorp with an
opportunity to defer their immediate receipt of taxable income to a later date, the Plan also
provides KeyCorp with the opportunity to retain those employees continued employment with Key. It
is the intention of KeyCorp and it is the understanding of those employees who are covered under
the Plan that the Plan is unfunded for tax purposes. It is also the understanding of those
employees covered under the Plan that the Plan will be administered in accordance with the
requirements of Section 409A of the Code.

ARTICLE II

DEFINITIONS

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

	 	(a)	 	“Beneficiary” shall mean the person, persons or entity entitled under
Article VII to receive any Plan benefits payable after a Participant’s death.
	 
	 	(b)	 	“Change of Control” shall be deemed to have occurred if under any rabbi
trust arrangement maintained by the Corporation, the Corporation is required under the
terms of such arrangement to fund such rabbi trust to secure the payment of any
Participants’ Plan benefits which become payable hereunder because a “Change of
Control” as defined in such rabbi trust has occurred.
	 
	 	(c)	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from
time to time, together with all regulations promulgated thereunder. Reference to a
section of the Code shall include such section and any comparable section or sections
of any future legislation that amends, supplements, or supersedes such section.
	 
	 	(d)	 	“Commission” shall mean those commissions or incentive payout(s)
awarded to the Employee that are tied to the Employee’s direct performance in
conjunction with a KeyCorp sales event(s) and are generally defined as a percent,
share, or dollar amount of the direct sale or profit generated to KeyCorp as a result
of such event.
	 
	 	(e)	 	“Common Stock Account” shall mean the investment account established
under the Plan for bookkeeping purposes, in which a Participant may elect to have his
or her Participant Deferrals credited. Participant Deferrals to the Common Stock
Account shall be credited based on a bookkeeping allocation of KeyCorp Common Shares
(both whole and fractional rounded to the nearest one-hundredth of a share) which shall
be equal to the amount of Participant Deferrals and Corporate Contributions invested by
the

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	 	 	 	Participant and by the Corporation in the Common Stock Account. The Common Stock
Account shall also reflect on a bookkeeping basis all Dividends, gains, and losses
attributable to such Common Shares. All Corporate Contributions and all Participant
Deferrals credited to the Common Stock Account shall be based on the ten-day average
of the New York Stock Exchange’s closing price for such Common Shares immediately
preceding, up to, and including the day such Participant Deferrals and Corporate
Contributions are credited to the Participants’ Plan Account.

	 	(f)	 	“Corporate Contributions” shall mean the contribution amount which an
Employer has agreed to contribute on a bookkeeping basis to the Participant’s Plan
Account in accordance with the provisions of Article V of the Plan.
	 
	 	(g)	 	“Corporation” shall mean KeyCorp, an Ohio corporation, its corporate
successors, and any corporation or corporations into or with which it may be merged or
consolidated.
	 
	 	(h)	 	“Deferral Period” shall mean each applicable Plan Year, provided
however, that a Participant’s initial Deferral Period shall be from his or her first
day of participation in the Plan through the last day of the applicable Plan Year.
	 
	 	(i)	 	“Determination Date” shall mean the last business day of each calendar
quarter.
	 
	 	(j)	 	“Disability” shall mean (1) the physical or mental disability of a
permanent nature which prevents a Participant from performing the duties that such
Participant was employed to perform for his or her Employer when such disability
commenced, (2) qualifies for disability benefits under the Federal Social Security Act
within 30 months following the Participant’s disability, and (3) qualifies the
Participant for disability coverage under the KeyCorp Long Term Disability Plan.
	 
	 	(k)	 	“Discharge for Cause” shall mean the termination (whether by the
Participant or the Employer) of a Participant’s employment from his or her Employer and
any other Employer that is the result of (1) serious misconduct as an Employee,
including, but not limited to, a continued failure after notice to perform a
substantial portion of his or her duties and responsibilities unrelated to illness or
incapacity, unethical behavior such as acts of self-dealing or self-interest,
harassment, violence in the workplace, or theft; (2) the commission of a crime
involving a controlled substance, moral turpitude, dishonesty, or breach of trust; or
(3) the Employer being directed by a regulatory agency or self-regulatory agency to
terminate or suspend the Participant or to prohibit the Participant from performing
services for the Employer. The Corporation in its sole and absolute discretion shall
determine whether a Participant has been Discharged for Cause, as provided for in this
Section 2.1(k), provided, however, that for a period of two years following a Change of
Control, any determination by the Corporation that an Employee has been Discharged for
Cause shall be set forth in writing with the factual basis for such Discharge for Cause
clearly specified and documented by the Corporation.
	 
	 	(l)	 	“Dividends” shall mean those quarterly earnings approved by the KeyCorp
Board of Directors and awarded by the Corporation to all shareholders of record as of
each applicable ex-dividend date which shall be payable in such form and at such time
as the Corporation shall determine.
	 
	 	(m)	 	“Early Retirement” shall mean the Participant’s retirement from his or
her employment with an Employer on or after the Participant’s attainment of age 55 and
completion of a

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	 	 	 	minimum of five years of Vesting Service, but prior to the Participant’s Normal
Retirement Date.

	 	(n)	 	“Employee” shall mean a common law employee who is employed by an
Employer.
	 
	 	(o)	 	“Employer” shall mean the Corporation and any of its subsidiaries,
unless specifically excluded as an Employer for Plan purposes by written action by an
Officer of the Corporation. An Employer’s participation in the Plan shall be subject
to all conditions and requirements made by the Corporation, and each Employer shall be
deemed to have appointed the Plan Administrator as its exclusive agent under the Plan
as long as it continues as an Employer.
	 
	 	(p)	 	“Harmful Activity” shall have occurred if the Participant shall do any
one or more of the following. The provisions of this Section 2.1 (p) shall survive the
Participant’s termination of employment with KeyCorp.

	 	(i)	 	Use, publish, sell, trade or otherwise disclose Non-Public
Information of KeyCorp unless such prohibited activity was inadvertent, done in
good faith and did not cause significant harm to KeyCorp.
	 
	 	(ii)	 	After notice from KeyCorp, fail to return to KeyCorp any
document, data, or thing in his or her possession or to which the Participant
has access that may involve Non-Public Information of KeyCorp.
	 
	 	(iii)	 	After notice from KeyCorp, fail to assign to KeyCorp all
right, title, and interest in and to any confidential or non-confidential
Intellectual Property which the Participant created, in whole or in part,
during employment with KeyCorp, including, without limitation, copyrights,
trademarks, service marks, and patents in or to (or associated with) such
Intellectual Property.
	 
	 	(iv)	 	After notice from KeyCorp, fail to agree to do any acts and
sign any document reasonably requested by KeyCorp to assign and convey all
right, title, and interest in and to any confidential or non-confidential
Intellectual Property which the Participant created, in whole or in part,
during employment with KeyCorp, including, without limitation, the signing of
patent applications and assignments thereof.
	 
	 	(v)	 	Upon the Participant’s own behalf or upon behalf of any other
person or entity that competes or plans to compete with KeyCorp, solicit or
entice for employment or hire any KeyCorp employee.
	 
	 	(vi)	 	Upon the Participant’s own behalf or upon behalf of any other
person or entity that competes or plans to compete with KeyCorp, call upon,
solicit, or do business with (other than business which does not compete with
any business conducted by KeyCorp) any KeyCorp customer the Participant called
upon, solicited, interacted with, or became acquainted with, or learned of
through access to information (whether or not such information is or was
non-public) while the Participant was employed at KeyCorp unless such
prohibited activity was inadvertent, done in good faith, and did not involve a
customer whom the Participant should have reasonably known was a customer of
KeyCorp.

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	 	(vii)	 	Upon the Participant’s own behalf or upon behalf of any other
person or entity that competes or plans to compete with KeyCorp, after notice
from KeyCorp, continue to engage in any business activity in competition with
KeyCorp in the same or a closely related activity that the Participant was
engaged in for KeyCorp during the one year period prior to the termination of
the Participant’s employment.
	 
	 	 	 	For purposes of this Section 2.1(p) the term:
	 
	 	 	 	“Intellectual Property” shall mean any invention, idea, product,
method of doing business, market or business plan, process, program,
software, formula, method, work of authorship, or other information,
or thing relating to KeyCorp or any of its businesses.
	 
	 	 	 	“Non-Public Information” shall mean, but is not limited to, trade
secrets, confidential processes, programs, software, formulas,
methods, business information or plans, financial information, and
listings of names (e.g., employees, customers, and suppliers) that are
developed, owned, utilized, or maintained by an employer such as
KeyCorp, and that of its customers or suppliers, and that are not
generally known by the public.
	 
	 	 	 	“KeyCorp” shall include KeyCorp, its subsidiaries, and its affiliates.

	 	(q)	 	“Involuntary Termination” shall mean the termination (by the Employer)
of a Participant’s employment from his or her Employer and from any other Employer,
other than a Discharge for Cause or a Termination Under Limited Circumstances.
	 
	 	(r)	 	“Normal Retirement” shall mean the Participant’s retirement under the
KeyCorp Cash Balance Pension Plan on or after the Participant’s Normal Retirement Date.
	 
	 	(s)	 	“Participant” shall mean an Employee who meets the eligibility
requirements set forth in Section 3.1(a) and becomes a Plan Participant pursuant to
Section 3.1(b) or Section 3.1(c) of the Plan.
	 
	 	(t)	 	“Participant Deferrals” shall mean the percentage or whole dollar
amount of the Participant’s Commissions that are earned by the Participant during the
applicable Plan Year which the Participant has elected in accordance with his or her
Participation Agreement to defer to the Plan.
	 
	 	(u)	 	“Participation Agreement” shall mean the executed agreement submitted
by the Participant to the Corporation prior to the start of each applicable Deferral
Period, which contains, in pertinent part, the Participant’s deferral commitment for
such Deferral Period, and the distribution option selected by the Participant for the
payment of such Participant Deferrals, Dividends, and Corporate Contributions upon the
Participants full vesting in such Dividends and Corporate Contributions.
	 
	 	(v)	 	“Plan” shall mean the KeyCorp Commissioned Deferred Compensation Plan
with all amendments hereafter made.
	 
	 	(w)	 	“Plan Account” shall mean the bookkeeping account established by the
Corporation for each Plan Participant, which shall reflect all Corporate Contributions,
Participant Deferrals, and Dividends invested for bookkeeping purposes in the Plan’s
Common Stock

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	 	 	 	Account with all gains and losses thereon. Plan Accounts shall not constitute
separate Plan funds or separate Plan assets. Neither the maintenance of, nor the
crediting of amounts to such Plan Accounts shall be treated (i) as the allocation of
any Corporation assets to, or a segregation of any Corporation assets in any such
Plan Accounts, or (ii) as otherwise creating a right in any person or Participant to
receive specific assets of the Corporation. All benefits under the Plan shall be
paid from the general assets of the Corporation.

	 	(x)	 	“Plan Year” shall mean the calendar year.
	 
	 	(y)	 	“Retirement” shall mean the termination of a Participant’s employment
any time after the Participant’s attainment of age 55 and completion of 5 years of
Vesting Service under the KeyCorp Cash Balance Pension Plan, but shall not include the
Participant’s (i) Discharge for Cause, (ii) Involuntary Termination, (iii) Termination
under Limited Circumstances, (iv) Disability or Death.
	 
