Document:

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                                                                   Exhibit 10.5

                                    AGREEMENT

THIS AGREEMENT ("Agreement") is made as of the 17th day of January, 2002,
between KEYCORP, an Ohio corporation ("Key"), and _______________________ (the
"Executive").

Key is entering into this Agreement in recognition of the importance of the
Executive's services to the continuity of management of Key and based upon its
determination that it will be in the best interests of Key and its Subsidiaries
to encourage the Executive's continued attention and dedication to the
Executive's duties in the potentially disruptive circumstances of a possible
Change of Control of Key. (As used in this Agreement, the terms "Subsidiaries"
and "Change of Control" and certain other capitalized terms have the meanings
ascribed to them in Section 8, at the end of this Agreement.)

Key and the Executive agree, effective as of the date first set forth above, as
follows:

1. Basic Severance Benefits. The benefits described in Sections 1.1, 1.2, and
1.3 below are subject to the limitations set forth in Sections 5.1 (which
requires an election among applicable agreements providing severance benefits if
more than one such agreement would apply in the particular circumstances of the
termination of the Executive's employment and stipulates that any payments
received under this Agreement are in lieu of other claims or rights), 5.2
(regarding withholding), and 5.3 (requiring the execution of a waiver and
release by the Executive).

     1.1 If Employment is Terminated Without Cause, etc., Within Two Years of a
     Change of Control. If, within two years following the occurrence of a
     Change of Control, the Executive's employment with Key and its Subsidiaries
     is terminated by Key or its Subsidiary for any reason other than Cause,
     Disability, or death or by the Executive after a Reduction of Compensation
     or a Mandatory Relocation has occurred:

          (a) Lump Sum Payment. Key shall pay to the Executive, within 30
          business days after the Termination Date, a lump sum severance benefit
          equal to three times the sum of (i) one year's Base Salary (at the
          highest rate in effect at any time during the one year period ending
          on the date of the Change of Control) plus (ii) Average Annual
          Incentive Compensation; and

          (b) Retirement and Savings Plans. Effective as of the Termination
          Date, the Executive's interest in all Relevant Plans shall become
          fully vested and nonforfeitable and the Executive's right to and
          interest in all subsequent accruals provided for in the remainder of
          this Section 1.1(b) under any of the Relevant Plans shall also be
          fully vested and nonforfeitable. For the period beginning on the day
          after the Termination Date and ending on the third anniversary of the
          Termination Date (the "Section 1.1 Benefit Period"), Key shall cause
          the Executive to continue to be covered by and to participate in all
          of the Relevant Plans in the same manner and to the same extent as if
          the Executive continued in the full-time employ of Key throughout the
          Section 1.1 Benefit Period, except that, if Key determines that such
          coverage or participation in any one or more of the Relevant Plans is
          Impermissible, the Executive shall continue to be covered by and
          participate as aforesaid in all of the Relevant Plans as to which such
          coverage or participation is not Impermissible and, with respect to
          each Relevant Plan as to which

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          such continued coverage or participation is Impermissible, Section
          1.4(b) shall apply. With respect to each Discontinued Plan, Section
          1.4(c) shall apply.

     1.2 If Employment is Terminated by Executive for Good Reason During a
     Window Period. Except as provided in the last sentence of this Section 1.2,
     if the Executive's employment with Key and its Subsidiaries is terminated
     by the Executive for Good Reason during a Window Period:

          (a) Lump Sum Payment. Key shall pay to the Executive, within 30
          business days after the Termination Date, a lump sum severance benefit
          equal to one and one half times the sum of (i) one year's Base Salary
          (at the highest rate in effect at any time during the one year period
          ending on the date of the Change of Control) plus (ii) Average Annual
          Incentive Compensation, and

          (b) Retirement and Savings Plans. Effective as of the Termination
          Date, the Executive's interest in all Relevant Plans shall become
          fully vested and nonforfeitable and the Executive's right to and
          interest in all subsequent accruals provided for in the remainder of
          this Section 1.2(b) under any of the Relevant Plans shall also be
          fully vested and nonforfeitable. For the period beginning on the day
          after the Termination Date and ending eighteen months, to the day,
          after the Termination Date (the "Section 1.2 Benefit Period"), Key
          shall cause the Executive to continue to be covered by and to
          participate in all of the Relevant Plans in the same manner and to the
          same extent as if the Executive continued in the full-time employ of
          Key throughout the Section 1.2 Benefit Period, except that, if Key
          determines that such coverage or participation in any one or more of
          the Relevant Plans is Impermissible, the Executive shall continue to
          be covered by and participate as aforesaid in all of the Relevant
          Plans as to which such coverage or participation is not Impermissible
          and, with respect to each Relevant Plan as to which such continued
          coverage or participation is Impermissible, Section 1.4(b) shall
          apply. With respect to each Discontinued Plan, Section 1.4(c) shall
          apply.

     This Section 1.2 shall not apply if, at the Termination Date, (x) there has
     been either any Reduction of Compensation or any Mandatory Relocation (in
     which event Section 1.1 would apply to the termination) or (y) Key or any
     Subsidiary has Cause to terminate the Executive's employment (in which case
     no lump sum severance or retirement benefits would be payable or provided
     under either of Sections 1.1 or 1.2).

     1.3 Payment of Cost of COBRA Health Benefits. If the Executive becomes
     entitled to payment of a lump sum severance benefit under either of
     Sections 1.1 or 1.2 of this Agreement and the Executive elects to continue
     to receive health benefits pursuant to an election that Key or any
     Subsidiary is required to provide to the Executive in order to comply with
     Section 4980B(f) of the Internal Revenue Code (commonly referred to as
     "COBRA continuation coverage") during the period specified in Section
     4980B(f) (the "COBRA continuation period"), Key will pay the cost of
     continuing those benefits from the Termination Date through the first to
     occur of (a) the end of the COBRA continuation period or (b) the date on
     which the Executive becomes employed (other than on a part-time or
     temporary basis) by any other person or entity.

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     1.4 Provisions Applicable to Continued Retirement and Savings Plan
     Participation.

          (a) If the Executive becomes entitled to payment of a lump sum
          severance benefit under either of Section 1.1 or Section 1.2, the
          rules set forth in the remainder of this Section 1.4(a) shall be
          applicable for purposes of all Relevant Plans:

               (i) the entire Section 1.1 Benefit Period or Section 1.2 Benefit
               Period (each, a "Benefit Period"), as the case may be, shall be
               included in determining the Executive's years of service,

               (ii) amounts received by the Executive under clause (a)(i) of
               either of Section 1.1 or Section 1.2, as the case may be, shall
               be deemed to be base salary received by the Executive ratably
               during the applicable Benefit Period, and

               (iii) amounts received by the Executive under clause (a)(ii) of
               either of Section 1.1 or Section 1.2, as the case may be, to the
               extent allocable to short term incentive compensation that was
               taken into account in determining Average Annual Incentive
               Compensation, shall be deemed to be short term incentive
               compensation received by the Executive ratably during the
               applicable Benefit Period.

          (b) If either Section 1.1(b) or Section 1.2(b) becomes applicable and
          at any time during the applicable Benefit Period, Key determines in
          good faith that continuing the Executive's coverage by and
          participation in any of the Relevant Plans during the applicable
          Benefit Period is Impermissible, the Executive shall not be covered by
          and participate in such affected plan or plans during the applicable
          Benefit Period, but Key shall provide to the Executive under this
          Agreement, as a supplemental retirement benefit, payments and benefits
          that put the Executive in the same position that the Executive would
          have been in had the Executive continued to be covered by and to
          participate in all such affected plans throughout the applicable
          Benefit Period (taking into account the rules set forth in Section
          1.4(a) above) to the same extent as the Executive was a participant
          immediately before the Termination Date, with the supplemental
          payments and benefits under this sentence being payable to the
          Executive (or, if applicable, to the Executive's spouse, estate, or
          designated beneficiary) at the same time and with the same payment
          options as would be applicable under the affected plan or plans in
          question.

          (c) If either Section 1.1(b) or Section 1.2(b) becomes applicable and
          any of the Relevant Plans are Discontinued Plans, as to each such
          Discontinued Plan, Key shall provide to the Executive under this
          Agreement, as a supplemental retirement benefit, payments and benefits
          that put the Executive in the same position that the Executive would
          have been in had the Discontinued Plan continued through the end of
          the applicable Benefit Period without having become a Discontinued
          Plan and had the Executive continued to be covered by and to
          participate in that Discontinued Plan throughout the applicable
          Benefit Period (taking into account the rules set forth in Section
          1.4(a) above) to the same extent as the Executive was a participant
          immediately before the date of the Change of Control, with the
          supplemental payments and benefits under this sentence being payable
          to the Executive (or, if applicable, to the Executive's spouse,
          estate, or designated beneficiary)

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          at the same time and with the same payment options as would be
          applicable under the Discontinued Plan, provided however, that to the
          extent the Discontinued Plan has been substituted for by another
          Relevant Plan, the amount payable by Key under this Section 1.4(c)
          shall be offset by the amounts actually paid under that substitute
          plan.

2. Certain Compensation Guaranties During Two Years following a Change of
Control. For so long as the Executive remains in the employ of Key or one of its
Subsidiaries during the period beginning on the day after any Change of Control
and continuing through the second anniversary of that Change of Control (the
period of the Executive's employment during such two year period being the
"Guaranteed Compensation Period"), the Executive shall be entitled to the
Incentive Compensation Guaranty set forth in Section 2.1 and to the Option/SAR
Guaranty set forth in Section 2.2.

     2.1 Guaranteed Level of Incentive Compensation. Except as otherwise
     provided in Section 2.3, Key shall cause the Executive to receive, during
     the Guaranteed Compensation Period, as incentive compensation, an amount
     that, on an annualized basis, is at least equal to the Executive's Average
     Annual Incentive Compensation. The guaranty set forth in the immediately
     preceding sentence (the "Incentive Compensation Guaranty") establishes a
     minimum amount of incentive compensation that must be paid to the Executive
     with respect to the Executive's employment during the Guaranteed
     Compensation Period. Except as and to the extent otherwise permitted by any
     of the provisions of Section 2.3:

          (a) Key shall make payments to the Executive in cash that satisfy the
          Incentive Compensation Guaranty quarterly in arrears, within 30 days
          after the end of each calendar quarter for each quarter or portion
          thereof during the Guaranteed Compensation Period;

          (b) If the Executive's employment terminates for any reason other than
          Cause, Key shall pay all unpaid guaranteed incentive compensation with
          respect to the Guaranteed Compensation Period to the Executive in a
          lump sum by not later than 30 business days after the Termination
          Date; and

          (c) If the Executive's employment is terminated by Key for Cause, Key
          shall not be required to pay to the Executive any amount of incentive
          compensation on account of the Incentive Compensation Guaranty that
          was not required to have been paid before the Termination Date.

     2.2 Guaranteed Participation in Stock Option and SAR Plans. During the
     Guaranteed Compensation Period, the Executive shall participate fully (and
     at a level at least substantially equivalent to that of comparable senior
     executives of Key) in each and every stock option and stock appreciation
     right plan in which similarly situated executives of Key and its
     Subsidiaries generally participate. The guaranty of full participation set
     forth in this Section 2.2 is hereinafter sometimes referred to as the
     "Option/SAR Guaranty."

     2.3 Exceptions to and Alternative Means of Satisfying the Incentive
     Compensation Guaranty. For purposes of the exceptions and alternative means
     of satisfying the Incentive Compensation Guaranty that are set forth in
     this Section 2.3, the Incentive Compensation

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     Guaranty shall be deemed to be made up of two parts, the "Short Term Part"
     and the "Long Term Part," each of which shall bear the same proportion,
     respectively, to the entire Incentive Compensation Guaranty as Average
     Short Term Incentive Compensation and Average Long Term Incentive
     Compensation bear, respectively, to Average Annual Incentive Compensation.