	 	(z)	 	“Termination” shall mean the voluntary or involuntary and permanent
termination of a Participant’s employment from his or her Employer and any other
Employer, whether by resignation or otherwise, but shall not include the Participant’s
Retirement.
	 
	 	(aa)	 	“Termination Under Limited Circumstances” shall mean the termination
(whether by the Participant or the Employer) of a Participant’s employment from his or
her Employer, and from any other Employer (i) under circumstances in which the
Participant is entitled to receive severance benefits or salary continuation benefits
under the KeyCorp Separation Pay Plan, (ii) under circumstances in which the
Participant is entitled to severance benefits or salary continuation or similar
benefits under a change of control agreement or employment agreement within two years
after a change of control (as defined by such agreement) has occurred, or (iii) as
otherwise expressly approved by an officer of the Corporation.
	 
	 	(bb)	 	“Voluntary Termination” shall mean a voluntary termination of the
Participant’s employment from his or her Employer and from any other Employer, whether
by resignation or otherwise, but shall not include the Participant’s Discharge for
Cause, Involuntary Termination, Retirement, Termination Under Limited Circumstances, or
termination as a result of Disability or death.

     2.2 Additional Reference. All other words and phrases used herein shall have the
meaning given them in the KeyCorp Cash Balance Pension Plan, unless a different meaning is clearly
required by the context.

     2.3 Pronouns. The masculine pronoun wherever used herein includes the feminine in any
case so requiring, and the singular may include the plural.

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ARTICLE III

ELIGIBILITY AND PARTICIPATION

     3.1 Eligibility and Participation.

	 	(a)	 	Eligibility. An Employee shall be eligible to participate in the Plan
if (1) the Employee earns Commissions during any Plan Year in excess of $100,000, and
(2) the Corporation selects such Employee to participate in the Plan.
	 
	 	(b)	 	Participation. An Employee meeting the eligibility criteria of
Section 3.1(a) may elect to participate in the Plan with respect to any Deferral Period
by submitting a Participation Agreement to the Corporation no later than the year prior
to the year in which such Commissions are earned by the Participant, in conjunction
with procedures and times established by the Corporation.
	 
	 	(c)	 	Mid-Year Participation. When an Employee first becomes eligible to
participate in the Plan during a Deferral Period, the Participant shall be required to
submit a Participation Agreement to the Corporation within thirty (30) days after the
Corporation notifies the Employee of his or her Plan eligibility. Such Participation
Agreement will be effective only if it is provided to the Corporation within 30 days of
the Participant’s notice of Plan eligibility.

     3.2 Deferral Limitations. A Participant may defer to the Plan no more than 50% of the
Participant’s earned Commissions in excess of $100,000 (in 5% increments) that are payable to the
Participant during the applicable Deferral Period.

     3.3 Commitment Limited by Termination, Retirement, Disability or Death. As of the
Participant’s Termination date, Retirement date, date of Disability or date of death, all
Participant Deferrals under the Plan shall cease.

     3.4 Modification of Deferral Commitment. A Participant’s deferral commitment as
evidenced by his or her Participation Agreement for the applicable Deferral Period shall be
irrevocable.

     3.5 Change in Employment Status. If the Corporation determines that a Participant’s
performance is no longer at the level that deserves to be rewarded through participation in the
Plan, but does not terminate the Participant’s employment, the Participant’s Participant Deferrals
under the Plan shall continue until the end of the applicable Deferral Period. Thereafter, the
Corporation shall not permit the Participant to make any further deferrals to the Plan.

ARTICLE IV

PARTICIPANT DEFERRALS

     4.1 Plan Account. All Participant Deferrals and Corporate Contributions shall be
credited on a bookkeeping basis to a Plan Account established in the Participant’s name. Separate
sub-accounts

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shall be established to reflect all Dividends attributable to such Participant Deferrals and
Corporate Contributions.

     4.2 Investment of Participant Deferrals. All Participant Deferrals shall be invested
for bookkeeping purposes in the Plan’s Common Stock Account.

     4.3 Crediting of Participant Deferrals; Withholding. Participant Deferrals shall be
credited to the Participant’s Plan Account as of the date the Participant’s Commission would have
been paid to the Participant “but for” the Participant’s election to defer such Commission to the
Plan. The withholding of taxes with respect to all Participant Deferrals as required by state,
federal or local law shall be withheld from the Participant’s compensation to the maximum extent
possible; thereafter, any taxes remaining due shall be paid by reducing the amount of Participant
Deferrals to be credited to the Participant’s Plan Account.

ARTICLE V

CORPORATE CONTRIBUTIONS

     5.1 Crediting of Corporation Contributions. Corporate Contributions in an amount
equal to 15% of the Participant’s Participant Deferrals deferred to the Plan for any applicable
Deferral Period shall be credited on a bookkeeping basis to the Participant’s Plan Account as of
the date on which the Participant’s Participant Deferrals are deferred and credited to the Plan.

     5.2 Investment of Corporate Contributions. All Corporate Contributions credited to
the Participant’s Plan Account shall be invested for bookkeeping purposes in the Plan’s Common
Stock Account.

     5.3 Determination of Amount. The Plan Administrator shall verify the amount of
Participant Deferrals, Corporate Contributions, Dividends, and all earnings and losses thereon, to
be credited to each Participant’s Plan Account in accordance with the provisions of the Plan. The
reasonable and equitable decision of the Plan Administrator as to the value of each Plan Account
shall be conclusive and binding upon all Participants and the Beneficiary of each deceased
Participant having any interest, direct or indirect in the Participant’s Plan Account. As soon as
reasonably practicable after the close of the Plan Year, the Corporation shall send to each
Participant an itemized accounting statement that shall reflect the Participant’s Plan Account
balance.

     5.4 Corporate Assets. All Participant Deferrals, Corporate Contributions, Dividends,
earnings and any other gains and losses credited to a Participant’s Plan Account on a bookkeeping
basis, remain the assets and property of the Corporation, which shall become subject to
distribution to the Participant only in accordance with the provisions of Articles VII, and X of
the Plan. Distributions made under the Plan shall be in the form of Common Shares. All
Participants and Beneficiaries shall have the status of general unsecured creditors of the
Corporation. Nothing contained in the Plan shall create, or shall be construed as creating a trust
of any kind or any other fiduciary relationship between the Participant, the Corporation, or any
other person. It is the intention of the Corporation and it is the understanding of the
Participant that the Plan is not funded for tax purposes, and that it is not subject to the
provisions of the Employee Retirement Income Security Act of 1974, as amended.

     5.5 No Present Interest. Subject to any federal statute to the contrary, no right or
benefit under the Plan and no right or interest in each Participant’s Plan Account shall be subject
to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge. Any attempt to
anticipate, alienate, sell,

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assign, pledge, encumber, or charge any right or benefit under the Plan, or to the Participant’s
Plan Account shall be void. No right, interest, or benefit under the Plan or Participant’s Plan
Account shall be liable for or subject to the debts, contracts, liabilities, or torts of the
Participant or Beneficiary, including any domestic relations proceedings. If the Participant or
Beneficiary becomes bankrupt or attempts to alienate, sell, assign, pledge, encumber, or charge any
right under the Plan or Participant’s Plan Account such attempt shall be void and unenforceable.

ARTICLE VI

VESTING

     6.1 Vesting in Dividends and Corporate Contributions. The calculation of a
Participant’s vested interest in his or her Corporate Contributions and all Dividends credited on a
bookkeeping basis to the Participant’s Plan Account shall be measured from the last day of the
applicable calendar quarter in which such Participant Deferrals and Corporate Contributions are
credited to the Participant’s Plan Account (“Quarterly Deferral Date”). A Participant shall become
vested in those Corporate Contributions, and in those Dividends credited to the Participant’s Plan
Account with regard to the applicable Participant Deferrals and Corporate Contributions, upon the
Participant’s completion of three years of vested service. For purposes of this Section 6.1, the
term “vested service” shall be determined from the Quarterly Deferral Date and shall be based upon
full calendar years.

Notwithstanding the foregoing provisions of this Section 6.1, however, a Participant shall become
fully vested in all Dividends and Corporate Contributions credited on a bookkeeping basis to the
Participant’s Plan Account upon the Participant’s Termination Under Limited Circumstances,
Disability or death.

     6.2 Continued Vesting Upon Retirement. Subject to the provisions of Section 7.11 of
the Plan, upon the Participant’s Retirement, the Participant’s not-vested Dividends and not-vested
Corporate Contributions credited to the Participant’s Plan Account with all gains and losses
thereon, shall remain in the Plan and shall continue to vest under the vesting provisions of
Section 6.1 hereof.

ARTICLE VII

DISTRIBUTION OF PLAN BENEFITS

     7.1 Distributions Prior to Termination, Termination Under Limited Circumstances, or
Retirement. A Participant’s Participant Deferrals, vested Corporate Contributions and vested
Dividends shall be distributed to the Participant as of the Determination Date concurrently with or
immediately following the Participant’s vesting in his or her Corporate Contributions and Dividends
in accordance with the distribution directions provided by the Participant in his or her
Participation Agreement, as follows:

	 	(a)	 	as a single lump sum distribution of Common Shares, or
	 
	 	(b)	 	in substantially equal annual installments payments of Common
Shares over a five (5) year period.

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Lump sum distributions from the Plan of Participant Deferrals, vested Corporate Contributions, and
vested Dividends shall be made in Common Shares based on the bookkeeping number of whole and
fractional Common Shares attributable to those Participant Deferrals, vested Corporate
Contributions and vested Dividends maintained in the Plan’s Common Stock Account as of the
Determination Date concurrently with or immediately following the Participant’s vesting date. Plan
Distributions shall be made as soon as reasonably practicable following the applicable
Determination Date but in any event within 90 days of such Determination Date.

     7.2 Distributions Following Retirement. Subject to the Harmful Activity provisions of
Section 7.11 hereof, upon the Participant’s Retirement, the Participant’s Plan Account balance
shall continue to be maintained in the Plan and all Corporate Contributions and Dividends credited
to the Participant’s Plan Account with any and all gains and losses thereon, shall continue to vest
under the vesting provisions of Section 6.1 of the Plan, and when vested, shall be distributed to
the Participant in accordance with the provisions of Section 7.1 hereof.

     7.3 Distributions Following Termination Under Limited Circumstances, Disability or
Death. Upon the Participant’s Termination Under Limited Circumstances, Disability or death all
Participant Deferrals, Corporate Contributions, and Dividends credited to the Participant’s Plan
Account with any and all gains and losses thereon shall become immediately vested and shall be
distributed to the Participant in a single lump sum distribution of Common Shares as of the
Determination Date concurrently with or immediately following the Participant’s vesting date but in
any event within 90 days of such Determination Date.

     7.4 Distributions Following Involuntary Termination. Upon the Participant’s
Involuntary Termination, all Participant Deferrals credited to the Participant’s Plan Account and
all Dividends credited on such Participant Deferrals with all gains and losses thereon, shall
become immediately vested and shall be distributed to the Participant in a single lump sum
distribution as of the Determination Date concurrently with or immediately following the
Participant’s vesting date but in any event within 90 days of such Determination Date. All
not-vested Corporate Contributions and all not-vested Dividends credited on such Corporate
Contributions with all related earnings and or losses thereon shall be forfeited by the Participant
as of his or her last day of employment.

     7.5 Distributions Following Voluntary Termination or Discharge for Cause. Upon the
Participant’s Voluntary Termination or Discharge for Cause, all not-vested Corporate Contributions
and all not-vested Dividends credited to the Participant’s Plan Account with all gains and losses
thereon shall be forfeited by the Participant as of his or her last day of employment, and the
Participant shall receive a lump sum distribution of only his or her Participant Deferrals, as of
the Determination Date concurrently with or immediately following the Participant’s termination
date but in any event within 90 days of such Determination Date.

     7.6 Withholding. The withholding of taxes with respect to the Participant’s
Participant Deferrals, Corporate Contributions, and Dividends shall be made at such time as it
becomes required by any state, federal or local law. All required taxes shall be withheld from the
Participant’s Participant Deferrals and Corporate Contributions in accordance with applicable law
to the maximum extent possible.

     7.7 Distribution of Account Balance. The Participant’s vested Plan Account balance
shall be valued as of the Determination Date immediately following his or her date of Termination
or Retirement (the “valuation date”):

     (a) Lump Sum Distributions. If a Participant has elected to receive a lump
sum distribution of all of his or her vested Plan Account balance, such lump sum
distribution of

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Common Shares shall be made as soon as reasonably practicable following the Participant’s
valuation date.

     (b) Installment Distributions. If a Participant has elected to receive an
installment distribution of all of his or her vested Plan Account, such installment
distribution of Common Shares shall commence as soon as reasonably practicable following the
Participant’s valuation date. The Participant’s vested unpaid Plan Account balance invested
for bookkeeping purposes in the Plan’s Common Stock Account shall be reflected as a number
of whole and fractional Common Shares in a distribution sub-account and shall be credited
with Dividends on a bookkeeping basis which shall be reinvested in the Plan’s Common Stock
Account throughout the installment distribution period; all such reinvested Dividends shall
be paid to the Participant in Common Shares in conjunction with the Participant’s final
installment payment under the Plan.

     7.8 Distribution of Small Accounts. Notwithstanding the provisions of Sections 7.1
and 7.2 hereof, if the value of a Participant’s vested Account balance as of the Determination Date
immediately following the Participant’s date of Termination or Retirement is under $50,000, such
balance shall be distributed to the Participant as a single distribution within 90 days following
such Determination Date .

     7.9
Payment Limitation for Key Employees. Notwithstanding any other provision of the
Plan to the contrary, in the event that the Participant constitutes a “key” employee of the
Corporation, (as that term is defined in accordance with Section 416(i) of the Code without regard
to paragraph (5) thereof), the distribution of the Participant’s Plan benefit shall not begin
before the first day of the seventh month following the Participant’s date of separation from
service (or, if earlier, the date of the Participant’s death). Payment shall be made to the
Participant within 90 days following the Determination Date that coincides with or immediately
follows the conclusion of this mandatory six-month deferral period. The term “key employee” and
the term “separation from service” shall be defined for Plan purposes in accordance with the
requirements of Section 409A of the Code and applicable regulations issued thereunder.

     7.10 Distribution Limitation. If the Corporation determines that any amount of a
Participant’s Participant Deferrals, Dividends, and/or Corporate Contributions with all interest
and earnings thereon:

	 	(1)	 	would not be deductible by the Corporation if paid in accordance with the
distribution instructions specified by the Participant in his or her Participation
Agreement by reason of the disallowance rules of Section 162(m) of the Code, but
	 
	 	(2)	 	would be deductible by the Corporation if deferred and paid in a later Plan
Year,

the Corporation reserves the right to defer the distribution of all or any portion of such
Participant’s Participant Deferrals, Dividends, and/or Corporate Contributions with all interest
and earnings thereon until such time as the Corporation determines that the distribution of all or
any portion of such Participant’s Participant Deferrals, Dividends, and/or Corporate Contributions
will be payable without the disallowance of the deduction prescribed by Code Section 162(m)
(“Deferrals”). Such Deferrals shall continue to be held in the Participant’s Plan Account and
shall continue to be credited, on a bookkeeping basis, with all earnings, gains, and losses
thereon.

     Subject to the payment limitations contained in Section 7.9 hereof, in the event of the
Participant’s Termination or Retirement, all Deferrals required to be continued under this Section
7.10

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shall be paid to the Participant on or immediately following April 15th of the year immediately
following the Participant’s Termination or Retirement, regardless of the deductibility of such
payment.

     7.11 Harmful Activity. If a Participant engages in any “Harmful Activity” prior to or
within twelve months after the Participant’s Termination or Retirement with an Employer, then by
operation of this Section 7.11 hereof, and without any further notice to the Participant, (a) (i)
all Corporate Contributions, and (ii) all Dividends allocated to the Participant’s Plan Account
with regard to both Participant Deferrals and Corporate Contributions maintained in the
Participant’s Plan Account shall become immediately forfeited regardless of whether such Corporate
Contributions and Dividends are in a distribution status in accordance with the provisions of
Section 7.1(b) or whether they are being maintained in the Plan in conjunction with the continued
vesting provisions of Section 7.2, and (b) all distributions of Corporate Contributions and
Dividends made to the Participant within one year prior to the Participant’s Termination or
Retirement date shall be fully repaid by the Participant to the Corporation within 60 days
following the Participant’s receipt of the Corporation’s notice of such Harmful Activity.

     The foregoing restrictions shall not apply in the event that the Participant’s employment with an
Employer terminates within two years after a Change of Control if any of the following have
occurred: a relocation of the Participant’s principal place of employment more than 35 miles from
the Participant’s principal place of employment immediately prior to the Change of Control, a
reduction in the Participant’s base salary after a Change of Control, or termination of employment
under circumstances in which the Participant is entitled to severance benefits or salary
continuation or similar benefits under a change of control agreement, employment agreement, or
severance or separation pay plan.

     The determination by the Corporation as to whether a Participant has engaged in a “Harmful
Activity” prior to or within twelve months after the Participant’s Termination or Retirement shall
be final and conclusive upon the Participant and upon all other Persons.

     7.12 Facility of Payment. If it is found that any individual to whom an amount is
payable hereunder is incapable of attending to his or her financial affairs because of any mental
or physical condition, including the infirmities of advanced age, such amount (unless prior claim
therefor shall have been made by a duly qualified guardian or other legal representative) may, in
the discretion of the Corporation, be paid to another person for the use or benefit of the
individual found incapable of attending to his or her financial affairs or in satisfaction of legal
obligations incurred by or on behalf of such individual. Any such payment shall be charged to the
Participant’s Plan Account from which any such payment would otherwise have been paid to the
individual found incapable of attending to his or her financial affairs, and shall be a complete
discharge of any liability therefor under the Plan.

ARTICLE VIII

BENEFICIARY DESIGNATION

     8.1 Beneficiary Designation. Subject to Section 8.3 hereof, each Participant shall
have the right, at any time, to designate one or more persons or an entity as Beneficiary (both
primary as well as secondary) to whom benefits under this Plan shall be paid in the event of
Participant’s death prior to complete distribution of the Participant’s Plan Account. Each
Beneficiary designation shall be in a written form prescribed by the Corporation and shall be
effective only when filed with the Corporation during the Participant’s lifetime.

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     8.2 Changing Beneficiary. Subject to Section 8.3, a Participant’s Beneficiary
designation may be changed by the Participant without the consent of the previously named
Beneficiary by the filing of a new designation with the Corporation. The filing of a new
designation shall cancel all previously filed designations.

     8.3 No Beneficiary Designation. If a Participant fails to designate a Beneficiary in
the manner provided above, if the designation is void, or if the Beneficiary (including all
contingent Beneficiaries) designated by a deceased Participant dies before the Participant or
before complete distribution of the Participant’s benefits, the Participant’s Beneficiary shall be
the person in the first of the following classes in which there is a survivor:

	 	(a)	 	The Participant’s spouse;
	 
	 	(b)	 	The Participant’s children in equal shares, except that if any of the children
predeceases the Participant but leaves issue surviving, then such issue shall take, by
right of representation the share the parent would have taken if living;
	 
	 	(c)	 	The Participant’s estate.

     8.4 Distribution upon Death. If a Participant dies after the distribution of his or
her interest under the Plan has commenced, the remaining portion of the Participant’s entire
interest under the Plan, if any, shall be distributed to the Participant’s Beneficiary under the
method of distribution being used as of the Participant’s date of death. If the Participant dies
before the distribution of the Participant’s Plan Account has commenced, the Participant’s entire
interest under the Plan shall be valued as of the Determination Date immediately following the
Participant’s date of death, and shall be distributed to his or her Beneficiary in a lump sum
payment as soon as reasonably practicable following the Participant’s date of death.

ARTICLE IX

ADMINISTRATION

     9.1 Administration. The Corporation, as Plan Administrator, shall be responsible for
the general administration of the Plan, for carrying out the provisions hereof, and for making
payments hereunder. The Corporation shall have the sole and absolute discretionary authority and
power to carry out the provisions of the Plan, including, but not limited to, the authority and
power (a) to determine all questions relating to the eligibility for and the amount of any benefit
to be paid under the Plan, (b) to determine all questions pertaining to claims for benefits and
procedures for claim review, (c) to resolve any and all questions arising under the Plan, including
any question of construction and/or interpretation, and (d) to take such further action as the
Corporation deems necessary or advisable in the administration of the Plan. All findings,
decisions, and determinations of any kind made by the Plan Administrator shall not be disturbed
unless the Plan Administrator has acted in an arbitrary and capricious manner. Subject to the
requirements of law, the Plan Administrator shall be the sole judge of the standard of proof
required in any claim for benefits and in any determination of eligibility for a benefit. All
decisions of the Plan Administrator shall be final and binding on all parties. The Corporation may
employ such attorneys, investment counsel, agents, and accountants as it may deem necessary or
advisable to assist it in carrying out its duties hereunder. The actions taken and the decisions
made by the Corporation hereunder shall be final and binding upon all interested parties subject,
however, to the provisions of Section 9.2. The Plan Year, for purposes of Plan administration,
shall be the calendar year.

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     9.2 Claims Review Procedure. Whenever the Plan Administrator decides for whatever
reason to deny, whether in whole or in part, a claim for benefits under this Plan filed by any
person (herein referred to as the “Claimant”), the Plan Administrator shall transmit a written
notice of its decision to the Claimant, which notice shall be written in a manner calculated to be
understood by the Claimant and shall contain a statement of the specific reasons for the denial of
the claim and a statement advising the Claimant that, within 60 days of the date on which he or she
receives such notice, he or she may obtain review of the decision of the Plan Administrator in
accordance with the procedures hereinafter set forth. Within such 60-day period, the Claimant or
his or her authorized representative may request that the claim denial be reviewed by filing with
the Plan Administrator a written request therefor, which request shall contain the following
information:

	 	(a)	 	the date on which the request was filed with the Plan Administrator; provided,
however, that the date on which the request for review was in fact filed with the Plan
Administrator shall control in the event that the date of the actual filing is later
than the date stated by the Claimant pursuant to this paragraph (a);
	 
	 	(b)	 	the specific portions of the denial of his or her claim which the Claimant
requests the Plan Administrator to review;
	 
	 	(c)	 	a statement by the Claimant setting forth the basis upon which he or she
believes the Plan Administrator should reverse its previous denial of the claim and
accept the claim as made; and
	 
	 	(d)	 	any written material which the Claimant desires the Plan Administrator to
examine in its consideration of his or her position as stated pursuant to paragraph (b)
above.