          (a) Bona fide Short Term Incentive Compensation Plan Exception. If (i)
          Key maintains a bona fide short term incentive compensation plan that
          would satisfy the Short Term Part if the Executive received short term
          incentive compensation under that plan at the Executive's target
          level; (ii) Key, in administering that plan in good faith and without
          discriminating against the Executive, utilizes a performance factor
          that is intended to rate for the short term compensation cycle in
          question either the corporation's overall performance or the overall
          performance of the business unit in which the Executive works; (iii)
          that performance factor is uniformly applied (either in establishing
          an incentive compensation pool or against each participant's target)
          to all participants in the plan or to all participants in the plan
          that work in the business unit in which the Executive works, as the
          case may be; and (iv) the application of that factor reduces the short
          term incentive compensation payable under that plan to a level below
          the Executive's target level; then payment of the short term incentive
          compensation, if any, due to the Executive at the reduced level under
          that plan shall satisfy Key's obligation under the Short Term Part for
          that particular short term compensation cycle.

          (b) Annual Payment Exception. If Key maintains a bona fide short term
          incentive compensation plan that would satisfy the Short Term Part if
          the Executive received short term incentive compensation under that
          plan at the Executive's target level and that plan provides for
          payment of all amounts earned at regularly scheduled times not less
          frequently than once a year, Key may satisfy the Short Term Part by
          paying incentive compensation to the Executive under that plan (at not
          less than the Executive's target level or as reduced if permitted by
          2.3(a) above) at those regularly scheduled times, except that if
          Executive's employment terminates for any reason other than Cause, Key
          shall make payments under that plan, pro rated to include all periods
          within the Compensation Guaranty Period as to which the Executive has
          not yet received incentive compensation under that plan, within 30
          business days after the Termination Date.

          (c) Issuance of Restricted Stock Alternative. As an alternative to
          paying Executive cash to satisfy the Long Term Part, Key may continue
          to make LTIC Restricted Stock Grants to the Executive each year during
          the Guaranteed Compensation Period that:

               (i) are made during the same calendar quarter of the year as the
               calendar quarter during which Key made such grants in the year
               immediately preceding the Change Year (but if Key made such
               grants during more than one calendar quarter in the year
               immediately preceding the Change Year, then the new grant shall
               be made during the same calendar quarter of the year as the
               calendar quarter during which Key made grants to the highest
               number of officers in the year immediately preceding the Change
               Year);

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               (ii) have a Fair Market Value that on an annual basis is at least
               equal to the Executive's Average Long Term Incentive
               Compensation;

               (iii) provide for time lapsed vesting of the restricted stock
               subject to the grant so that the entire grant will be fully
               vested not later than the third anniversary of the date of grant
               if the Executive continues to be employed through that date; and

               (iv) have the further provision that, upon any termination of the
               Executive's employment other than a termination for Cause
               (including, without limitation, any termination by reason of
               death, disability, voluntary or involuntary retirement, or
               resignation), if, as of the Termination Date, less than a
               proportionate part of the Common Shares subject to the LTIC
               Restricted Stock Grant granted to the Executive during the
               Guaranteed Compensation Period has vested, then an additional
               portion of those Common Shares shall vest immediately on the
               Termination Date so that, in the aggregate, a proportionate part
               has vested as of the Termination Date. For these purposes, "a
               proportionate part" means the full number of Common Shares in the
               LTIC Restricted Stock Grant multiplied by a fraction, the
               numerator of which is the number of days between (x) January 1 of
               the calendar year in which the LTIC Restricted Stock Grant was
               made and (y) the last day of the Guaranteed Compensation Period,
               inclusive, and the denominator of which is 1095 (i.e., 365 times
               three).

         If Key makes LTIC Restricted Stock Grants as provided in this 2.3(c)
         Key will have satisfied the Long Term Part.

3. Other Benefits.

     3.1 Reimbursement of Certain Expenses After a Change of Control.

          (a) From and after a Change of Control, Key shall pay, as incurred,
          all expenses of the Executive, including the reasonable fees of
          counsel engaged by the Executive, of defending any action brought to
          have this Agreement declared invalid or unenforceable.

(b)      From and after a Change of Control, Key shall pay, as incurred, all
         expenses of the Executive, including the reasonable fees of counsel
         engaged by the Executive, of prosecuting any action to compel Key to
         comply with the terms of this Agreement upon receipt from Executive of
         an undertaking to repay Key for such expenses if, and only if, it is
         ultimately determined by a court of competent jurisdiction that the
         Executive had no reasonable grounds for bringing that action (which
         determination need not be made simply because the Executive fails to
         succeed in the action).

          (c) From and after a Change of Control, expenses (including attorney's
          fees) incurred by the Executive in defending any action, suit, or
          proceeding commenced or threatened (whether before or after the Change
          of Control) against the Executive for any action or failure to act as
          an employee, officer, or director of Key or any Subsidiary shall be
          paid by Key, as they are incurred, in advance of final disposition of
          the action, suit, or proceeding upon receipt of an undertaking by or
          on behalf of the Executive in which the Executive agrees to reasonably
          cooperate with Key or the Subsidiary, as the case may be,

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          concerning the action, suit, or proceeding, and (i) if the action,
          suit, or proceeding is commenced or threatened against the Executive
          for any action or failure to act as a director, to repay the amount if
          it is proved by clear and convincing evidence in a court of competent
          jurisdiction that the Executive's action or failure to act involved an
          act or omission undertaken with deliberate intent to cause injury to
          Key or a Subsidiary or undertaken with reckless disregard for the best
          interests of Key or a Subsidiary, or (ii) if the action, suit, or
          proceeding is commenced or threatened against the Executive for any
          action or failure to act as an officer or employee, to repay the
          amount if it is ultimately determined that the Executive is not
          entitled to be indemnified. The obligation of Key to advance expenses
          provided for in this Section 3.1(c) shall not be deemed exclusive of
          any other rights to which the Executive may be entitled under the
          articles of incorporation or regulations of Key or of any Subsidiary,
          any agreement, vote of shareholders or disinterested directors, or
          otherwise.

     3.2 Indemnification. From and after a Change of Control, Key shall
     indemnify the Executive, to the full extent permitted or authorized by the
     Ohio General Corporation Law as it may from time to time be amended, if the
     Executive is (whether before or after the Change of Control) made or
     threatened to be made a party to any threatened, pending, or completed
     action, suit, or proceeding, whether civil, criminal, administrative, or
     investigative, by reason of the fact that the Executive is or was a
     director, officer, or employee of Key or any Subsidiary, or is or was
     serving at the request of Key or any Subsidiary as a director, trustee,
     officer, or employee of a bank, corporation, partnership, joint venture,
     trust, or other enterprise. The indemnification provided by this Section
     3.2 shall not be deemed exclusive of any other rights to which the
     Executive may be entitled under the articles of incorporation or the
     regulations of Key or of any Subsidiary, or any agreement, vote of
     shareholders or disinterested directors, or otherwise, both as to action in
     the Executive's official capacity and as to action in another capacity
     while holding such office, and shall continue as to the Executive after the
     Executive has ceased to be a director, trustee, officer, or employee and
     shall inure to the benefit of the heirs, executors, and administrators of
     the Executive.

     3.3 Disability. If, after a Change of Control and prior to the Termination
     Date, the Executive is unable to perform services for Key or any Subsidiary
     for any period by reason of disability of the Executive, Key will pay and
     provide to the Executive all compensation and benefits to which the
     Executive would have been entitled had the Executive continued to be
     actively employed by Key or any Subsidiary through the earliest of the
     following dates: (a) the first date on which the Executive is no longer so
     disabled to such an extent that the Executive is unable to perform services
     for Key or any Subsidiary (whereupon the Executive shall be restored to his
     duties and this Agreement shall apply in accordance with its terms), (b)
     the date on which the Executive becomes eligible for payment of long term
     disability benefits under a long term disability plan generally applicable
     to executives of Key or a Subsidiary, (c) the date on which Key has paid
     and provided 24 months of compensation and benefits to the Executive during
     the Executive's disability, or (d) the date of the Executive's death.

     3.4 Gross-Up of Payments Deemed to be Excess Parachute Payments.

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          (a) Key and the Executive acknowledge that, following a Change of
          Control, one or more payments or distributions to be made by Key to or
          for the benefit of the Executive (whether paid or payable or
          distributed or distributable pursuant to the terms of this Agreement,
          under some other plan, agreement, or arrangement, or otherwise) (a
          "Payment") may be determined to be an "excess parachute payment" that
          is not deductible by Key for federal income tax purposes and with
          respect to which the Executive will be subject to an excise tax
          because of Sections 280G and 4999, respectively, of the Internal
          Revenue Code (hereinafter referred to respectively as "Section 280G"
          and "Section 4999"). If the Executive's employment is terminated after
          a Change of Control occurs, the Accounting Firm, which, subject to any
          inconsistent position asserted by the Internal Revenue Service, shall
          make all determinations required to be made under this Section 3.4,
          shall determine whether any Payment would be an excess parachute
          payment and shall communicate its determination, together with
          detailed supporting calculations, to Key and to the Executive within
          30 days after the Termination Date or such earlier time as is
          requested by Key. Key and the Executive shall cooperate with each
          other and the Accounting Firm and shall provide necessary information
          so that the Accounting Firm may make all such determinations. Key
          shall pay all of the fees of the Accounting Firm for services
          performed by the Accounting Firm as contemplated in this Section 3.4.

          (b) If the Accounting Firm determines that any Payment gives rise,
          directly or indirectly, to liability on the part of the Executive for
          excise tax under Section 4999 (and/or any penalties and/or interest
          with respect to any such excise tax), Key shall make additional cash
          payments to the Executive, from time to time and at the same time as
          any Payment constituting an excess parachute payment is paid or
          provided to the Executive, in such amounts as are necessary to put the
          Executive in the same position, after payment of all federal, state,
          and local taxes (whether income taxes, excise taxes under Section 4999
          or otherwise, or other taxes) and any and all penalties and interest
          with respect to any such excise tax, as the Executive would have been
          in after payment of all federal, state, and local income taxes if the
          Payments had not given rise to an excise tax under Section 4999 and no
          such penalties or interest had been imposed.

          (c) If the Internal Revenue Service determines that any Payment gives
          rise, directly or indirectly, to liability on the part of the
          Executive for excise tax under Section 4999 (and/or any penalties
          and/or interest with respect to any such excise tax) in excess of the
          amount, if any, previously determined by the Accounting Firm, Key
          shall make further additional cash payments to the Executive not later
          than the due date of any payment indicated by the Internal Revenue
          Service with respect to these matters, in such amounts as are
          necessary to put the Executive in the same position, after payment of
          all federal, state, and local taxes (whether income taxes, excise
          taxes under Section 4999 or otherwise, or other taxes) and any and all
          penalties and interest with respect to any such excise tax, as the
          Executive would have been in after payment of all federal, state, and
          local income taxes if the Payments had not given rise to an excise tax
          under Section 4999 and no such penalties or interest had been imposed.

          (d) If Key desires to contest any determination by the Internal
          Revenue Service with respect to the amount of excise tax under Section
          4999, the Executive shall, upon receipt

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          from Key of an unconditional written undertaking to indemnify and hold
          the Executive harmless (on an after tax basis) from any and all
          adverse consequences that might arise from the contesting of that
          determination, cooperate with Key in that contest at Key's sole
          expense. Nothing in this clause (d) shall require the Executive to
          incur any expense other than expenses with respect to which Key has
          paid to the Executive sufficient sums so that after the payment of the
          expense by the Executive and taking into account the payment by Key
          with respect to that expense and any and all taxes that may be imposed
          upon the Executive as a result of the Executive's receipt of that
          payment, the net effect is no cost to the Executive. Nothing in this
          clause (d) shall require the Executive to extend the statute of
          limitations with respect to any item or issue in the Executive's tax
          returns other than, exclusively, the excise tax under Section 4999.
          If, as the result of the contest of any assertion by the Internal
          Revenue Service with respect to excise tax under Section 4999, the
          Executive receives a refund of a Section 4999 excise tax previously
          paid and/or any interest with respect thereto, the Executive shall
          promptly pay to Key such amount as will leave the Executive, net of
          the repayment and all tax effects, in the same position, after all
          taxes and interest, that the Executive would have been in if the
          refunded excise tax had never been paid.