     In accordance with this Section, if the Claimant requests a review of the Plan Administrator’s
decision, such review shall be made by the Plan Administrator who shall, within sixty (60) days
after receipt of the request form, review and render a written decision on the claim containing the
specific reasons for the decision including reference to Plan provisions upon which the decision is
based. All findings, decisions, and determinations of any kind made by the Plan Administrator
shall not be modified unless the Plan Administrator has acted in an arbitrary and capricious
manner. Subject to the requirements of law, the Plan Administrator shall be the sole judge of the
standard of proof required in any claim for benefits, and any determination of eligibility for a
benefit. All decisions of the Plan Administrator shall be binding on the claimant and upon all
other Persons. If the Participant or Beneficiary shall not file written notice with the Plan
Administrator at the times set forth above, such individual shall have waived all benefits under
the Plan other than as already provided, if any, under the Plan.

ARTICLE X

AMENDMENT AND TERMINATION OF PLAN

     10.1 Reservation of Rights. The Corporation reserves the right to terminate the Plan
at any time, and to modify or amend the Plan, in whole or in part, at any time and for any reason,
subject to the following:

	 	(a)	 	Preservation of Account Balance. No termination, amendment, or
modification of the Plan shall reduce (i) the amount of Participant Deferrals,
Corporate Contributions, and Dividends allocated to the Participants’ Accounts as of
the date of such termination,

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	 	 	 	amendment, or modification, and (ii) all earnings and gains on such Participant
Deferrals, Corporate Contributions, and Dividends that have accrued up to the
effective date of the termination, amendment, or modification.

	 	(b)	 	Changes in Earnings Rate. No amendment or modification of the Plan
shall reduce the rate of earnings to be credited under the Common Stock Account until
the close of the applicable Deferral Period in which such amendment or modification is
made.

     10.2 Effect of Plan Termination. If the Corporation terminates the Plan
the Corporation shall instruct the Plan Administrator to not accept any additional Participation
Agreements.. If such a termination occurs, all Participant Deferrals and Corporate Contributions
shall continue until the close of the applicable Deferral Period. Participant Account balances
shall remain in the Plan, and when vested, shall be distributed to the Participant in accordance
with the Participant’s Participation Agreements’ distribution instructions.

     10.3 Plan Termination. Notwithstanding anything to the contrary contained in the
Plan, the termination of the Plan shall terminate the liability of the Corporation and all
employees to make further Corporate Contributions to the Plan.

ARTICLE XI

CHANGE OF CONTROL

     11.1 Change of Control. Notwithstanding any other provision of the Plan to the
contrary, in the event of a Change of Control as defined in accordance with Section 2.1(b) of the
Plan, no amendment or modification of the Plan may be made at any time on or after such Change of
Control (1) to reduce or modify a Participant’s Pre-Change of Control Account Balance, (2) to
reduce or modify the Common Stock Accounts’ method of calculating all earnings, gains, and/or
losses on a Participant’s Pre-Change of Control Account Balance, or (3) to reduce or modify the
Participant’s Participant Deferrals and/or Corporate Contributions to be credited to a
Participant’s Plan Account for the applicable Deferral Period. For purposes of this Section 11.1,
the term “Pre-Change of Control Account Balance” shall mean, with regard to any Plan Participant,
the aggregate amount of such Participant’s Participant Deferrals and Corporate Contributions and
Dividends with all earnings, gains, and losses thereon which are credited to the Participant’s Plan
Account through the close of the calendar year in which such Change of Control occurs.

     11.2 Common Stock Conversion. In the event of a Change of Control in which the common
shares of the Corporation are converted into or exchanged for securities, cash and/or other
property as a result of any capital reorganization or reclassification of the capital stock of the
Corporation, or consolidation or merger of the Corporation with or into another corporation or
entity, or the sale of all or substantially all of its assets to another corporation or entity, the
Corporation shall cause the Common Stock Account to reflect on a bookkeeping basis the securities,
cash and other property that would have been received in such reorganization, reclassification,
consolidation, merger or sale on an equivalent amount of common shares equal to the balance in the
Common Stock Account and, from and after such reorganization, reclassification, consolidation,
merger or sale, the Common Stock Account shall reflect on a bookkeeping basis all Dividends,
interest, earnings and losses attributable to such securities, cash, and other property.

     11.3 Amendment in the Event of a Change of Control. On or after a Change of Control,
the provisions of Article II, Article IV, Article V, Article VI, Article VII, Article VIII,
Article IX, Article X

-14-

 

and Article XI may not be amended or modified as such Sections and Articles apply with regard to
the Participants’ Pre-Change of Control Account Balances.

ARTICLE XII

MISCELLANEOUS PROVISIONS

     12.1 No Commitment as to Employment. Nothing herein contained shall be construed as a
commitment or agreement upon the part of any Employee hereunder to continue his or her employment
with an Employer, and nothing herein contained shall be construed as a commitment on the part of
any Employer to continue the employment, rate of compensation or terms and conditions of employment
of any Employee hereunder for any period. All Participants shall remain subject to discharge to
the same extent as if the Plan had never been put into effect.

     12.2 Benefits. Nothing in the Plan shall be construed to confer any right or claim
upon any person, firm, or corporation other than the Participants, former Participants, and
Beneficiaries.

     12.3 Absence of Liability. No member of the Board of Directors of the Corporation or
a subsidiary or committee authorized by the Board of Directors, or any officer of the Corporation
or a subsidiary or officer of a subsidiary shall be liable for any act or action hereunder, whether
of commission or omission, taken by any other member, or by any officer, agent, or Employee, except
in circumstances involving bad faith or willful misconduct, for anything done or omitted to be
done.

     12.4 Expenses. The expenses of administration of the Plan shall be paid by the
Corporation.

     12.5 Precedent. Except as otherwise specifically agreed to by the Corporation in
writing, no action taken in accordance with the Plan by the Corporation shall be construed or
relied upon as a precedent for similar action under similar circumstances.

     12.6 Withholding. The Corporation shall withhold any tax that the Corporation in its
discretion deems necessary to be withheld from any payment to any Participant, former Participant,
or Beneficiary hereunder, by reason of any present or future law.

     12.7 Validity of Plan. The validity of the Plan shall be determined and the Plan
shall be construed and interpreted in accordance with the provisions the laws of the State of Ohio.
The invalidity or illegality of any provision of the Plan shall not affect the validity or
legality of any other part thereof.

     12.8 Parties Bound. The Plan shall be binding upon the Employers, Participants,
former Participants, and Beneficiaries hereunder, and, as the case may be, the heirs, executors,
administrators, successors, and assigns of each of them.

     12.9 Headings. All headings used in the Plan are for convenience of reference only
and are not part of the substance of the Plan.

     12.10 Duty to Furnish Information. The Corporation shall furnish to each Participant,
former Participant, or Beneficiary any documents, reports, returns, statements, or other
information that it reasonably deems necessary to perform its duties imposed hereunder or otherwise
imposed by law.

-15-

 

     12.11 Validity. In case any provision of this Plan shall be held illegal or invalid
for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this
Plan shall be construed and enforced as if such illegal and invalid provision had never been
inserted herein.

     12.12 Notice. Any notice required or permitted under the Plan shall be deemed
sufficiently provided if such notice is in writing and hand delivered or sent by registered or
certified mail. Such notice shall be deemed given as of the date of delivery or, if delivery is
made by mail, as of the date shown on the postmark or on the receipt for registration or
certification. Mailed notice to the Corporation shall be directed to the Corporation’s address,
attention: KeyCorp Compensation and Benefits Department. Mailed notice to a Participant or
Beneficiary shall be directed to the individual’s last known address in the Employer’s records

     12.13 Successors. The provisions of this Plan shall bind and inure to the benefit of
each Employer and its successors and assigns. The term successors as used herein shall include any
corporate
or other business entity which shall, whether by merger, consolidation, purchase or otherwise,
acquire all or substantially all of the business and assets of an Employer.

ARTICLE XIII

COMPLIANCE WITH

SECTION 409A of the CODE

     13.1 Compliance With Code Section 409A. The Plan is intended to provide for the
deferral of compensation in accordance with the provisions of Section 409A of the Code and
regulations and published guidance issued pursuant thereto. Accordingly, the Plan shall be
construed in a manner consistent with those provisions and may at any time be amended in the manner
and to the extent determined necessary or desirable by the Corporation to reflect or otherwise
facilitate compliance with such provisions with respect to amounts deferred on and after January 1,
2005. Notwithstanding any provision of the Plan to the contrary, no otherwise permissible
election, deferral, accrual, or distribution shall be made or given effect under the Plan that
would result in early taxation or assessment of penalties or interest of any amount under Section
409A of the Code.

IN WITNESS WHEREOF, KeyCorp has caused this KeyCorp Commissioned Deferred Compensation Plan to be
amended this 29th day of December, 2008, to be effective as of December 31, 2008.

	 	 	 	 	 	 	 
	 	 	KEYCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Steven N. Bulloch	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	Assistant Secretary
 

	 	 

-16-EX-10.35

Exhibit 10.35

TRUST AGREEMENT

FOR CERTAIN AMOUNTS

THAT MAY BECOME PAYABLE

TO CERTAIN EXECUTIVES AND DIRECTORS

OF KEYCORP

          THIS TRUST AGREEMENT, made as of the 1st day of April, 1997, and amended as of August 25,
2003, is between KeyCorp, an Ohio corporation (“Key”), and Wachovia Bank, National Association,
formerly known as Wachovia Bank of North Carolina, N.A. (the “Trustee”).

          Key has established a number of nonqualified retirement and deferred compensation plans to
provide benefits to certain of its executives, Key has entered into a number of agreements with
certain of its executives under which those executives may become entitled to payments and benefits
after a change of control of Key (as defined in those agreements), and Key has established a plan
pursuant to which members of the Board of Directors may defer a portion of the compensation payable
to them in consideration of their services as directors and a plan pursuant to which members of the
Board of Directors will receive deferred shares as part of the compensation payable to them in
consideration for their services as directors. Key has identified and caused to be set forth on
Exhibit A to this Trust Agreement a list of all such plans and agreements that Key intends to be
subject to the terms of this Trust Agreement.

          Key desires to establish a trust (the “Trust”) and to contribute to the Trust assets that
shall be held therein until paid to or on behalf of a Participant, and that shall be subject, while
so held, to the claims of the creditors of Key in the event Key becomes Insolvent (as defined in
Section 5.1 below). It is the intention of the parties that the Trust shall constitute an unfunded
arrangement for purposes of Title I of the Employee Retirement Income Security Act of 1974.
(Certain capitalized terms not defined elsewhere in this Trust Agreement are defined in Article 15
below.)

          In consideration of the premises, Key and the Trustee do hereby establish the Trust and agree
that the Trust shall be comprised, held, and disposed of as follows:

          Article 1. Establishment of Trust

          1.1 Key hereby deposits with the Trustee in trust $100, which shall become the principal of
the Trust to be held, administered, and disposed of by the Trustee as provided in this Trust
Agreement.

          1.2 The Trust hereby established may be revoked by Key at any time before the occurrence of
the first to occur of (a) a Potential Change of Control (as defined in Section 15.9) and (b) a
Change of Control (as defined in Section 15.3). If any Potential Change of Control occurs, the
Trust hereby established may not be revoked by Key until both that particular Potential Change of
Control and any other Potential Change of Control that may have also occurred have been
“terminated” (as defined in Section 15.10) and the Trust then may be

1

 

revoked by Key if and only if no Change of Control has then occurred. Upon the occurrence of a
Change of Control, the Trust hereby established shall become irrevocable. Key’s General Counsel
shall notify the Trustee promptly upon the occurrence of any Change of Control and of any Potential
Change of Control.

          1.3 The Trust is intended to be a grantor trust, of which Key is the grantor, within the
meaning of subpart F, part 1, subchapter J, chapter 1, subtitle A of the Internal Revenue Code, and
shall be construed accordingly.

          1.4 The principal of the Trust and any earnings thereon shall be held separate and apart from
other funds of Key and shall be used exclusively for the uses and purposes of Participants and
general creditors as herein set forth. Participants shall have no preferred claim on, or any
beneficial ownership interest in, any assets of the Trust. Any rights created under the Covered
Plans (as defined in Section 15.4 below) and this Trust Agreement shall be mere unsecured
contractual rights of Participants against Key. Any assets held by the Trust will be subject to the
claims of general creditors of Key under federal and state law in the event Key becomes Insolvent.

          Article 2. Additional Funding

          2.1 Key, in its sole discretion, may at any time, or from time to time, make or cause to be
made, directly or indirectly, additional deposits of cash or other property in trust with the
Trustee to augment the principal to be held, administered, and disposed of by the Trustee as
provided in this Trust Agreement.

          2.2 If a Potential Change of Control occurs, Key shall, not later than the day before the
occurrence of any Change of Control related to that Potential Change of Control, contribute to the
Trust an amount equal to the excess, if any, of the Full Funding Amount (as defined in Section
15.5) over the value of the assets in the Trust (the “Current Trust Asset Value”) immediately prior
to the contribution. At the time any contribution is made pursuant to Section 2.1 or this Section
2.2, Key may specify, in a written notice to the Trustee, that Key retains the right to withdraw
the amount so contributed at any time before the earlier of (a) the occurrence of a Change of
Control or (b) the delivery by Key to the Trustee of a waiver of the right so retained. Absent such
a notice by Key at the time of the contribution, the contribution shall be subject to withdrawal by
Key only as provided in Article 3, dealing with discretionary withdrawals generally, or in Article
6, dealing with reversion of excess assets.

          2.3 Immediately upon the occurrence of the first Change of Control to occur after the
execution of this Trust Agreement and thereafter on each and every anniversary of that Change of
Control, Key shall contribute to the Trust an amount equal to the excess, if any, of the Full
Funding Amount over the Current Trust Asset Value immediately prior to the contribution.

          Article 3. Discretionary Withdrawals

          3.1 Key, in its sole discretion, at any time before the occurrence of the first to occur of a
Potential Change of Control or a Change of Control, may withdraw assets from the Trust

2

 

provided that no such withdrawal shall reduce the Current Trust Asset Value, immediately after the
withdrawal, to an amount below $100.

          3.2 Except in the exercise of a right of withdrawal retained as provided in the second
sentence of Section 2.2, Key shall not be entitled to make any discretionary withdrawal of assets
from the Trust, after any Potential Change of Control has occurred, until both that particular
Potential Change of Control and any other Potential Change of Control that may have also occurred
have been terminated and Key may then make such a discretionary withdrawal if and only if no Change
of Control has then occurred. No discretionary withdrawal under this Section 3.2 shall reduce the
Current Trust Asset Value, immediately after the withdrawal, to an amount below $100.

          3.3 After a Change of Control has occurred, Key may not make any discretionary withdrawal from
the Trust. Nothing in this Article 3 shall restrict the right of Key to receive a reversion of
excess assets under Article 6.

          Article 4. Payments to Participants.

          4.1 Not later than 120 days after the occurrence of a Potential Change of Control and again
not later than 10 days following the occurrence of a Change of Control, Key shall deliver to the
Trustee a schedule (the “Payment Schedule”) that lists the names and addresses of all Participants
and indicates the amounts payable and to become payable to each Participant and/or provides a
formula or other instructions acceptable to the Trustee for determining the amounts so payable and
that indicates the form in which such amounts are to be paid, as provided for or available under
each Covered Plan, and the time of commencement for payment of such amounts. At the same time as
Key delivers the Payment Schedule to the Trustee, Key shall deliver to each Participant that
portion of the Payment Schedule that pertains to amounts that may become payable to that particular
Participant. After the occurrence of a Change of Control, Key shall update the Payment Schedule,
provide revised versions thereof to the Trustee, and provide the relevant portions thereof to each
Participant from time to time and at such times so that each termination of the employment of any
Participant (or the occurrence of any other fact or circumstance that alters the payments due or to
become due to any Participant under any of the Covered Plans) is taken into account in a current
revised Payment Schedule that has been appropriately delivered to the Trustee and to each
Participant (to the extent relevant to each such Participant) not later than 10 days after its
occurrence. Except as otherwise provided herein, the Trustee shall make payments to the
Participants in accordance with the Payment Schedule as it may be revised from time to time. The
Trustee shall make provision for the reporting and withholding of any federal, state, or local
taxes that may be required to be withheld with respect to the payment of benefits pursuant to the
terms of each Covered Plan and shall pay amounts withheld to the appropriate taxing authorities or
determine that such amounts have been reported, withheld, and paid by Key.

          4.2 Except as otherwise specifically provided herein, the entitlement of a Participant to
payments from Key under a particular Covered Plan shall be determined under the terms of the
particular Covered Plan at issue. It is Key’s intention that any and all amounts that may become

3

 

payable to Participants under the Covered Plans will be paid to the Participants at the times and
in the amounts specified in the relevant Covered Plan.

          4.3 In order to provide added assurances to the Participants that the amounts to which they
may be entitled under the Covered Plans will be calculated in good faith and paid promptly at the
times and in the amounts specified in the respective Covered Plans, the following procedure shall
be followed:

     (a) If, concurrently with or after the occurrence of a Change of Control, Key delivers to
the Trustee a Payment Schedule indicating that a Participant is entitled to payments under a
Covered Plan, the Trustee shall promptly thereafter deliver a copy of the relevant portion of
the Payment Schedule to the Participant and shall make the payments so indicated in the Payment
Schedule.

     (b) If, after the occurrence of a Change of Control, a Participant (either because no
Payment Schedule has been delivered to the Trustee or because the Participant believes that the
amounts specified in the Payment Schedule are incorrect) delivers written notice (a “Participant
Payment Notice”) to the Trustee that the Participant is entitled to payments under a Covered
Plan and requesting that the Trustee make payments to the Participant pursuant to that Covered
Plan, the Trustee shall promptly deliver a copy of the Participant Payment Notice to Key and
thereafter:

(i) if Key has not, within ten business days of the delivery of the Participant Payment
Notice to the Trustee, delivered to the Trustee a notice (a “Key Stop Payment Notice”) in
which Key asserts that the Participant is not entitled to the payments set forth in the
Participant Payment Notice, the Trustee shall make the payments set forth in the Participant
Payment Notice, or, alternatively,

(ii) if Key has, within ten business days of the delivery of the Participant Payment Notice
to the Trustee, delivered to the Trustee a Key Stop Payment Notice, the disparity between
the Participant Payment Notice and the Key Stop Payment Notice shall be resolved as provided
in Section 4.4 below and any payments or portions thereof that are not in dispute shall be
paid by the Trustee as and when due to the Participant.

          4.4 If the Trustee has received both a Participant Payment Notice and a Key Stop Payment
Notice with regard to the same Covered Plan:

     (a) the Trustee shall engage the Accounting Firm (as defined in Section 15.1), at Key’s
expense, to determine what payments the Participant is entitled to under the particular Covered
Plan, which determination shall be made by the Accounting Firm as promptly as practicable but in
all events within 30 days of the engagement of the Accounting Firm by the Trustee,

     (b) Key shall cooperate with the Accounting Firm and provide to it all information that is
available to Key and is required by the Accounting Firm to make the determination referred to in
(a) above within the time frame set forth therein, and

4

 

     (c) unless and until ordered to do otherwise by an award of arbitrators following
arbitration proceedings instituted pursuant to Section 4.5 below, the Trustee shall make
payments to the Participant in the amount or amounts and at the time or times determined by the
Accounting Firm.

          4.5 In the event of any dispute between a Participant and Key with respect to whether the
Participant is entitled to payments (or the amounts thereof) under a Covered Plan and/or to payment
thereof from the assets of the Trust, either party (Key or the Participant) may deliver to the
other a demand for binding arbitration. If either party delivers any such demand to the other, the
dispute shall be determined by binding arbitration conducted in Cleveland, Ohio according to the
Commercial Arbitration Rules of the American Arbitration Association. In any such arbitration the
arbitrators may consider, with such weight as they may deem appropriate, any determination by the
Accounting Firm that may have been made as provided in Section 4.4 above. The award of the
arbitrators will be final and binding and judgment on the award may be entered in any court having
jurisdiction over the subject matter and the parties.

          4.6 In order to discourage Key from disputing, otherwise than in good faith, any amounts
properly due to a Participant, the costs and expenses related to any arbitration proceeding
referred to in Section 4.5 shall be borne as provided in this Section 4.6. Key shall bear the cost
of its own attorneys and other representatives and all of the fees and expenses of the arbitrators
and the arbitration proceedings. The reasonable fees and expenses of the Participant’s attorneys
relating to the subject matter of the arbitration shall be paid by Key unless and to the extent the
arbitrators determine (which determination shall be final and binding upon the parties) that the
positions advanced by the Participant in any such arbitration have no reasonable basis (which
determination need not be made simply because the arbitrators decide against the Participant on any
or all substantive points). If Key fails to pay any of the costs and expenses related to any
arbitration as specified in this Section 4.6, the Trustee shall pay such amounts from the assets of
the Trust.

          4.7 Key may make payments under any Covered Plan directly to or on behalf of a Participant as
they become due under the terms of the Covered Plan. If Key makes any such payment it shall notify
the Trustee of its decision to make such payments directly prior to the time amounts are payable to
or on behalf of the Participant. In addition, if the principal of the Trust and any earnings
thereon are not sufficient to make any payments that are due and payable under any Covered Plan in
accordance with its terms, Key shall make the balance of each such payment as it falls due. The
Trustee shall notify Key whenever principal and earnings are not sufficient.

          4.8 When making any payment to a Participant under a Covered Plan that is overdue, the Trustee
shall increase the amount of the payment to include interest on the overdue payment from the date
due to the date of the distribution calculated on a daily basis, compounded as of the end of each
calendar month, and using as the interest rate for each calendar month or part thereof during the
period with respect to which interest is due the prime lending rate published by KeyBank National
Association or its successor and in effect on the first day of that calendar month.

5

 

          4.9 Whenever a payment under a Covered Plan with respect to a Participant is payable to a
beneficiary of the Participant rather than to the Participant, the beneficiary shall be entitled to
all of the rights of the Participant under all of the provisions of this Trust Agreement with
respect to that payment.

          4.10 Notwithstanding any other provision of this Trust Agreement, if at any time circumstances
are such that Key would be prohibited from making any particular payment under a Covered Plan by
the regulations adopted by the Federal Deposit Insurance Corporation limiting payments in the
nature of golden parachutes in certain circumstances (12 CFR Parts 303 and 359), the Trustee shall
refrain from making those same payments until such time as Key would not be prohibited from making
those same payments by those regulations. Unless and until the Trustee is notified in writing by
Key or by a federal banking agency that circumstances are such that Key would be prohibited from
making any particular payment by reason of the regulations referred to in the immediately preceding
sentence, the Trustee may conclusively presume that no such prohibition exists.