4. No Set-Off; No Obligation to Seek Other Employment or to Otherwise Mitigate
Damages; No Effect Upon Other Plans. Key's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim whatsoever that Key or any of its Subsidiaries may have
against the Executive. The Executive shall not be required to mitigate damages
or the amount of any payment provided for under this Agreement by seeking other
employment or otherwise. Except as provided in Section 1.3, the amount of any
payment provided for under this Agreement shall not be reduced by any
compensation or benefits earned by the Executive as the result of employment by
another employer or otherwise after the termination of the Executive's
employment. Neither the provisions of this Agreement, nor the execution of the
waiver and release referred to in Section 5.3 below, nor the making of any
payment provided for hereunder shall reduce any amounts otherwise payable, or in
any way diminish the Executive's rights, under any incentive compensation plan,
stock option or stock appreciation rights plan, deferred compensation plan,
restricted stock plan or agreement, retirement or supplemental retirement plan,
stock purchase and savings plan, disability or insurance plan, or other similar
contract, plan, or arrangement of Key or any Subsidiary, all of which will
continue to be governed by their respective terms.

5. Certain Limitations on Benefits.

     5.1 Election of Benefits Required; Payments in Lieu of Other Claims or
     Rights. If (a) the Executive is a party to either or both of an employment
     agreement (which includes any letter agreement regarding Executive's
     employment with Key or any Subsidiary) or severance agreement with Key or
     any Subsidiary (singularly or collectively, the "Prior Agreement"), and (b)
     the Executive's employment is terminated under circumstances giving rise to
     a right on the part of the Executive to receive continuing compensation,
     separation pay, or other severance benefits under the Prior Agreement and
     under this Agreement, the Executive shall have the right to elect to have
     either the Prior Agreement (if and only to the extent the Prior Agreement
     is applicable) or this Agreement (if and only to the extent this Agreement
     is

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     applicable), but not both, apply to the termination. If this Section 5.1
     applies: (x) Key shall not make any payments arising out of the termination
     of the Executive's employment, either under the Prior Agreement or under
     this Agreement, until after the Executive has delivered to Key a signed
     notice of election to receive payments under the Prior Agreement or under
     this Agreement, and (y) if the Executive elects to receive payments under
     the Prior Agreement, the provisions of Sections 3.1, 3.2, and 3.4 of this
     Agreement shall nevertheless continue to be applicable, but without
     duplication of payments. If the Executive receives any payments under
     Section 1.1(a) or Section 1.2(a), as the case may be, of this Agreement as
     a result of the termination of the Executive's employment following a
     Change of Control, those payments shall be in lieu of any and all other
     claims or rights that the Executive may have for severance, separation,
     and/or salary continuation pay upon that termination of the Executive's
     employment.

     5.2 Taxes; Withholding of Taxes. Without limiting either the right of Key
     or its Subsidiary to withhold taxes pursuant to this Section 5.2 or the
     obligation of Key to make gross-up payments pursuant to Section 3.4, the
     Executive shall be responsible for all income, excise, and other taxes
     (federal, state, city, or other) imposed on or incurred by the Executive as
     a result of receiving the payments provided in this Agreement, including,
     without limitation, the payments provided under Section 1 of this
     Agreement. Key or its Subsidiary may withhold from any amounts payable
     under this Agreement all federal, state, city, or other taxes as Key shall
     determine to be required pursuant to any law or government regulation or
     ruling. Without limiting the generality of the foregoing, Key or its
     Subsidiary may withhold from any amount payable under either of Sections
     1.1 or 1.2 of this Agreement amounts sufficient to satisfy any tax
     withholding requirements that may arise out of any payment made to the
     Executive by Key or any Subsidiary under Section 1.3 of this Agreement.

     5.3 Waiver and Release. Key may condition the payment of any amounts
     otherwise due under Section 1 of this Agreement upon (a) the execution by
     the Executive of a waiver and release in the form attached to this
     Agreement as Exhibit A, with blanks appropriately filled and, in the case
     of clause (e) contained therein, completed with the number of days that Key
     determines is required under applicable law, but in no event more than 45
     days, and (b) the observation of such waiting periods, if any, before and
     after execution of the waiver and release by the Executive as are required
     by law, such as, for example, the waiting periods required for a waiver and
     release to be effective with respect to claims under the Age Discrimination
     in Employment Act, provided that Key delivers to the Executive such a
     waiver and release, appropriately completed, within seven days of the date
     on which the Executive's employment is terminated.

6. Term of this Agreement. This Agreement shall be effective upon the date first
above written and shall thereafter apply to any Change of Control occurring on
or before December 31, 2003. Unless this Agreement is terminated earlier
pursuant to Section 6.1, on December 31, 2003 and on December 31 of each
succeeding year thereafter (a "Renewal Date"), the term of this Agreement shall
be automatically extended for an additional year unless either party has given
notice to the other, at least one year in advance of that Renewal Date, that the
Agreement shall not apply to any Change of Control occurring after that Renewal
Date.

                                       10
<PAGE>

     6.1 Termination of Agreement Upon Termination of Employment Before a Change
     of Control. This Agreement shall automatically terminate and cease to be of
     any further effect on the first date occurring before a Change of Control
     on which the Executive is no longer employed by Key or any Subsidiary,
     except that, for purposes of this Agreement, any termination of employment
     of the Executive that is effected before and in contemplation of a Change
     of Control that occurs after the date of the termination shall be deemed to
     be a termination of the Executive's employment as of immediately after that
     Change of Control and this Agreement shall be deemed to be in effect
     immediately after that Change of Control.

     6.2 No Termination of Agreement after a Change of Control. If a Change of
     Control occurs while this Agreement remains in effect, this Agreement shall
     remain effective indefinitely thereafter with respect to any and all
     consequences flowing from that Change of Control under the terms of this
     Agreement. However, after a Change of Control, Key may terminate this
     Agreement with respect to any further Change of Control that might occur
     after a future Renewal Date by giving notice, at least one year in advance
     of that future Renewal Date, as contemplated above in this Section 6, that
     the Agreement shall not apply to any Change of Control occurring after that
     future Renewal Date.

7. Miscellaneous.

     7.1 Successor to Key. Key shall not consolidate with or merge into any
     other corporation, or transfer all or substantially all of its assets to
     another corporation or bank, unless such other corporation or bank shall
     assume this Agreement in a signed writing and deliver a copy thereof to the
     Executive. Upon such assumption the successor corporation or bank shall
     become obligated to perform the obligations of Key under this Agreement and
     the term "Key" as used in this Agreement shall be deemed to refer to such
     successor corporation or bank.

     7.2 Notices. For purposes of this Agreement, notices and all other
     communications provided for in this Agreement shall be in writing and shall
     be deemed to have been duly given when delivered or mailed by United States
     registered mail, return receipt requested, postage prepaid, and addressed,
     in the case of notices to Key or a Subsidiary, as follows:

                           KeyCorp
                           127 Public Square
                           Cleveland, Ohio  44114
                           Attention:  Secretary

     and, in the case of notices to the Executive, properly addressed to the
     Executive at the Executive's most recent home address as shown on the
     records of Key or its Subsidiary, or such other address as either party may
     have furnished to the other in writing in accordance herewith, except that
     notices of change of address shall be effective only upon receipt.

     7.3 Employment Rights. Nothing expressed or implied in this Agreement shall
     create any right or duty on the part of Key or the Executive to have the
     Executive continue as an officer of Key or a Subsidiary or to remain in the
     employment of Key or a Subsidiary.

                                       11
<PAGE>

     7.4 Administration. Key shall be responsible for the general administration
     of this Agreement and for making payments under this Agreement. All fees
     and expenses billed by the Accounting Firm for services contemplated under
     this Agreement shall be the responsibility of Key.

     7.5 Source of Payments. Any payment specified in this Agreement to be made
     by Key may be made, at the election of Key, directly by Key or through any
     Subsidiary of Key. All payments under this Agreement shall be made solely
     from the general assets of Key or one of its Subsidiaries (or from a
     grantor trust, if any, established by Key for purposes of making payments
     under this Agreement and other similar agreements), and the Executive shall
     have the rights of an unsecured general creditor of Key with respect
     thereto.

     7.6 Claims Review Procedure. Whenever Key decides for whatever reason to
     deny, whether in whole or in part, a claim for benefits under this
     Agreement by the Executive, Key shall transmit a written notice of its
     decision to the Executive, which notice shall be written in a manner
     calculated to be understood by the Executive and shall contain a statement
     of the specific reasons for the denial of the claim and a statement
     advising the Executive that, within 60 days of the date on which the
     Executive receives such notice, the Executive may obtain review of the
     decision of Key in accordance with the procedures hereinafter set forth.
     Within such 60-day period, the Executive or the Executive's authorized
     representative may request that the claim denial be reviewed by filing with
     Key a written request therefor, which request shall contain the following
     information:

          (a) the date on which the request was filed with Key,

          (b) the specific portions of the denial of the Executive's claim that
          the Executive requests Key to review, and

          (c) any written material that the Executive desires Key to examine.

     Within 30 days of the date specified in clause (a) of this Section 7.6, Key
     shall conduct a full and fair review of its decision to deny the
     Executive's claim for benefits and deliver to the Executive its written
     decision on review, written in a manner calculated to be understood by the
     Executive, specifying the reasons and the Agreement provisions upon which
     its decision is based. Nothing in this Section 7.6 shall be construed as
     limiting or restricting the Executive's right to institute legal
     proceedings in a court of competent jurisdiction to enforce this Agreement
     after complying with the procedures set forth in this Section 7.6 or as
     limiting or restricting the scope of the court's review (which review shall
     be de novo); provided, further, that the failure of the Executive to comply
     with the procedures set forth in this Section 7.6 shall not bar or prohibit
     the subsequent compliance by the Executive with those procedures and
     thereafter the Executive shall have the right to institute legal
     proceedings to enforce this Agreement.

     7.7 Validity. The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement which shall remain in full force and effect.

                                       12
<PAGE>

     7.8 Modification, Waiver, Etc. No provision of this Agreement may be
     modified, waived, or discharged unless such waiver, modification, or
     discharge is agreed to in a writing signed by the Executive and Key. No
     waiver by either party hereto at any time of any breach by the other party
     of, or compliance with, any condition or provision of this Agreement to be
     performed by such other party shall be deemed a waiver of similar or
     dissimilar provisions or conditions at the same time or at any prior or
     subsequent time. No agreement or representation, oral or otherwise, express
     or implied, with respect to the subject matter hereof has been made by
     either party that is not set forth expressly in this Agreement. This
     Agreement shall inure to the benefit of and be enforceable by the
     Executive's personal representatives, executors, administrators,
     successors, heirs, and designees. This Agreement shall be governed by and
     construed in accordance with the laws of the State of Ohio.