          Article 5. Trustee Responsibility Regarding Payments to Participants when Key Is Insolvent.

          5.1 The Trustee shall cease payments to Participants from the Trust if Key is Insolvent. Key
shall be considered “Insolvent” for purposes of this Trust Agreement if (a) it is unable to pay its
debts as they become due, or (b) it is subject to a pending proceeding as a debtor under the United
States Bankruptcy Code.

          5.2 At all times during the continuance of the Trust, the principal and income of the Trust
shall be subject to claims of general creditors of Key under federal and state law as set forth
below.

     (a) The Board of Directors and the Chief Executive Officer of Key shall have the duty to
inform the Trustee in writing of Key’s Insolvency. If a person claiming to be a creditor of Key
alleges in writing to the Trustee that Key has become Insolvent, the Trustee shall determine
whether Key is Insolvent and, pending such determination, the Trustee shall discontinue payments
from the Trust to Participants.

     (b) Unless the Trustee has actual knowledge of Key’s Insolvency, or has received notice
from Key or a person claiming to be a creditor alleging that Key is Insolvent, the Trustee shall
have no duty to inquire whether Key is Insolvent. The Trustee may in all events rely on such
evidence concerning Key’s solvency as may be furnished to the Trustee and that provides the
Trustee with a reasonable basis for making a determination concerning Key’s solvency.

     (c) If at any time the Trustee has determined that Key is Insolvent, the Trustee shall
discontinue payments to Participants and shall hold the assets of the Trust for the benefit of
the general creditors of Key. Nothing in this Trust Agreement shall in any way diminish any

6

 

rights of Participants to pursue their rights as general creditors of Key with respect to
benefits due under the Covered Plans or otherwise.

     (d) The Trustee shall resume the making of payments to Participants in accordance with
Section 4 of this Trust Agreement only after the Trustee has determined that Key is not
Insolvent (or is not any longer Insolvent).

          5.3 Provided that there are sufficient assets, if the Trustee discontinues payments under the
Covered Plans from the Trust pursuant to Section 5.2 hereof and subsequently resumes such payments,
the first payment following such discontinuance shall include the aggregate amount of all payments
due to Participants under the terms of the Covered Plans for the period of such discontinuance,
less the aggregate amount of any payments made to the Participants by Key in lieu of the payments
provided for hereunder during any such period of discontinuance.

          Article 6. Reversion of Excess Assets.

          From time to time after the third anniversary of the first Change of Control occurring after
the execution of this Trust Agreement, if and when requested by Key to do so, the Trustee shall
engage the services of the Accounting Firm, at the expense of Key, to determine the Aggregate Plan
Liability (as defined in Section 15.2). If the Current Trust Asset Value at the time of the
calculation exceeds 150% of the dollar amount of the Aggregate Plan Liability and the Trustee is
requested to do so by Key, the Trustee shall pay the amount of any such excess over 150% to Key.
The Trustee shall determine, in its sole discretion, how the funds necessary to make any such
payment are to be raised from Trust assets.

          Article 7. Payments to Key.

          Except as provided in Article 3 or in Article 6, Key shall not have any right or power to
direct the Trustee to return to Key or to divert to others any of the Trust assets before all
payments that may become payable to any and all Participants under the Covered Plans have been made
to Participants. At such point in time as no further payments are payable or may become payable in
the future to or with respect to any Participant under any Covered Plan, the remaining assets of
the Trust shall be paid to Key.

          Article 8. Investment Authority.

          8.1 The Trustee shall invest and reinvest the trust property, including any income accumulated
and added to principal, only in (a) annuity or life insurance contracts that either have been
contributed to the trust property by Key or are issued by one or more insurance companies that are
rated at least A++ by Best Life Insurance Reports at the time of issuance; (b) interest-bearing
deposit accounts or certificates issued or offered by any one or more Federal Deposit Insurance
Corporation insured financial institutions having in each case an investment grade rating from
Moody’s Investor Services and Standard & Poor’s Investment Advisory Service and a capital and
surplus of at least $1,000,000,000 in the aggregate (but excluding obligations of Key); (c) direct
obligations of the United States of America, or obligations the payment of which is guaranteed, as
to both principal and interest, by the government or an

7

 

agency of the government of the United States of America; (d) readily marketable debt securities
listed on a United States national securities exchange (other than securities of Key) that are
rated at least “investment grade” by one or more nationally recognized rating agencies; or (e)
shares or other units of participation in any mutual fund or investment trust fund maintained by
the Trustee, which are invested exclusively or predominantly in assets described in the foregoing
clauses (a) through (d) of this Section 8.1. In no event may the Trustee invest in securities
(including stock or rights to acquire stock) or obligations issued by Key, other than a de minimis
amount held in common investment vehicles in which the Trustee invests. All rights associated with
assets of the Trust shall be exercised by the Trustee or the person designated by the Trustee, and
shall in no event be exercisable by or rest with Participants. The Trustee shall not be liable to
any Participant or beneficiary under any Covered Plan for any insufficiency of the trust property
to discharge all benefits due the same under the Covered Plan; rather, the liability for all such
benefits shall be and remain the primary and ultimate responsibility of Key and any such benefits
not discharged in full by payments made by the Trustee under this Trust Agreement shall be paid by
Key.

          8.2 The Trustee is empowered to register securities, and to take and hold title to other
property, in the name of the Trustee or in the name of a nominee without disclosing the Trust.
Securities also may be held in bearer form and may be held in bulk with certificates of the same
class and issuer which are assets of other fiduciary accounts. The Trustee shall be responsible for
any wrongful acts of any nominee of the Trustee.

          8.3 The Trustee is empowered to take all actions necessary or advisable in order to collect
any life insurance, annuity, or other benefits or payments of which the Trustee is the designated
beneficiary. Key may maintain in force all life insurance policies held in the Trust by paying
premiums and other charges due thereon; but if any such premiums or other charges are not paid
directly by Key, the Trustee shall pay such premiums and other charges on or before the due date
thereof.

          8.4 Subject to the Trustee’s obligation, as set forth in Section 4, to use Trust assets for
payment of benefits to Participants or their beneficiaries: (a) to the extent the Trustee has cash
or its equivalent readily available for the payment of premiums due or policy loans and/or
dividends are available for such purpose, the Trustee shall pay premiums due with such cash or its
equivalent or policy loans and/or dividends, as the Trustee may deem best; but if the Trustee does
not have sufficient cash or its equivalent readily available and policy loans and dividends are not
available, then the Trustee shall dispose of or otherwise use other assets held by it in the Trust
to generate the necessary cash or, if no such other assets are available, the Trustee may surrender
one or more of the life insurance policies in order to generate cash with which to pay premiums on
one or more of the other life insurance policies. If the Trustee determines to surrender one or
more of the life insurance policies as permitted by the immediately preceding sentence, the Trustee
may consult with Key, both before and after a Change of Control, as to which life insurance
policies should be surrendered to maximize the aggregate economic benefit to the Trust of all of
the life insurance policies. The Trustee shall have no liability to Key or any other person if, as
a result of an insufficiency of cash or its equivalent, policy loans and dividends, and assets that
can be disposed of or otherwise used to generate cash, the Trustee is unable to pay premiums as
they become due.

8

 

     8.5 The Trustee shall be named sole owner and beneficiary of each life insurance policy held
in the Trust and shall have full authority and power to exercise all rights of ownership relating
to the policy, including the right to borrow against the policy, except that the Trustee shall have
no power to name a beneficiary of the policy other than the Trust, to assign the policy (as
distinct from conversion of the policy to a different form) other than to a successor Trustee, or
to loan to any person the proceeds of any borrowing against such policy.

     8.6 The Trustee shall have the power to acquire additional life insurance coverage on
Participants through application for new life insurance when directed by Key. The Trustee shall
acquire any additional life insurance from the agent or agents designated by Key.

     Article 9. Accounting by Trustee.

     The Trustee shall keep accurate and detailed records of all investments, receipts,
disbursements, and all other transactions required to be made, including such specific records as
shall be agreed upon in writing between Key and the Trustee. All such accounts, books, and records
shall be open to inspection and audit at all reasonable times by Key. Within 60 days following the
close of each calendar year and within 60 days after the removal or resignation of the Trustee, the
Trustee shall deliver to Key a written account of its administration of the Trust during such year
or during the period from the close of the last preceding year to the date of such removal or
resignation, setting forth all investments, receipts, disbursements, and other transactions
effected by it, including a description of all securities and investments purchased and sold with
the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being
shown separately), and showing all cash, securities, and other property held in the Trust at the
end of such year or as of the date of such removal or resignation, as the case may be.

     Article 10. Calculations of Current Trust Asset Value and Aggregate Plan Liability.

     10.1 Any determination of the Current Trust Asset Value that is to be made before the
occurrence of any Change of Control shall be made by Key. After the occurrence of a Change of
Control, all determinations of the Current Trust Asset Value shall be reasonably made by the
Trustee and may be based on the determination of one or more qualified independent appraisers,
consultants, or other experts retained by the Trustee for that purpose.

     10.2 Any determination of the Aggregate Plan Liability that is to be made before the
occurrence of any Change of Control shall be made by Key. After the occurrence of a Change of
Control, all determinations of the Aggregate Plan Liability shall be reasonably made by the Trustee
and may be based on the determination of one or more qualified independent actuaries, consultants,
or other experts retained by the Trustee for that purpose. All such determinations shall be based
on the terms of the Covered Plans and the actuarial assumptions and methodology set forth in
Exhibit B.

     10.3 Key shall pay all costs incurred in determining the Current Trust Asset Value and/or the
Aggregate Plan Liability from time to time. If not so paid, these costs shall be paid from the

9

 

Trust. Key shall reimburse the Trust within 30 days after receipt of a bill from the Trustee for
any such costs paid out of the Trust.

     Article 11. Responsibility of Trustee.

     11.1 The Trustee shall at all times act in accordance with, and its obligations hereunder
shall be at all times subject to, all applicable laws and regulations as from time to time in
effect. The Trustee shall act with the care, skill, prudence, and diligence under the circumstances
then prevailing that a prudent person acting in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like character and with like aims; provided,
however, that the Trustee shall incur no liability to any person for any action taken pursuant to a
direction, request, or approval that is contemplated by, and in conformity with, the terms of the
Trust and is given in writing by Key prior to the occurrence of any Change of Control. If the
Trustee determines that Key is Insolvent, the Trustee shall not be liable to any person on account
of the Trustee’s discontinuation of payment from the Trust to Participants for so long as the
Trustee deems Key to be Insolvent. Except as otherwise provided in Section 4.5 above with respect
to binding arbitration of disputes between a Participant and Key, in the event of a dispute between
Key and any other party, the Trustee may apply to a court of competent jurisdiction to resolve the
dispute.

     11.2 If the Trustee undertakes or defends any litigation arising in connection with the Trust,
Key agrees to indemnify the Trustee against the Trustee’s costs, expenses, and liabilities
(including, without limitation, attorneys’ fees and expenses) relating thereto and to be primarily
liable for such payments. If such costs, expenses, and liabilities are not paid by Key in a
reasonably timely manner, the Trustee may obtain payment from the Trust. Key shall reimburse the
Trust within 30 days after receipt of a bill from the Trustee for any such costs, expenses, and
liabilities paid out of the Trust.

     11.3 The Trustee may consult with legal counsel (who may also be counsel for the Trustee
generally) with respect to any of its duties or obligations hereunder.