     7.9 Savings Clause. If any payments otherwise payable to the Executive
     under this Agreement are prohibited or limited by any statute or regulation
     in effect at the time the payments would otherwise be payable, including,
     without limitation, any regulation issued by the Federal Deposit Insurance
     Corporation (the "FDIC") that limits executive change of control payments
     that can be made by an FDIC insured institution or its holding company if
     the institution is financially troubled (any such limiting statute or
     regulation a "Limiting Rule"):

          (a) Key will use its best efforts to obtain the consent of the
          appropriate governmental agency (whether the FDIC or any other agency)
          to the payment by Key to the Executive of the maximum amount that is
          permitted (up to the amounts that would be due to the Executive absent
          the Limiting Rule); and

          (b) the Executive will be entitled to elect to have apply, and
          therefore to receive benefits directly under, either (i) this
          Agreement (as limited by the Limiting Rule) or (ii) any generally
          applicable Key severance, separation pay, and/or salary continuation
          plan that may be in effect at the time of the Executive's termination.

     Following any such election, the Executive will be entitled to receive
     benefits under the agreement or plan elected only if and to the extent the
     agreement or plan is applicable and subject to its specific terms.

     7.10 Agreement Supersedes Similar Agreement Previously Entered Into. This
     Agreement supersedes a similar agreement originally entered into between
     Key and the Executive as of ___________________, and that agreement (as
     amended, if it has been heretofore amended) is no longer of any force or
     effect.

8. Definitions.

     8.1 Accounting Firm. The term "Accounting Firm" means the independent
     auditors of Key for the fiscal year preceding the year in which the Change
     of Control occurred 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 Agreement, Key shall select another national
     accounting firm of recognized standing to serve and perform in that
     capacity under this Agreement, except that such other accounting firm shall
     not be the then independent

                                       13
<PAGE>

     auditors for Key or any of its affiliates (as defined in Rule 12b-2
     promulgated under the Securities Exchange Act of 1934, as amended (the
     "1934 Act")).

     8.2 Average Annual Incentive Compensation. The term "Average Annual
     Incentive Compensation" means the sum of Average Short Term Incentive
     Compensation, as defined in Section 8.4 below, and Average Long Term
     Incentive Compensation, as defined in Section 8.3 below. For purposes of
     this Agreement:

          (a) except as provided in (c) below, incentive compensation means any
          cash based incentive compensation, including bonuses and is calculated
          before any reduction on account of deferrals;

          (b) notwithstanding the fact that they are made in restricted stock
          rather than in cash, any LTIC Restricted Stock Grant shall be deemed
          to be long term incentive compensation;

          (c) special hiring bonuses paid or awarded to a newly hired executive
          in connection with that hiring or extraordinary bonuses to an
          incumbent executive, outside and beyond Key's regular incentive
          compensation program, such as special retention awards to induce an
          executive to stay with Key, shall not be treated as incentive
          compensation;

          (d) short term incentive compensation means incentive compensation for
          periods of time of one year or less;

          (e) targeted short term incentive compensation means:

               (i) if the short term incentive compensation plan, program, or
               arrangement in question designates a targeted amount or a
               targeted level of achievement for the Executive or the
               Executive's job grade, it means that targeted amount or level;

               (ii) if the short term incentive compensation plan, program, or
               arrangement in question has only one level of payout for the
               Executive or the Executive's job grade (other than zero), it
               means that level (i.e.: the level other than zero);

               (iii) if the short term incentive compensation plan, program, or
               arrangement in question does not designate a targeted amount or
               level of achievement for the Executive or the Executive's job
               grade but does have multiple anticipated levels of possible
               payout or achievement for the Executive or the Executive's job
               grade, it means (in each case excluding from consideration any
               level that results in zero payout) the middle level of payout or
               achievement for the Executive or the Executive's job grade (or if
               there are an even number of levels, the average of the two levels
               if there are only two levels or the average of the middle two
               levels if there are four or more levels); and

               (iv) in all other cases, the amount anticipated or projected to
               be paid under the plan, program, or arrangement in question at
               the time the performance period in question commenced.

                                       14
<PAGE>

     For purposes of calculating Average Annual Incentive Compensation under
     this Section 8.2, in determining the amount of incentive compensation
     (short or long term) payable to or targeted for the Executive for any past
     or current incentive compensation period or cycle, if the incentive
     compensation was for a partial period or cycle (such as where an executive
     becomes a participant in an incentive plan after the incentive compensation
     period or cycle has commenced so that the award payable to or targeted for
     the executive is prorated), such incentive compensation payable to or
     targeted for the Executive shall be determined as if the Executive had
     participated throughout the complete incentive compensation period or cycle
     in question. For example, if, with respect to a 12-month plan that would
     have paid the Executive short term incentive compensation of $12X if the
     Executive had been a participant for the full plan year, the Executive
     became a participant when only seven months were left in the plan year and
     the Executive was therefore paid incentive compensation of only $7X, the
     Executive would be treated for purposes of this Section 8.2 as if the
     Executive had been a participant for the full plan year and had been paid
     incentive compensation of $12X under the plan.

     8.3 Average Long Term Incentive Compensation. The term "Average Long Term
     Incentive Compensation" means:

          (a) if the Change Year is 2002, the dollar value of the 2002 LTIC
          Restricted Stock Grant;

          (b) if the Change Year is 2003, the higher of:

               (i) the dollar value of the 2002 LTIC Restricted Stock Grant, and

               (ii) the dollar value of the 2003 LTIC Restricted Stock Grant;
               and

          (c) if the Change Year is 2004 or any later year, the higher of

               (i) the average of the dollar value of the LTIC Restricted Stock
               Grants made to the Executive in each of the two years immediately
               preceding the Change Year (e.g., the average of the 2003 LTIC
               Restricted Stock Grant and the 2004 LTIC Restricted Stock Grant
               if the Change Year is 2005), or, if for any reason an LTIC
               Restricted Stock Grant was made to Executive in only one of those
               two immediately preceding years, the dollar value of the LTIC
               Restricted Stock Grant for that single year, and

               (ii) the dollar value of the LTIC Restricted Stock Grant for the
               Change Year;

     except that, if the Executive first became employed by Key or a Subsidiary
     during the Change Year or during the year immediately preceding the Change
     Year and pursuant to an offer letter or agreement the terms of which were
     approved by the Committee, "Average Long Term Incentive Compensation" shall
     be not less than the dollar value of the LTIC Restricted Stock Grant target
     specified in that offer letter or agreement.

     For purposes of this Section 8.3 the dollar value of any LTIC Restricted
     Stock Grant means the aggregate Fair Market Value of the restricted Common
     Shares subject to that grant as of the date the grant is made, without
     regard to changes in Key's stock price after the date of grant or to any
     restrictions on those Common Shares.

                                       15
<PAGE>

     8.4 Average Short Term Incentive Compensation. The term "Average Short Term
     Incentive Compensation" means the higher of:

          (a) the average of the short term incentive compensation payable to
          the Executive for each of the last two years immediately preceding the
          Change Year or, if, for any reason, short term incentive compensation
          was payable to the Executive for only one of those two years, the
          amount of short term incentive compensation payable to the Executive
          for that year, and

          (b) the Executive's targeted short term incentive compensation for the
          Change Year or for the year immediately preceding the Change Year,
          whichever is higher,

     except that if the Executive first became a participant in Key's short term
     incentive compensation program during the Change Year, Average Short Term
     Incentive Compensation means the Executive's targeted short term incentive
     compensation for the Change Year.

     8.5 Base Salary. The term "Base Salary" means the salary payable to the
     Executive from time to time before any reduction for voluntary
     contributions to the KeyCorp 401(k) Plan or any other deferral. Base Salary
     does not include imputed income from payment by Key of country club
     membership fees or other noncash benefits.

     8.6 Cause. The employment of the Executive by Key or any of its
     Subsidiaries shall have been terminated for "Cause" if, after a Change of
     Control and prior to the termination of employment, any of the following
     has occurred:

          (a) the Executive shall have been convicted of a felony,

          (b) the Executive commits an act or series of acts of dishonesty in
          the course of the Executive's employment which are materially inimical
          to the best interests of Key or a Subsidiary and which constitutes the
          commission of a felony, all as determined by the vote of three fourths
          of all of the members of the Board of Directors of Key (other than the
          Executive, if the Executive is a Director of Key) which determination
          is confirmed by a panel of three arbitrators appointed and acting in
          accordance with the rules of the American Arbitration Association for
          the purpose of reviewing that determination,

          (c) Key or any Subsidiary has been ordered or directed by any federal
          or state regulatory agency with jurisdiction to terminate or suspend
          the Executive's employment and such order or directive has not been
          vacated or reversed upon appeal, or

          (d) after being notified in writing by the Board of Directors of Key
          to cease any particular Competitive Activity, the Executive shall
          intentionally continue to engage in such Competitive Activity while
          the Executive remains in the employ of Key or a Subsidiary.

     If (x) Key or any Subsidiary terminates the employment of the Executive
     during the two year period beginning on the date of a Change of Control and
     at a time when it has "Cause" therefor under clause (c), above, (y) the
     order or directive is subsequently vacated or reversed

                                       16
<PAGE>
     on appeal and the vacation or reversal becomes final and no longer subject
     to further appeal, and (z) Key or the Subsidiary fails to offer to
     reinstate the Executive to employment within ten days of the date on which
     the vacation or reversal becomes final and no longer subject to further
     appeal, Key or the Subsidiary will be deemed to have terminated the
     Executive without Cause during the two year period beginning on the date of
     the Change of Control.

     8.7 Change of Control. A "Change of Control" shall be deemed to have
     occurred if, at any time while this Agreement is in effect pursuant to
     Section 6 hereof, there is a Change of Control under any of clauses (a),
     (b), (c), or (d) below. For these purposes, 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 8.7, 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) A Change of Control will have occurred under this clause (a) if
          Key is a party to a transaction pursuant to which Key is merged with
          or into, or is consolidated with, or becomes the subsidiary of another
          corporation and either

               (i) immediately after giving effect to that transaction, less
               than 65% 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) immediately after giving effect to that transaction,
               individuals who were directors of Key on the day before the first
               public announcement of (x) the pendency of the transaction or (y)
               the intention of any person or entity to cause the transaction to
               occur, cease for any reason to constitute at least 51% 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 Change of Control will have occurred under this clause (b) if a
          tender or exchange offer shall be made and consummated for 35% or more
          of the outstanding voting stock of Key or any person (as the term
          "person" is used in Section 13(d) and Section 14(d)(2) of the 1934
          Act) is or becomes the beneficial owner of 35% or more of the
          outstanding voting stock of Key or there is a report filed on Schedule
          13D or Schedule 14D-1 (or any successor schedule, form or report),
          each as adopted under the 1934 Act, disclosing the acquisition of 35%
          or more of the outstanding voting stock of Key in a transaction or
          series of transactions by any person (as defined earlier in this
          clause (b));

          (c) A Change of Control will have occurred under this clause (c) if
          either

               (i) without the prior approval, solicitation, invitation, or
               recommendation of the Key Board of Directors any person or entity
               makes a public announcement of a bona fide intention (A) to
               engage in a transaction with Key that, if consummated, would
               result in a Change Event (as defined below in this clause (c)),
               or (B) to "solicit" (as

                                       17
<PAGE>

               defined in Rule 14a-1 under the 1934 Act) proxies in connection
               with a proposal that is not approved or recommended by the Key
               Board of Directors, or

               (ii) any person or entity publicly announces a bona fide
               intention 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 constitute at least a
          majority thereof unless both (A) 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 (B) prior to the time that the Incumbent Directors no
          longer constitute a majority 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 a majority 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 subclause (i) or (ii) of this clause (c).

          For purposes of this clause (c), the term "Change Event" shall mean
          any of the events described in the following subclauses (x), (y), or
          (z) of this clause (c):

               (x) A tender or exchange offer shall be made for 25% or more of
               the outstanding voting stock of Key or any person (as the term
               "person" is used in Section 13(d) and Section 14(d)(2) of the
               1934 Act) is or becomes the beneficial owner of 25% or more of
               the outstanding voting stock of Key or there is a report filed on
               Schedule 13D or Schedule 14D-1 (or any successor schedule, form,
               or report), each as adopted under the 1934 Act, disclosing the
               acquisition of 25% or more of the outstanding voting stock of Key
               in a transaction or series of transactions by any person (as
               defined earlier in this subclause (x)).

               (y) Key is a party to a transaction pursuant to which Key is
               merged with or into, or is consolidated with, or becomes the
               subsidiary of another corporation and, after giving effect to
               such transaction, less than 50% 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 such transaction or less
               than 51% of the directors of the surviving or resulting
               corporation or (if Key becomes a subsidiary in the transaction)
               of the ultimate parent of Key were directors of Key immediately
               prior to such transaction.

               (z) There is a sale, lease, exchange, or other transfer (in one
               transaction or a series of related transactions) of all or
               substantially all the assets of Key.

                                       18
<PAGE>

          (d) A Change of Control will have occurred under this clause (d) if
          there is a sale, lease, exchange, or other transfer (in one
          transaction or a series of related transactions) of all or
          substantially all of the assets of Key.

     8.8 Change Year. The term "Change Year" means the year in which a Change of
     Control occurred or, if more than one Change of Control has occurred, the
     year in which the earliest Change of Control occurred.

     8.9 Common Shares. The term "Common Shares" means common shares of Key.

     8.10 Committee. The term "Committee" means the Compensation and
     Organization Committee of the Board of Directors of Key or any successor to
     that committee.

     8.11 Competitive Activity. The Executive shall be deemed to have engaged in
     "Competitive Activity" if the Executive:

          (a) engages in any business or business activity in which Key or any
          of its Subsidiaries engages, including, without limitation, engaging
          in any business activity in the banking or financial services industry
          (other than as a director, officer, or employee of Key or any of its
          Subsidiaries), or

          (b) serves as a director, officer, or employee of any bank, bank
          holding company, savings and loan association, building and loan
          association, savings and loan holding company, insurance company,
          investment banking or securities company, mutual fund company, or
          other financial services company other than Key or any of its
          Subsidiaries (each of the foregoing being hereinafter referred to as a
          "Financial Services Company"), or renders services of a consultative
          or advisory nature or otherwise to any such Financial Services
          Company; provided, however, this clause (b) shall not prohibit or
          restrict the Executive from serving in any such capacity with the
          consent of Key.

     8.12 Disability. For purposes of this Agreement, the Executive's employment
     will have been terminated by Key or its Subsidiary by reason of
     "Disability" of the Executive only if (a) as a result of bodily injury or
     sickness, the Executive has been unable to perform the Executive's normal
     duties for Key or its Subsidiary for a period of 180 consecutive days, and
     (b) the Executive begins to receive payments under the KeyCorp Long Term
     Disability Benefit Plan not later than 30 days after the Termination Date.

     8.13 Discontinued Plan. The term "Discontinued Plan" means any Retirement
     Plan and/or Savings Plan that:

          (a) the Executive was covered by and participating in immediately
          before the occurrence of a Change of Control, and

          (b) was, between the date of the Change of Control and the Termination
          Date, either terminated or altered in such a way as to substantially
          reduce the benefits provided to the Executive thereunder without
          having been substituted for by a similar plan providing substantially
          similar benefits to the Executive.

                                       19
<PAGE>

     8.14 Fair Market Value. The term "Fair Market Value" with respect to Common
     Shares means:

          (a) if the Common Shares are traded on a national exchange, the mean
          between the high and low sales price per Common Share on the national
          exchange on the date for which the determination of fair market value
          is made or, if there are no sales of Common Shares on that date, then
          on the next preceding date on which there were any sales of Common
          Shares, or

          (b) if the Common Shares are not traded on a national exchange, the
          mean between the high and low sales price per Common Share in the
          over-the-counter market, National Market System, as report by the
          National Quotations Bureau, Inc. and NASDAQ on the date for which the
          determination of fair market value is made or, if there are no sales
          of Common Shares on that date, then on the next preceding date on
          which there were any sales of Common Shares.

     8.15 Good Reason. The Executive shall be deemed to have "Good Reason" to
     terminate the Executive's employment under this Agreement during a Window
     Period if, at any time after the occurrence of a Change of Control and
     before the end of the Window Period, either or both of the events listed in
     clauses (a) and (b) of this Section 8.15 occurs without the written consent
     of the Executive:

          (a) following notice by the Executive to Key and an opportunity by Key
          to cure, the Executive determines in good faith that the Executive's
          position, responsibilities, duties, or status with Key are at any time
          materially less than or reduced from those in effect before the Change
          of Control or that the Executive's reporting relationships with
          superior executive officers have been materially changed from those in
          effect before the Change of Control; or

          (b) Key's headquarters is relocated outside of the greater Cleveland
          metropolitan area (but this clause (b) shall apply only if Key's
          headquarters was the Executive's principal place of employment before
          the Change of Control).

     For purposes of clause (a), Key will be deemed to have had an opportunity
     to cure and to have failed to effect a cure if the circumstance otherwise
     constituting Good Reason persists (as determined in good faith by the
     Executive, whose determination shall be conclusive) for more than seven
     calendar days after the Executive has given notice to Key of the existence
     of that circumstance.

     8.16 Impermissible. The term "Impermissible," when used in the context of
     the Executive's continued coverage by and participation in any of the
     Retirement Plans or Savings Plans shall mean that such a continuation would
     violate the provisions of any such plan, would cause any such plan that is
     or is intended to be qualified under Section 401(a) of the Internal Revenue
     Code to fail to be so qualified, would require shareholder approval, or
     would be unlawful.

     8.17 LTIC Restricted Stock Grant. The term "LTIC Restricted Stock Grant"
     means the grant, if any, of restricted stock made by the Committee to the
     Executive during any

                                       20
<PAGE>

     particular year as part of Key's ongoing compensation program. For greater
     clarity, for purposes of this Agreement:

          (a) The grants of restricted stock made by the Committee to certain
          officers of Key and its Subsidiaries in 2002, each of which provides
          for vesting of one-half of the restricted stock subject to the grant
          (the "Time Lapse Restricted Shares") on December 31, 2004 (or earlier
          in certain circumstances involving the officer's termination following
          a Change of Control) and for vesting of the remaining one-half of the
          restricted stock subject to the grant (the "Performance Accelerated
          Restricted Shares") on December 31, 2008 (or earlier if a stock price
          performance test specified in the resolution is met or if a Change of
          Control occurs on or before December 31, 2004) do constitute LTIC
          Restricted Stock Grants.

          (b) On January 17, 2002, in addition to those grants referred to in
          (a) above, the Committee made similar but smaller grants to certain
          executives. Each of these smaller grants (i) includes Time Lapse
          Restricted Shares that vest on December 31, 2003 (or earlier), rather
          than on December 31, 2004 (or earlier), (ii) is not, for purposes of
          this Agreement, considered to be an LTIC Restricted Stock Grant, and
          (iii) is to be ignored when calculating the Executive's Average Long
          Term Incentive Compensation.

          (c) The LTIC Restricted Stock Grant, if any, made to the Executive in
          2002 is referred to in this Agreement as the "2002 LTIC Restricted
          Stock Grant." The terms "2003 LTIC Restricted Stock Grant," "2004 LTIC
          Restricted Stock Grant," etc. similarly refer to LTIC Restricted Stock
          Grants, if any, made to the Executive by resolution adopted by the
          Committee in the specified year.

          (d) An extraordinary grant or award of restricted stock made to a
          newly hired executive in connection with that hiring (i.e., any
          signing or hiring bonus) and a grant or award made to an incumbent
          executive outside of Key's regular restricted stock program (e.g., a
          special retention grant or award) shall be treated as not being an
          LTIC Restricted Stock Grant and shall not be taken into account when
          calculating Average Long Term Incentive Compensation.

     8.18 Mandatory Relocation. A "Mandatory Relocation" shall have occurred if,
     at any time after a Change of Control, the Executive is required to
     relocate the Executive's principal place of employment for Key or its
     Subsidiary without the Executive's written consent more than 35 miles from
     where the Executive was located prior to the Change of Control.

     8.19 Reduction of Compensation. A "Reduction of Compensation" shall have
     occurred if any one or more of the following occurs:

          (a) the Base Salary of the Executive is reduced at any time after a
          Change of Control;

          (b) following notice by the Executive to Key and an opportunity by Key
          to cure, Key fails to satisfy the Short Term Incentive Compensation
          Guaranty;

          (c) following notice by the Executive to Key and an opportunity by Key
          to cure, Key fails to satisfy the Long Term Incentive Compensation
          Guaranty; or

                                       21
<PAGE>

          (d) following notice by the Executive to Key and an opportunity by Key
          to cure, Key fails to satisfy the Option/SAR Guaranty.

     For purposes of clauses (b), (c) and (d), Key will be deemed to have had an
     opportunity to cure and to have failed to effect a cure if the failure to
     satisfy the Short Term Incentive Compensation Guaranty, the Long Term
     Incentive Compensation Guaranty, and/or the Option/SAR Guaranty, as the
     case may be, persists (as determined in good faith by the Executive) for
     more than seven calendar days after the Executive has given notice to Key
     of the existence of that failure.

     8.20 Relevant Plans. The term "Relevant Plans" means:

          (a) all Retirement Plans and Savings Plans that the Executive was
          covered by and participating in immediately before the Termination
          Date, and

          (b) all Discontinued Plans.

     Reference to a "Relevant Plan," in the singular, means any of the Relevant
     Plans.

     8.21 Retirement Plans. The term "Retirement Plans" means the KeyCorp Cash
     Balance Pension Plan and the Supplemental Retirement Plan, each as from
     time to time amended, restated, or otherwise modified, and any plan that,
     after the date of this Agreement, succeeds, replaces, or is substituted for
     any such plan, and all retirement plans of any nature maintained by Key or
     any of its Subsidiaries in which the Executive was participating prior to
     the Termination Date. Reference to a "Retirement Plan," in the singular,
     means any of the Retirement Plans.

     8.22 Savings Plans. The term "Savings Plans" means and includes the KeyCorp
     401(k) Savings Plan and the KeyCorp Excess 401(k) Savings Plan, in both
     cases, as from time to time amended, restated, or otherwise modified,
     including any plan that, after the date of this Agreement, succeeds,
     replaces, or is substituted for either such plan, and all salary reduction,
     savings, profit-sharing, or stock bonus plans (including, without
     limitation, all plans involving employer matching contributions, whether or
     not constituting a qualified cash or deferred arrangement under Section
     401(k) of the Internal Revenue Code), maintained by Key or any of its
     Subsidiaries in which the Executive was participating prior to the
     Termination Date. Reference to a "Savings Plan," in the singular, shall
     mean any of the Savings Plans.

     8.23 Supplemental Retirement Plan. The term "Supplemental Retirement Plan"
     means the KeyCorp Supplemental Retirement Plan, the KeyCorp Excess Cash
     Balance Pension Plan, the KeyCorp Supplemental Retirement Plan for Key
     Executives, the KeyCorp Supplemental Retirement Benefit Plan, and the
     KeyCorp Executive Supplemental Pension Plan, each as from time to time
     amended, restated, or otherwise modified, and any plan that, after the date
     of this Agreement, succeeds, replaces, or is substituted for any of such
     plans.

     8.24 Subsidiary. A "Subsidiary" means any corporation, bank, partnership,
     or other entity a majority of the voting control of which is directly or
     indirectly owned or controlled at the time in question by Key.

                                       22
<PAGE>

     8.25 Termination Date. The term "Termination Date" means the date on which
     the Executive's employment with Key and its Subsidiaries terminates.

     8.26 Window Period. The term "Window Period," with respect to any
     particular Change of Control, means the three-month period beginning on the
     date that falls on the same day of the month as the date of the Change of
     Control in the fifteenth month after the month in which the Change of
     Control occurs. If at any time there has been more than one Change of
     Control, there shall be a separate Window Period with respect to each such
     Change of Control.