     11.4 The Trustee may hire agents, accountants, actuaries, investment advisors, financial
consultants, or other professionals and may rely on the advice given by such professionals, to
assist it in performing any of its duties or obligations hereunder, including, without limitation,
to assist it in enforcing against Key any of the obligations of Key under this Trust Agreement.

     11.5 The Trustee shall have, without exclusion, all powers conferred on trustees by applicable
law, unless expressly provided otherwise herein.

     11.6 Notwithstanding any powers granted to the Trustee pursuant to this Trust Agreement or to
applicable law, the Trustee shall not have any power that could give the Trust the objective of
carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701-2
of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.

10

 

     Article 12. Compensation and Expenses of Trustee.

     The Trustee shall be entitled to receive reasonable compensation for its services in
accordance with its published fee schedule as in effect from time to time. The Trustee shall be
entitled to receive its reasonable expenses incurred with respect to the administration of the
Trust, including fees incurred by the Trustee pursuant to Sections 11.3 and 11.4 of this Trust
Agreement. Such compensation and expenses shall be payable by Key. If not so paid, the fees and
expenses shall be paid from the Trust. Key shall reimburse the Trust within 30 days after receipt
of a bill from the Trustee for any such fees or expenses paid out of the Trust.

     Article 13. Tenure and Succession of Trustee.

     13.1 Key may remove any trustee from time to time serving under this Trust Agreement at any
time upon giving 60 days written notice to such trustee and each trustee from time to time serving
under this instrument shall have the right to resign by delivering a written notice of resignation
to Key, except that: (a) Key shall not have any power to remove the Trustee at any time after a
Change of Control, and (b) no such removal or resignation shall become effective until the
acceptance of the trust by a successor trustee designated in accordance with Section 13.2.

     13.2 If Wachovia Bank, National Association, or any successor to it designated in accordance
with this Section 13.2, for any reason shall decline, cease, or otherwise fail to serve as trustee,
the vacancy in the trusteeship shall be filled by such bank or trust company, wherever located,
having a capital and surplus of at least $100,000,000 in the aggregate, as shall be designated by
Key (if the designation is made prior to the occurrence of any Change of Control) or by the
resigning Trustee (if the designation is made after the occurrence of any Change of Control). If
neither Key nor the resigning Trustee designates a successor trustee in circumstances where such a
designation is contemplated by this Section 13.2, any party in interest, including any Participant
or Beneficiary, may apply to any court of competent jurisdiction sitting in Cuyahoga County, Ohio
to have a successor trustee designated by the court.

     13.3 Upon acceptance of the trust, each successor trustee shall be vested with the title to
the trust property possessed by the trustee that it succeeds and shall have all the powers,
discretions, and duties of such predecessor trustee. No successor trustee shall be required to
furnish bond.

     13.4 Each successor trustee may accept as complete and correct and may rely upon any
accounting by any predecessor trustee and upon any statement or representation by any predecessor
trustee as to the assets comprising or any other matter pertaining to the administration of the
Trust. No successor trustee shall be liable for any act or omission of any predecessor trustee or
have any duty to enforce or seek to enforce any claim of any kind against any predecessor trustee
on account of any such act or omission.

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     Article 14. Amendment or Termination.

     14.1 Except as provided in the second sentence of this Section 14.1, at any time before the
occurrence of the first Change of Control to occur after the execution of this Agreement, Key, in
its sole discretion, may amend this Trust Agreement (including the exhibits hereto) in any manner
and may terminate this Trust Agreement. If at any particular point in time (a) one or more
Potential Changes of Control have occurred, (b) one or more of those Potential Changes of Control
has not yet been terminated, and (c) no Change of Control has occurred, then Key may not, at that
particular point in time, terminate this Trust Agreement and Key may only amend this Trust
Agreement if and to the extent permitted by Section 14.2 below.

     14.2 At any particular point in time when (a) one or more Potential Changes of Control have
occurred, (b) one or more of those Potential Changes of Control has not yet been terminated, and
(c) no Change of Control has occurred: Key may not terminate this Trust Agreement but Key may add
one or more additional plans or agreements to the class of Covered Plans and Key may amend this
Trust Agreement (including the exhibits hereto), provided that (x) Key determines, in the exercise
of its reasonable discretion, that the amendment is in the best interests of the Participants,
taken as a group, and (y) no such amendment shall remove any plan or agreement from the class of
Covered Plans unless the plan has been terminated and there are no further obligations due or to
become due thereunder to any Participant.

     14.3 After a Change of Control has occurred, this Trust Agreement (including the exhibits
hereto) may not be amended or terminated except as provided in Section 14.5.

     14.4 Unless earlier revoked pursuant to Section 1.2, the Trust shall not terminate until the
date on which Participants are no longer entitled to any further payments pursuant to the terms of
any of the Covered Plans. Upon termination of the Trust on or after that date, any assets remaining
in the Trust shall be returned to Key.

     14.5 Upon written approval of all Participants who are or may in the future be entitled to
receive any payment pursuant to the terms of any of the Covered Plans, Key may terminate the Trust
prior to the time all payments that are or may become due in the future under the Covered Plans
have been made. All assets in the Trust at any such termination shall be returned to Key.

     Article 15. Certain Definitions.

     15.1 From and after the occurrence of the first Change of Control to occur after the execution
of this Trust Agreement, the term “Accounting Firm” shall mean the independent auditors of Key for
the fiscal year preceding the first year in which there occurred either (a) that Change of Control
or (b) any Potential Change of Control that had not terminated before the occurrence of that Change
of Control and such firm’s successor or successors; provided, however, if such firm is unable or
unwilling to serve and perform in the capacity contemplated by this Trust Agreement, the Trustee
shall select another national accounting firm of recognized standing to serve and perform in that
capacity under this Trust Agreement, except that such other accounting firm shall not be the then
independent auditors for Key or any of its affiliates (as defined in Rule 12b-2 promulgated under
the 1934 Act).

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     15.2 The term “Aggregate Plan Liability” as at any time shall mean the maximum amount of
payments that have not yet been paid but could become payable in the future under the Covered
Plans, determined as provided in Section 10.2.

     15.3 A “Change of Control” shall be deemed to occur if and when there occurs any of the
circumstances set forth in any of clauses (a) through (d) of this Section 15.3. For these purposes
and for purposes of Section 15.9, Key will be deemed to have become a subsidiary of another
corporation if any other corporation (which term shall, for all purposes of this Section 15.3 and
of Section 15.9, include, in addition to a corporation, a limited liability company, partnership,
trust, or other organization) owns, directly or indirectly, 50 percent or more of the total
combined outstanding voting power of all classes of stock of Key or any successor to Key:

     (a) Key is merged with or into, is consolidated with, or becomes the subsidiary of another
corporation and, immediately after giving effect to that transaction, either:

(i) less than 45% of the then outstanding voting securities of the surviving or resulting
corporation or (if Key becomes a subsidiary in the transaction) of the ultimate parent of
Key represent or were issued in exchange for voting securities of Key outstanding
immediately prior to the transaction, or

(ii) individuals who were directors of Key on the day before the first public announcement
of (A) the pendency of the transaction or (B) the intention of any Person to cause the
transaction to occur, cease for any reason to constitute at least 50% of the directors of
the surviving or resulting corporation or (if Key becomes a subsidiary in the transaction)
of the ultimate parent of Key.

     (b) Any Person becomes the beneficial owner of 35% or more of the outstanding voting stock
of Key or files a report on Schedule 13D or Schedule 14D-1, each as adopted under the 1934 Act
(or any successor schedule, form, or report), disclosing the acquisition of 35% or more of the
outstanding voting stock of Key in a transaction or series of transactions.

     (c) The shareholders of Key approve a plan providing for the dissolution of Key or for the
sale, lease, exchange, or other disposal of (in one transaction or a series of related
transactions) all or substantially all of the assets of Key and its subsidiaries, taken as a
whole.

     (d) Without the prior approval, solicitation, invitation, or recommendation of the Board of
Directors of Key, any Person makes a public announcement of a bona fide intention (i) to engage
in a transaction with Key that, if consummated, would result in a Change of Control under any of
subclauses (a) through (c) above, (ii) to “solicit” (as defined in Rule 14a-1 under the 1934
Act) proxies in connection with a proposal that is not approved or recommended by the Board of
Directors of Key, or (iii) to engage in an election contest relating to the election of
directors of Key (pursuant to Regulation 14A, including Rule 14a-11, under the 1934 Act), and,
at any time within the 24 month period immediately following the date of the announcement of
that intention, individuals who, on the day before that announcement, constituted the directors
of Key (the “Incumbent Directors”) cease for any reason to

13

 

constitute at least 50% thereof unless both (x) the election, or the nomination for
election by Key’s shareholders, of each new director was approved by a vote of at least
two-thirds of the Incumbent Directors in office at the time of the election or nomination for
election of such new director, and (y) prior to the time that the Incumbent Directors no longer
constitute at least 50% of the Board of Directors, the Incumbent Directors then in office, by a
vote of at least 75% of their number, reasonably determine in good faith that the change in
Board membership that has occurred before the date of that determination and that is anticipated
to thereafter occur within the balance of the 24 month period to cause the Incumbent Directors
to no longer be at least 50% of the Board of Directors was not caused by or attributable to, in
whole or in any significant part, directly or indirectly, proximately or remotely, any event
under items (i), (ii), or (iii) of this subclause (d).

     15.4 The term “Covered Plan” means any one of the plans and agreements identified on Exhibit
A, as the same may be amended from time to time in accordance with Section 14.2 above. To the
extent that certain benefits under any one or more of the plans and agreements listed on Exhibit A
are secured by one or more “Prior Rabbi Trusts” (as defined in Section 15.11), those benefits, to
the extent they are so secured, shall not be treated as benefits under a Covered Plan for purposes
of this Trust Agreement (i.e. there is no intention to provide duplicate coverage for any
particular benefits) and no benefits that are secured by one or more Prior Rabbi Trusts shall be
paid by the Trustee pursuant to this Trust Agreement or taken into account for any purpose under
this Trust Agreement.

     15.5 The term “Full Funding Amount” as of any point in time shall mean an amount equal to 125%
of the Aggregate Plan Liability as of that point in time.

     15.6 The term “Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as
amended.

     15.7 The term “Person” shall mean a “person” as used in Section 13(d) and Section 14(d)(2) of
the 1934 Act.

     15.8 The term “Participant” shall mean an executive or director who is a participant in or
party to any of the Covered Plans.

     15.9 A “Potential Change of Control” shall be deemed to occur if and when there occurs any of
the circumstances set forth in any of the following clauses (a) through (d):

     (a) Key enters into a definitive agreement pursuant to which Key is to be merged with or
into, is to be consolidated with, or is to become the subsidiary of another corporation and the
definitive agreement contemplates that, immediately after giving effect to that transaction,
either:

(i) less than 45% of the then outstanding voting securities of the surviving or resulting
corporation or (if Key becomes a subsidiary in the transaction) of the ultimate parent of
Key will represent or have been issued in exchange for voting securities of Key outstanding
immediately prior to the transaction, or

14

 

(ii) individuals who were directors of Key on the day before the first public announcement
of (A) the pendency of the transaction or (B) the intention of any Person to cause the
transaction to occur, will cease for any reason to constitute at least 50% of the directors
of the surviving or resulting corporation or (if Key becomes a subsidiary in the
transaction) of the ultimate parent of Key.