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

                                         KEYCORP

                                         By ____________________________________
                                            Henry L. Meyer III
                                            Chairman and Chief Executive Officer

                                         THE "EXECUTIVE"

                                         _______________________________________
                                         ______________________<PAGE>

                                                                    Exhibit 10.6

                       AMENDED EMPLOYMENT AGREEMENT

         THIS AMENDED EMPLOYMENT AGREEMENT (this "Agreement") is made at
Cleveland, Ohio, as of July 18, 2002, between KEYCORP, an Ohio corporation
("Key"), and HENRY L. MEYER III ("Meyer"). The original version of this
Agreement was entered into by Key and Meyer as of May 15, 1997, and was amended
as of each of November 20, 1997, July 21, 1999, and February 1, 2001. Further
amendments are incorporated below in this Agreement which replaces and
supersedes both the original version and those prior amendments.

         Meyer has been elected as Chairman of the Board of Directors,
President, and Chief Executive Officer of Key. Key is entering into this
Agreement in recognition of the importance of Meyer's services to the continuity
of management of Key and based upon its determination that it will be in the
best interests of Key and its Subsidiaries to encourage Meyer's continued
attention and dedication to his duties on behalf of Key on into the future. (As
used in this Agreement, the term "Subsidiaries" and certain other capitalized
terms have the meanings ascribed to them in Section 25, at the end of this
Agreement.)

         Key and Meyer agree, effective as of the date first set forth above
(the "Effective Date"), as follows:

         1. Employment, Term. Key engages and employs Meyer to render such
services in the administration and operation of its affairs as, from time to
time, may be specified by its Board of Directors in a manner consistent with his
status as Chairman of the Board of Directors, President, and Chief Executive
Officer, all in accordance with the terms and conditions of this Agreement, for
a constantly renewing three year term, commencing on the Effective Date, so that
the remaining term of employment under this Agreement shall always be three
years, unless: (a) either party gives written notice to the other that the term
shall no longer constantly renew (in which case, the term of employment under
this Agreement will expire on the third anniversary of the giving of such
notice) or (b) Meyer's employment under this Agreement is earlier terminated in
accordance with the provisions of one of Sections 6.2 through 6.7 of this
Agreement. Thus, for example, on July 19, 2002, the term of employment under
this Agreement will be for three years until July 19, 2005; automatically,
without any action by either party, the term will renew and extend itself on
July 20, 2002 so as to be a three year term of employment until July 20, 2005;
and so on with the term automatically extending on a daily basis so as always to
be a three year term until either notice is given under clause (a) above or
Meyer's employment is earlier terminated in accordance with the provisions of
one of Sections 6.2 through 6.7 of this Agreement.

         2. Full-Time Services. Meyer will devote all his time and efforts to
the service of Key, except for (a) usual vacation periods and reasonable periods
of illness, (b) services as an officer and director of any Subsidiary of Key,
and (c) services as a director or trustee of other corporations or organizations
that are not in competition with Key or any Subsidiary, except that, Meyer shall
obtain the prior approval of the Chairman of the Compensation and Organization
Committee of Key's Board of Directors before accepting a position as director or
trustee of any

<PAGE>

for profit entity, other than Lincoln Electric Holdings, Inc. (whether the
entity is in corporate or other form).

         3. Executive Officer. Except as provided in the last sentence of this
Section 3, Meyer shall hold the offices of Chairman of the Board of Directors,
President, and Chief Executive Officer of Key throughout the period of his
employment under this Agreement. Meyer and Key may, at some point in time after
the Effective Date, mutually agree that a different executive officer of Key
should hold the title of President and report to Meyer while Meyer remains as
Chairman of the Board of Directors and Chief Executive Officer of Key.

         4. Compensation. For all services to be rendered by Meyer to Key under
this Agreement, including services as an officer, director, Chairman of the
Board of Directors, or member of any committee of Key or of any Subsidiary, or
any other services specified by the Board of Directors, Key shall pay to Meyer,
in equal monthly or more frequent installments, Base Salary at a rate of not
less than $950,000 per annum. The rate of Meyer's Base Salary shall be subject
to increase from time to time at the discretion of the Compensation and
Organization Committee of the Board of Directors and shall not be subject to
decrease except and then only to the extent that there is an across-the-board
salary reduction applicable to the executive officers of Key generally. In
addition to being paid such Base Salary, Meyer shall participate fully in any
incentive compensation, retirement, savings, stock option, restricted stock,
disability, and other employee benefit and welfare plan or arrangement allowed
or provided by Key in which he would otherwise be eligible for participation as
an executive officer and employee of Key, and, to the extent not provided, Key
shall pay or provide for the payment of benefits commensurate with Meyer's
annual compensation.

         5. Certain Compensation Guaranties During Two Years following a Change
of Control. For so long as Meyer remains in the employ of the Surviving Entity
or one of its Subsidiaries during the period beginning on the day after any
Change of Control and continuing through the second anniversary of that Change
of Control (the period of Meyer's employment during that two year period being
the "Guaranteed Compensation Period"), Meyer shall be entitled to the Incentive
Compensation Guaranty set forth in Section 5.1 and to the Option/SAR Guaranty
set forth in Section 5.2. For purposes of determining Meyer's entitlement to
benefits under the Supplemental Retirement Plan, amounts received by Meyer in
satisfaction of the Incentive Compensation Guaranty set forth in Section 5.1, to
the extent allocable to long term incentive compensation that was taken into
account in determining Average Annual Incentive Compensation, shall be deemed to
be long term incentive compensation received by Meyer during the Guaranteed
Compensation Period.

                  5.1 Guaranteed Level of Incentive Compensation. Except as
         otherwise provided in Section 5.3, the Surviving Entity shall cause
         Meyer to receive, during the Guaranteed Compensation Period, as
         incentive compensation, an amount that, on an annualized basis, is at
         least equal to Meyer's Average Annual Incentive Compensation. The
         guaranty set forth in the immediately preceding sentence (the
         "Incentive Compensation Guaranty") establishes a minimum amount of
         incentive compensation that must be paid to Meyer with respect to
         Meyer's employment during the Guaranteed

                                       2
<PAGE>

         Compensation Period. Except as and to the extent otherwise permitted by
         any of the provisions of Section 5.3:

                  (a) The Surviving Entity shall make payments to Meyer in cash
                  that satisfy the Incentive Compensation Guaranty quarterly in
                  arrears, within 30 days after the end of each calendar quarter
                  for each quarter or portion thereof during the Guaranteed
                  Compensation Period;

                  (b) If Meyer's employment is terminated for any reason other
                  than Cause, all unpaid guaranteed incentive compensation with
                  respect to the Guaranteed Compensation Period shall be paid to
                  Meyer by the Surviving Entity in a lump sum within 30 business
                  days following the Termination Date; and

                  (c) If Meyer's employment is terminated by the Surviving
                  Entity for Cause, the Surviving Entity shall not be required
                  to pay to Meyer any amount of incentive compensation otherwise
                  payable at any time on or after the Termination Date.

                  5.2 Guaranteed Participation in Stock Option and SAR Plans.
         During the Guaranteed Compensation Period, Meyer shall participate
         fully (at a level that is at least comparable to the level at which he
         participated in the last calendar year that ended before the date of
         the Change of Control and is at least equal to the highest targeted
         level at which other executive officers of the Surviving Entity
         participate) in each and every stock option and stock appreciation
         right plan in which executive officers of the Surviving Entity
         generally participate. The guaranty of full participation set forth in
         this Section 5.2 is hereinafter sometimes referred to as the
         "Option/SAR Guaranty."

                  5.3 Exceptions to and Alternative Means of Satisfying the
         Incentive Compensation Guaranty. For purposes of the exceptions and
         alternative means of satisfying the Incentive Compensation Guaranty
         that are set forth in this Section 5.3, the Incentive Compensation
         Guaranty shall be deemed to be made up of two parts, the "Short Term
         Part" and the "Long Term Part," each of which shall bear the same
         proportion, respectively, to the entire Incentive Compensation Guaranty
         as Average Short Term Incentive Compensation and Average Long Term
         Incentive Compensation bear, respectively, to Average Annual Incentive
         Compensation.

                  (a) Bona fide Short Term Incentive Compensation Plan
                  Exception. If (i) the Surviving Entity maintains a bona fide
                  short term incentive compensation plan that (x) would satisfy
                  the Short Term Part if Meyer received short term incentive
                  compensation under that plan at Meyer's target level (as the
                  target level is specified under that plan) and (y) specifies a
                  target level for Meyer that is the highest target level for
                  any executive employed by the Surviving Entity; (ii) the
                  Surviving Entity, in administering that plan in good faith and
                  without discriminating against Meyer, utilizes a performance
                  factor that is intended to rate the corporation's overall
                  performance for the short term compensation cycle in question;
                  (iii) that performance factor is uniformly applied (either in
                  establishing an incentive compensation pool or against each
                  participant's target) to all

                                       3
<PAGE>
                  participants in the plan; and (iv) the application of that
                  factor reduces the short term incentive compensation payable
                  under that plan to a level below Meyer's target level; then
                  payment of the short term incentive compensation, if any, due
                  to Meyer at the reduced level under that plan shall satisfy
                  the Surviving Entity's obligation under the Short Term Part
                  for that particular short term compensation cycle.

                  (b) Annual Payment Exception. If the Surviving Entity
                  maintains a bona fide short term incentive compensation plan
                  that would satisfy the Short Term Part if Meyer received short
                  term incentive compensation under that plan at Meyer's target
                  level and that plan provides for payment of all amounts earned
                  at regularly scheduled times not less frequently than once a
                  year, the Surviving Entity may satisfy the Short Term Part by
                  paying incentive compensation to Meyer under that plan (at not
                  less than Meyer's target level or as reduced if permitted by
                  5.3(a) above) at those regularly scheduled times, except that
                  if Meyer's employment terminates for any reason other than
                  Cause, the Surviving Entity shall make payments under that
                  plan, pro rated to include all periods within the Compensation
                  Guaranty Period as to which Meyer has not yet received
                  incentive compensation under that plan, within 30 business
                  days after the Termination Date.

                  (c) Issuance of Restricted Stock Alternative. As an
                  alternative to paying Meyer cash to satisfy the Long Term
                  Part, the Surviving Entity may continue to make LTIC
                  Restricted Stock Grants to Meyer each year during the
                  Guaranteed Compensation Period that:

                           (i) are made during the same calendar quarter of the
                           year as the calendar quarter during which Key made
                           such a grant to Meyer in the last calendar year that
                           ended before the beginning of the Guaranteed
                           Compensation Period;

                           (ii) have a Fair Market Value that on an annual basis
                           is at least equal to Meyer's Average Long Term
                           Incentive Compensation;

                           (iii) provide for time lapsed vesting of the
                           restricted stock subject to the grant so that the
                           entire grant will be fully vested not later than the
                           third anniversary of the date of grant if Meyer
                           continues to be employed through that date; and

                           (iv) have the further provision that, upon any
                           termination of Meyer's employment other than a
                           termination for Cause (including, without limitation,
                           any termination by reason of death, disability,
                           voluntary or involuntary retirement, or resignation),
                           if, as of the Termination Date, less than a
                           proportionate part of the Common Shares subject to
                           the LTIC Restricted Stock Grant granted to Meyer
                           during the Guaranteed Compensation Period has vested,
                           then an additional portion of those Common Shares
                           shall vest immediately on the Termination Date so
                           that, in the aggregate, a proportionate part has
                           vested as of the Termination

                                       4
<PAGE>

                           Date. For these purposes, "a proportionate part"
                           means the full number of Common Shares in the LTIC
                           Restricted Stock Grant multiplied by a fraction, the
                           numerator of which is the number of days between (x)
                           January 1 of the calendar year in which the LTIC
                           Restricted Stock Grant was made and (y) the last day
                           of the Guaranteed Compensation Period, inclusive, and
                           the denominator of which is 1095 (i.e., 365 times
                           three).

                  If the Surviving Entity makes LTIC Restricted Stock Grants as
                  provided in this 5.3(c), the Surviving Entity will have
                  satisfied the Long Term Part.

6. Termination.

         6.1 Three Years following Notice of Non-Renewal. If either party gives
written notice to the other of his or its intention to discontinue the otherwise
automatic renewal of the term of Meyer's employment hereunder (a "Non-Renewal
Notice"), that term will terminate on the third anniversary of the giving of the
Non-Renewal Notice, except that if a Change of Control occurs before that third
anniversary date and while Meyer remains employed by Key pursuant to this
Agreement, the Non-Renewal Notice shall be automatically abrogated and
thereafter treated as though it had never been given unless Meyer gives written
notice, not later than 30 days after the occurrence of the Change of Control,
that he desires to have the Non-Renewal Notice (whether it was given by Key or
by Meyer) continue in effect. If either party gives the other a Non-Renewal
Notice as provided in the immediately preceding sentence, that Non-Renewal
Notice remains in effect through the third anniversary of the giving of that
notice, and Meyer's employment continues through that third anniversary, Meyer's
employment under this Agreement shall terminate at 12:00 Midnight on that third
anniversary.

         6.2 Death or Disability. Meyer's employment hereunder will terminate
immediately upon Meyer's death. Key may terminate Meyer's employment hereunder
immediately upon giving notice of termination if Meyer is disabled, by reason of
physical or mental impairment, to such an extent that he is unable to
substantially perform his duties under this Agreement for 180 consecutive days.

         6.3 For "Cause" Absent a Change of Control. At any time that is either
before the occurrence of any Change of Control or after the second anniversary
of the then most recent Change of Control, Key may terminate Meyer's employment
hereunder for "Cause" if :

         (a) Meyer commits a felony (other than felonious operation of a motor
         vehicle);

         (b) Meyer commits an act or series of acts of dishonesty in the course
         of his employment that are materially inimical to the best interests of
         Key or a Subsidiary as determined by Majority Action of the Board of
         Directors and, if the act or acts are capable of being cured, Meyer
         fails to cure or take all reasonable steps to cure within 30 days of
         notice from the Board of Directors to Meyer;

                                       5
<PAGE>
         (c) Key or any Subsidiary has been ordered or directed by any federal
         or state regulatory agency with jurisdiction to terminate or suspend
         Meyer's employment and such order or directive has not been vacated or
         reversed upon appeal;

         (d) Meyer continues to violate his obligation under Section 10.1 not to
         engage in Competitive Activities for more than ten days after the Board
         of Directors has by Majority Action advised him in writing to cease
         those activities; or

         (e) Other than for disability, Meyer abandons and consistently fails to
         attempt to perform his duties and responsibilities as specified from
         time to time by the Board of Directors for 90 consecutive days after
         the Board of Directors has by Majority Action advised him in writing of
         that failure.

         6.4 For "Cause" Within Two Years After a Change of Control. From the
date on which occurs any Change of Control and thereafter through the second
anniversary of that Change of Control, the Surviving Entity and its Subsidiaries
may terminate Meyer's employment under this Agreement for "Cause" only if :

         (a) Meyer is convicted of a felony (other than felonious operation of a
         motor vehicle);

         (b) Meyer commits an act or series of acts of dishonesty in the course
         of his employment that are materially inimical to the best interests of
         the Surviving Entity or any of its Subsidiaries and that constitutes
         the commission of a felony (other than felonious operation of a motor
         vehicle), all as determined in good faith by the vote of three quarters
         of the entire number of members of the Board of Directors, which
         determination is confirmed by a panel of three arbitrators appointed
         and acting in accordance with the rules of the American Arbitration
         Association for the purpose of reviewing that determination;

         (c) The Surviving Entity or any of its Subsidiaries has been ordered or
         directed by any federal or state regulatory agency with jurisdiction to
         terminate or suspend Meyer's employment and, notwithstanding the best
         efforts of the Surviving Entity and/or its relevant Subsidiary or
         Subsidiaries to oppose, initially, and to appeal, thereafter, the order
         or directive, that order or directive has not been vacated or reversed
         upon appeal; or

         (d) Meyer continues to violate his obligation under Section 10.1 not to
         engage in Competitive Activities for more than ten days after the Board
         of Directors has by Majority Action advised him in writing to cease
         those activities, that violation is material, and the fact that the
         violation both was material and so continued beyond that ten day period
         is confirmed by a panel of three arbitrators appointed and acting in
         accordance with the rules of the American Arbitration Association for
         the purpose of determining whether the violation both was material and
         so continued beyond that ten day period.

                                       6
<PAGE>

If (x) the Surviving Entity or any of its Subsidiaries terminates the employment
of Meyer during the two year period beginning on the date of a Change of Control
and at a time when it has "Cause" therefor under clause (c) above, (y) the order
or directive is subsequently vacated or reversed on appeal and the vacation or
reversal becomes final and no longer subject to further appeal, and (z) the
Surviving Entity or any of its Subsidiaries fails to offer to reinstate Meyer to
employment under this Agreement within ten days of the date on which the
vacation or reversal becomes final and no longer subject to further appeal, the
Surviving Entity and its Subsidiaries will be deemed to have terminated Meyer
without Cause during the two year period beginning on the date of the Change of
Control.

         6.5 By Key Without Cause. Key may terminate Meyer's employment
hereunder without Cause at any time by Majority Action of the Board of
Directors.

         6.6 By Meyer Following Constructive Termination at Any Time. Meyer may
terminate his employment hereunder "on grounds of Constructive Termination"
(and, if Meyer elects to terminate his employment in such circumstances, he will
be deemed to have been "Constructively Terminated" and not to have "Voluntarily
Resigned" or "Voluntarily Retired") if, at any time:

         (a) Meyer's Base Salary is reduced other than in connection with, and
         then only to the extent of, a general across-the-board salary reduction
         applicable to the executive officers of Key generally;

         (b) Meyer is excluded from full participation in any incentive, option,
         restricted stock, or other compensatory plan applicable to executive
         officers of Key generally;

         (c) Meyer is subject to Demotion or Removal;

         (d) Key requests Meyer's resignation or retirement at a time when Key
         does not have grounds to terminate Meyer's employment for Cause; or

         (e) Meyer's principal place of employment for Key is relocated outside
         of the Cleveland metropolitan area or Meyer is otherwise required by
         Key to relocate outside the Cleveland metropolitan area.

         6.7 By Meyer Following Constructive Termination Within Two Years After
a Change of Control. At any time during the period beginning on the date on
which occurs any Change of Control and thereafter through the second anniversary
of that Change of Control, Meyer may terminate his employment hereunder "on
grounds of Constructive Termination" (and, if Meyer elects to terminate his
employment in such circumstances, he will be deemed to have been "Constructively
Terminated" and not to have "Voluntarily Resigned" or "Voluntarily Retired") if
he could then terminate his employment on any of the grounds of Constructive
Termination listed under Section 6.6 or if:

                                       7
<PAGE>

         (a) Meyer's Base Salary is reduced from the highest level in effect at
         any time during the one year period ending on the date of the Change of
         Control;

         (b) Meyer is excluded from full participation in any incentive, option,
         restricted stock, or other compensatory plan that was available to him
         and in effect at any time during the one year period ending on the date
         of the Change of Control (the "Pre-Change of Control Compensatory
         Plans") unless Meyer is provided with substitute incentive, option,
         restricted stock, and other compensatory plans that provide to Meyer,
         in the aggregate, at least substantially equivalent compensatory
         opportunities as would have been provided had the Pre- Change of
         Control Compensatory Plans remained in effect with Meyer as a full
         participant therein;

         (c) Following notice by Meyer to the Surviving Entity and an
         opportunity by the Surviving Entity to cure, the Surviving Entity fails
         to satisfy the Incentive Compensation Guaranty or the Option/SAR
         Guaranty or Meyer is otherwise excluded from full participation in any
         incentive, option, restricted stock, or other compensation plan that is
         generally applicable to executive officers of the Surviving Entity
         after the Change of Control;

         (d) The headquarters of the Surviving Entity is located outside of the
         Cleveland metropolitan area;

         (e) Meyer determines in good faith that his responsibilities, duties,
         or authorities with the Surviving Entity are materially reduced from
         those in effect before the Change of Control and the reduction has not
         been cured within thirty days after Meyer gives notice to the Board of
         Directors of the Surviving Entity of his election to terminate his
         employment based upon that reduction; or

         (f) Meyer determines in good faith that as a result of the Change of
         Control he is unable to carry out the authorities, powers, functions,
         responsibilities, or duties as Chairman of the Board of Directors and
         Chief Executive Officer as those authorities, powers, functions,
         responsibilities, or duties attached to those positions were in effect
         before the Change of Control and the Board of Directors of the
         Surviving Entity fails to fully address those issues (as determined by
         Meyer in good faith) within thirty days after Meyer gives notice to the
         Board of Directors of his determination under this clause (f) and the
         basis of such determination.

For purposes of clause (c), the Surviving Entity will be deemed to have had an
opportunity to cure and to have failed to effect a cure if the failure to
satisfy the Incentive Compensation Guaranty or the Option/SAR Guaranty, as the
case may be, persists (as determined in good faith by Meyer) for more than
thirty calendar days after Meyer has given notice to the Surviving Entity of the
existence of that failure.

                                       8
<PAGE>

7. Severance Payments and Benefits upon Termination.

         7.1 Termination by Key Without Cause, etc., or by Meyer Following
Constructive Termination. If Meyer's employment is terminated by Key (or, if
applicable, the Surviving Entity) for any reason other than Cause, disability,
or death, or if Meyer is Constructively Terminated:

         (a) Base Salary through Termination Date. Key shall pay to Meyer, at
         the same time or times as would have been the case absent the
         termination, any unpaid Base Salary due or to become due to Meyer with
         respect to any period ending on or before the Termination Date.

         (b) Short Term Incentive Compensation through Termination Date. Key
         shall pay to Meyer, within 30 days after the Termination Date, as short
         term incentive compensation with respect to each short term incentive
         compensation plan in which Meyer is a participant, an amount equal to a
         pro rata portion of Meyer's targeted short term incentive compensation
         under that plan for the calendar year in which the Termination Date
         falls. For these purposes, a "pro rata portion" means the percentage
         figure determined by dividing the number of days between January 1 of
         the calendar year in question through the Termination Date, inclusive,
         by 365. Any amount paid by Key to Meyer pursuant to this Section 7.1(b)
         with respect to a particular short term incentive compensation plan in
         which Meyer is a participant shall reduce, but not below zero, the
         amount that Key is required to pay to Meyer under that plan as short
         term incentive compensation for the calendar year in which the
         Termination Date falls, but that short term incentive compensation plan
         shall in all other respects be governed by its terms.