     (b) A tender offer or exchange offer is commenced providing for the acquisition of 35% or
more of the outstanding voting stock of Key or any application, letter, or notice is delivered
to or filed with any state or Federal regulatory authority indicating an intention to acquire
35% or more of the outstanding voting stock of Key.

     (c) Without the prior approval, solicitation, invitation, or recommendation of the Board of
Directors of Key, any Person makes a public announcement of a bona fide intention (i) to engage
in a transaction that, if consummated, would constitute a Change of Control, (ii) to “solicit”
(as defined in Rule 14a-1 under the 1934 Act) proxies in connection with a proposal that is not
approved or recommended by the Board of Directors of Key, or (iii) to engage in an election
contest relating to the election of directors of Key (pursuant to Regulation 14A, including Rule
l4a-11, under the 1934 Act) which, if successful, would result in the election of one or more
directors, not nominated by the Board of Directors of Key.

     (d) There is delivered to the shareholders of Key proxy material soliciting approval a plan
providing for the dissolution of Key or for the sale, lease, exchange, or other disposal of (in
one transaction or a series of related transactions) all or substantially all of the assets of
Key and its subsidiaries, taken as a whole.

     15.10 A Potential Change of Control shall be deemed to have “terminated:”

     (a) In the case of a Potential Change of Control described in Section 15.9(a), upon the
termination of the definitive agreement without the occurrence of a Change of Control.

     (b) In the case of a Potential Change of Control described in Section 15.9(b), upon the
termination or consummation of the tender or exchange offer, or the withdrawal, rejection, or
denial of the application, letter, or notice, without the acquisition of 35% or more of the
outstanding voting stock of Key.

     (c) In the case of a Potential Change of Control described in Section 15.9(c), the
abandonment of the intention to engage in the transaction that, if consummated, would have
constituted a Change of Control, the termination of the solicitation without a shareholder vote,
or the defeat by the shareholders of the proposal or the termination of the election contest
without the election of any director not nominated by the Board of Directors of Key, as the case
may be.

     (d) In the case of a Potential Change of Control described in Section 15.9(d), the
abandonment of the plan before a shareholder vote or the vote by the shareholders not to approve
the plan.

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     15.11 The term “Prior Rabbi Trust” shall mean any one of the following trust agreements: (a)
the Trust Agreement entered into between Ameritrust Corporation and Wachovia Bank and Trust
Company, N.A. on November 3, 1988, (b) the KeyCorp Umbrella Trust for Executives entered into
between Key and NBD Bank, N.A. as of July 1, 1990, or (c) the KeyCorp Umbrella Trust for Directors
entered into between Key and NBD Bank, N.A. as of July 1, 1990.

     15.12 The term “SEC” shall mean the Securities and Exchange Commission.

     15.13 The term “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.

     16. Miscellaneous

     16.1 Any provision of this Trust Agreement prohibited by law shall be ineffective to the
extent of any such prohibition, without invalidating the remaining provisions hereof.

     16.2 This Trust Agreement shall be governed by and construed in accordance with the laws of
the State of Ohio.

     16.3 Each Participant is an intended beneficiary under the Trust, and as an intended
beneficiary shall be entitled to enforce all terms and provisions of this Trust Agreement with the
same force and effect as if such person had been a party to this Trust Agreement.

     IN WITNESS WHEREOF, Key and the Trustee have executed this Amended Trust Agreement as of
August 25, 2003.

	 	 	 	 	 	 	 	 	 	 	 
	Wachovia Bank, National Association	 	 	 	KEYCORP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By

	 	 	 	 	 	By	 	 	 	 
	 

	 	 

Beverley H. Wood
	 	 	 	 	 	 

Thomas E. Helfrich
	 	 
	 

	 	Senior Vice President
	 	 	 	 	 	Executive Vice President	 	 

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EXHIBIT A

COVERED PLANS

Individual by Individual Limitation on Plans Specified in Category 1 or Category 2: Plans
specified in either of Category 1 or Category 2 below are to be covered by the Trust insofar, but
only insofar, as the plans provide benefits to individuals who (a) had terminated their employment
with Key or a predecessor on or before January 1, 1997 and are listed on Annex I to this Exhibit A,
(b) were in job grade 89 (or equivalent) or above with Key or an affiliate at any time on or after
January 1, 1997, or (c) were or are members of the KeyCorp Board of Directors.

Time Limitation on Benefits Payable Under Plans Specified in Category 1 or Category 2: In general,
benefits payable under plans specified in either of Category 1 or Category 2 are to be covered by
the Trust insofar, but only insofar, as the benefits arise out of or are related to the performance
of services by an individual on or before the second anniversary of the first Change of Control to
occur after the date of execution of the Trust Agreement. In addition, benefits payable with
respect to any such plan that are provided pursuant to an agreement specified in either of Category
3 or Category 4 of this Exhibit A are to be covered by the Trust.

Amendments, etc.: If, before the first Change of Control to occur after the date of execution of
the Trust Agreement, any of the plans and agreements specified in Categories 1 through 4 below are
from time to time amended or modified, or a new plan or agreement is entered into in replacement
thereof or substitution therefor, the reference shall be deemed to include the amendment or
modification, or the replacement or substitute plan or agreement, as the case may be.

Category 1. Retiree Benefit Plans

	 	•	 	KeyCorp Excess Cash Balance Pension Plan (new plan as of 1/1/95)
	 
	 	•	 	KeyCorp Excess 401(k) Savings Plan (old Society Supplemental Stock Purchase and Savings
Plan from 4/15/87)
	 
	 	•	 	KeyCorp Supplemental Retirement Plan (old Society Supplemental Retirement Plan from
5/14/81)
	 
	 	•	 	KeyCorp Supplemental Retirement Benefit Plan (old Key plan from 1/1/81, restated
8/16/90)
	 
	 	•	 	KeyCorp Executive Supplemental Pension Plan (new plan as of 1/1/95)
	 
	 	•	 	Retirement Benefits to be provided pursuant to employment or other agreements with those
particular individuals listed on Annex 1 or Annex 2 to this Exhibit A.

Category 2. Deferred Compensation Plan

	 	•	 	KeyCorp Deferred Compensation Plan (new Key plan for 1997, into which the KeyCorp
Executive Deferred Compensation Plan was merged)
	 
	 	•	 	KeyCorp Director Deferred Compensation Plan
	 
	 	•	 	KeyCorp Automatic Deferral Plan
	 
	 	•	 	KeyCorp Directors’ Deferred Share Plan
	 
	 	•	 	KeyCorp Signing Bonus Plan

17

 

Category 3. Employment Agreements (3)

	 	•	 	Robert T. Clutterbuck
	 
	 	•	 	Henry L. Meyer III
	 
	 	•	 	William B. Summers

Category 4. Change of Control Agreements (30 as of August 20, 2003)

	 	•	 	Patrick V. Auletta
	 
	 	•	 	William Barnes
	 
	 	•	 	Kevin M. Blakely
	 
	 	•	 	Richard J. Buoncore
	 
	 	•	 	Thomas W. Bunn
	 
	 	•	 	Michael A. Butler
	 
	 	•	 	George E. Emmons, Jr.
	 
	 	•	 	Michael L. Evans
	 
	 	•	 	Barbara Godin
	 
	 	•	 	Christopher M. Gorman
	 
	 	•	 	Linda A. Grandstaff
	 
	 	•	 	Karen R. Haefling
	 
	 	•	 	Paul N. Harris
	 
	 	•	 	Robert B. Heisler, Jr.
	 
	 	•	 	Thomas E. Helfrich

	 	•	 	Leroy G. Irving
	 
	 	•	 	Robert G. Jones
	 
	 	•	 	Jack L. Kopnisky
	 
	 	•	 	Paul A. Larkins
	 
	 	•	 	Michael J. Monroe
	 
	 	•	 	Peter K. Potchen
	 
	 	•	 	Robert G. Rickert
	 
	 	•	 	Kevin P. Riley
	 
	 	•	 	David J. Schutter
	 
	 	•	 	Thomas C. Stevens
	 
	 	•	 	Patrick J. Swanick
	 
	 	•	 	Andrew R. Tyson
	 
	 	•	 	Joseph M. Vayda
	 
	 	•	 	Jeffrey B. Weeden
	 
	 	•	 	Len E. Williams

Plus any other Change of Control Agreement that (a) is substantially similar to the Change of
Control Agreements listed above and (b) is entered into by Key before the occurrence of the first
Change of Control to occur after the execution of this Trust Agreement.

18

 

ANNEX 1

to

EXHIBIT A

Wilson M. Brown, Jr.

Donald Cruse

Richard Kesslar

Bruce C. Murray

Robert Patrick

Frank Ponchak

Perry B. Wydman

Gordon E. Heffern

19

 

ANNEX 2

to

EXHIBIT A

Robert W. Gillespie

Roger Noall

20

 

EXHIBIT B

Assumptions and Methodology for

Determining Aggregate Plan Liability

     1. The liability for benefits under each Plan will be calculated using two different
assumptions as to when Participants terminate service:

     (a) As of the date of the first Change of Control occurring after the execution of this
Trust Agreement.

     (b) Twenty four months after the first Change of Control occurring after the execution of
this Trust Agreement, assuming future compensation continues at current levels, and future
deferrals under deferred compensation plans continue through the end of the twenty four month
period at levels that are consistent with the levels of deferrals elected by the participants in
those plans under the last elections made before the first to occur of (i) the first Change of
Control occurring after execution of this Trust Agreement and (ii) any Potential Change of
Control related to that Change of Control.

The liability for accrued benefits under each Plan will be the greater of the liabilities
calculated in accordance with (a) and (b) above. If the liability for benefits varies depending
upon the circumstances under which a Participant terminates service (for example, whether the
Participant resigns or is terminated by action of the employer), the liability shall be calculated
based on the greatest potential benefit to the Participant.

     2. Calculations will be based upon the most valuable optional form of payment available to the
Participant.

     3. The liability for benefits under deferred compensation or other defined contribution Plans
shall be equal to the deferral or other account balances (vested and unvested) of Participants as
of the applicable date, plus projected deferrals expected to be made within 24 months after the
applicable date pursuant to prior elections. Account balances of Participants under a Plan shall be
calculated based on crediting the highest rate of interest that was being credited under that Plan
on the date six months before the first to occur of (i) the first Change of Control occurring after
execution of this Trust Agreement and (ii) any Potential Change of Control related to that Change
of Control.

     4. The liability for benefits under other Plans shall be equal to the present value of accrued
benefits (vested and unvested) of Participants as of the relevant dates under 1(a) or (b) above.

     5. No mortality is assumed prior to the commencement of benefits. Future mortality is assumed
to occur in accordance with the 1983 Group Annuity Table Unisex Rates after the commencement of
benefits.

21

 

     6. The present value of amounts shall be determined using a discount rate equal to the average
of the Pension Benefit Guaranty Corporation immediate annuity rate for a nonmultiemployer plan for
the full six months prior to the calculation date.

     7. In determining the dollar cost of providing any benefit that is to be provided in stock or
the value of which is dependent upon the value of KeyCorp Common Shares, the dollar cost of
providing those benefits shall be determined using a value for KeyCorp Common Shares equal to 140%
of the highest closing price for KeyCorp Common Shares at any time within the six month period
ending on the determination date.

     8. Where left undefined above, calculations will be performed in accordance with generally
accepted actuarial principles.

22

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