         (c) Lump Sum Payment. Key shall pay to Meyer, within 30 days after the
         Termination Date, a lump sum severance benefit equal to three times the
         sum of (i) one year's Base Salary (at the highest rate in effect at any
         time before the Termination Date) plus (ii) his Average Annual
         Incentive Compensation;

         (d) Retirement and Savings Plan Participation. For the period beginning
         on the day after the Termination Date and ending on the third
         anniversary of the Termination Date (the "Continuing Benefit Period"),
         Key shall cause Meyer to continue to be covered by and to participate
         in all Retirement Plans and Savings Plans that he was entitled to be
         covered by and participating in as an officer of Key immediately before
         the Termination Date in the same manner and to the same extent as if
         Meyer continued in the full-time employ of Key throughout the
         Continuing Benefit Period, except where such coverage or participation
         is Impermissible. For these purposes: (i) the entire Continuing Benefit
         Period shall be included in determining Meyer's years of service, (ii)
         amounts received by Meyer under clause (c)(i) above shall be deemed to
         be base salary received by Meyer ratably during the Continuing Benefit
         Period, and (iii) amounts received by Meyer under clause (c)(ii) above
         shall be deemed to be incentive compensation

                                       9
<PAGE>

         received by Meyer ratably during the Continuing Benefit Period and
         shall, if relevant, be allocated between short term incentive
         compensation and long term incentive compensation based on the degree
         to which awards of each type of incentive compensation were taken into
         account in determining Average Annual Incentive Compensation. If, at
         any time during the Continuing Benefit Period, Key determines in good
         faith that continuing Meyer's coverage by and participation in any of
         the Retirement Plans or any of the Savings Plans during the Continuing
         Benefit Period is Impermissible, Meyer shall not be covered by and
         participate in such affected plan or plans during the Continuing
         Benefit Period, but Key shall provide to Meyer under this Agreement, as
         a supplemental retirement benefit, payments and benefits that put Meyer
         in the same position that he would have been in had he continued to be
         covered by and participated in all such affected plan or plans
         throughout the Continuing Benefit Period to the same extent as he was a
         participant immediately before the Termination Date, with the
         supplemental payments and benefits under this sentence being payable to
         Meyer (or, if applicable, to his wife, estate, or designated
         beneficiary) at the same time and with the same payment options as
         would be applicable under the affected plan or plans in question.

         (e) Medical, Disability, and Group Term Life Coverage. Through the
         third anniversary of the Termination Date, Key shall continue to
         maintain in effect medical (including dental) coverage, disability
         coverage, and group term life insurance for the benefit of Meyer and
         his dependents at the same levels and subject to the same (by dollar
         amount) employee contribution requirement, if any, as had been in
         effect for the benefit of Meyer and his dependents before the
         Termination Date. After the third anniversary of the Termination Date,
         Meyer and his dependents shall be provided retiree medical benefits
         that are at least equal to those that Meyer and his dependents would
         have been entitled to under the Retiree Medical Benefits Plan if Meyer
         had retired from Key on the Termination Date after satisfying all
         eligibility requirements for retiree medical benefits under that plan.
         The retiree medical benefits shall be provided under the Retiree
         Medical Benefit Plan, with the cost thereof borne as between Key and
         Meyer and his dependents as provided in that plan, if and so long as
         that plan remains in effect and Meyer and his dependents are in fact
         eligible for the intended benefits thereunder. In all other
         circumstances, the retiree medical benefits shall be provided directly
         by Key, with the cost thereof borne as between Key and Meyer and his
         dependents in the same manner as would have been the case if the
         benefits had been provided under the Retiree Medical Benefits Plan
         rather than directly by Key.

         7.2 Effect of Death While in Employ of Key. If Meyer dies while
employed by Key:

         (a) Key shall pay to Meyer's estate any unpaid Base Salary due or to
         become due to Meyer with respect to any period ending before his death
         and Key shall

                                       10
<PAGE>

         have no further obligations to Meyer for Base Salary for any period
         after Meyer's death.

         (b) Key shall continue to maintain medical (including dental) coverage
         in effect (i) for the benefit of Meyer's wife, for her lifetime, and
         (ii) for the benefit of each of Meyer's children, through the earlier
         of the date on which he or she attains age 23 or has ceased for more
         than 120 consecutive days to be a full time student, in each case at
         Key's sole cost and at the highest levels as had been in effect for the
         benefit of Meyer's wife and each of his children, as the case may be,
         at any time before the Termination Date.

         (c) Upon his death, Meyer's rights under any other plan or benefit of
         Key shall be governed by the respective terms thereof.

         7.3 Effect of Disability While in Employ of Key. If, while Meyer is
employed by Key, he becomes disabled, by reason of physical or mental
impairment, to such an extent that he is unable to perform his duties under this
Agreement:

         (a) Key may relieve Meyer of his duties under this Agreement for as
         long as Meyer is so disabled.

         (b) Key shall pay to Meyer all Base Salary and incentive compensation
         to which he would have been entitled under this Agreement and under
         applicable incentive compensation plans had he continued to be actively
         employed by Key to the earliest of (i) the date on which he becomes
         eligible for payment of long term disability benefits under the Long
         Term Disability Benefit Plan, (ii) the date of his death, or (iii) the
         third anniversary of the first date on which his employment hereunder
         could have been terminated by Key pursuant to the second sentence of
         Section 6.2, except that if, after Meyer has become so disabled and
         before he is terminated by Key pursuant to the second sentence of
         Section 6.2, Meyer recovers so that he is no longer so disabled to such
         an extent that he is unable to perform his duties under this Agreement,
         Meyer shall be restored to his duties under this Agreement and entitled
         to the benefits of and subject to this Agreement as if no period of
         disability had occurred.

         (c) The amounts payable to Meyer for any month under this Section 7.3
         shall be reduced, but not below zero, by the full amount of the
         payments, if any, received by Meyer for that month (i) from all
         Retirement Plans, (ii) from the Long Term Disability Plan, and (iii)
         from any other disability plan the entire cost of which is borne by
         Key.

         (d) For purposes of all incentive compensation, retirement, savings,
         stock option, restricted stock, disability, and other employee benefit
         and welfare plans or arrangements allowed or provided by Key to
         executive officers, Meyer shall be treated in the same manner that Key
         treats other executive officers who become disabled.

                                       11
<PAGE>

         (e) Except as provided in this Section 7.3, Key shall have no further
         obligations to Meyer for Base Salary or incentive compensation for any
         period during which Meyer is so disabled to such an extent that he is
         unable to perform his duties under this Agreement.

         (f) The payments provided for under this Section 7.3 shall be made as
         provided for in this Section notwithstanding any termination of Meyer's
         employment under the second sentence of Section 6.2.

         7.4 Effect of Termination for Cause. If Meyer's employment is
terminated for Cause, Key may, by giving written notice to Meyer, terminate all
its obligations remaining to be performed or observed by it under this Agreement
(other than the obligation to pay Base Salary to Meyer through the Termination
Date and the obligations of Key under Sections 11, 12.3, and 14 and, to the
extent then applicable by its terms, Section 15), except no termination of Key's
obligations under this Agreement shall affect Meyer's rights under any plan or
benefit of Key, all of which shall be governed by their respective terms.

         7.5 Effect of Termination Upon Meyer's Voluntary Resignation or
Voluntary Retirement. If Meyer's employment is terminated by Meyer's Voluntary
Resignation or Voluntary Retirement, Key may, by giving written notice to Meyer,
terminate all its obligations remaining to be performed or observed by it under
this Agreement (other than the obligation to pay Base Salary to Meyer through
the Termination Date, the obligations of Key under Sections 11, 12, and 14 and,
to the extent then applicable by their respective terms, the obligations of Key
under Sections 15, 16, and 17), except no termination of Key's obligations under
this Agreement shall affect Meyer's rights under any plan or benefit of Key, all
of which shall be governed by their respective terms.

       8. No Set-Off; No Obligation to Seek Other Employment or to Otherwise
Mitigate Damages; No Effect Upon Other Plans. Key's obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim whatsoever that Key or any of its Subsidiaries may have
against Meyer, except that the prohibition on set-off, counterclaim, recoupment,
defense, or other claim contained in this sentence shall not apply if Meyer's
employment is terminated by Key for Cause at any time that is either before the
occurrence of any Change of Control or after the second anniversary of the then
most recent Change of Control. Meyer shall not be required to mitigate damages
or the amount of any payment provided for under this Agreement by seeking other
employment or otherwise. The amount of any payment provided for under this
Agreement shall not be reduced by any compensation or benefits earned by Meyer
as the result of employment by another employer or otherwise after the
termination of Meyer's employment. Neither the provisions of this Agreement nor
the making of any payment provided for hereunder, nor the termination of Key's
obligations under this Agreement, shall reduce any amounts otherwise payable, or
in any way diminish Meyer's rights, under any incentive compensation plan, stock
option or stock appreciation rights plan, restricted stock plan or agreement,
deferred compensation, retirement, or supplemental retirement plan,

                                       12
<PAGE>

stock purchase and savings plan, disability or insurance plan, or other similar
contract, plan, or arrangement of Key or any Subsidiary, all of which shall be
governed by their respective terms.

       9. Payments Are in Lieu of Severance Payments. If Meyer becomes entitled
to receive payments under this Agreement as a result of termination of his
employment, those payments shall be in lieu of any and all other claims or
rights that Meyer may have against Key for severance, separation, and/or salary
continuation pay upon that termination of his employment.

         10. Limitations on Competition.

                  10.1 During Employment. Meyer shall not engage in any
         Competitive Activity during the period of his employment with Key.

                  10.2 Two Years in Certain Circumstances. If Meyer's employment
         is terminated within two years after the occurrence of a Change of
         Control either by Key without Cause or by Meyer after he has been
         Constructively Terminated, Meyer shall not engage in any Competitive
         Activity during the two year period ending on the second anniversary of
         the Termination Date.

                  10.3 Three Years Following Any Other Termination. If Meyer's
         employment is terminated (whether by him, by Key, or otherwise) in any
         circumstances other than those expressly covered by Section 10.2 above,
         Meyer shall not engage in any Competitive Activity at any time during
         the three year period ending on the third anniversary of the
         Termination Date.

               10.4 No Further Obligation to Make Payments or Provide Benefits
       Following Continuing Breach. If Meyer continues to violate the
       restriction set forth in Section 10.2 or 10.3, as may be applicable,
       after the Board of Directors has advised him by Majority Action in
       writing to cease those activities and that violation is material, Key
       shall thereupon be relieved of all further obligations to make payments
       and provide benefits to Meyer under any of the provisions contained in
       Section 7.1. Meyer shall not be required to repay to Key any payment
       received by him before he began to engage in any such Competitive
       Activity.

                  10.5 Other Remedies. In addition to other remedies provided by
         law or equity, upon a breach by Meyer of any prohibition on Competitive
         Activity contained in this Section 10, Key shall be entitled to have a
         court of competent jurisdiction enter an injunction against Meyer
         restraining him from any further breach of any such prohibition.

         11. Indemnification. Key shall indemnify Meyer, to the full extent
permitted or authorized by the Ohio General Corporation Law as it may from time
to time be amended, if Meyer is made or threatened to be made a party to any
threatened, pending, or completed action, suit, or proceeding, whether civil,
criminal, administrative, or investigative, by reason of the fact that Meyer is
or was a director, officer, or employee of Key or any Subsidiary, or is or was
serving at the request of Key or any Subsidiary as a director, trustee, officer,
or employee of a bank, corporation, partnership, joint venture, trust, or other
enterprise. The indemnification

                                       13
<PAGE>

provided by this Section 11 shall not be deemed exclusive of any other rights to
which Meyer may be entitled under the articles of incorporation or the
regulations of Key or of any Subsidiary, or any agreement, vote of shareholders
or disinterested directors, or otherwise, both as to action in Meyer's official
capacity and as to action in another capacity while holding such office, and
shall continue as to Meyer after Meyer has ceased to be a director, trustee,
officer, or employee and shall inure to the benefit of the heirs, executors, and
administrators of Meyer.

         12. Reimbursement of Certain Expenses.

                  12.1 Key shall pay, as incurred, all expenses, including the
         reasonable fees of counsel engaged by Meyer, of defending any action
         brought to have this Agreement declared invalid or unenforceable.

                  12.2 Key shall pay, as incurred, all expenses, including the
         reasonable fees of counsel engaged by Meyer, of prosecuting any action
         to compel Key to comply with the terms of this Agreement upon receipt
         from Meyer of an undertaking to repay Key for such expenses if, and
         only if, it is ultimately determined by a court of competent
         jurisdiction that Meyer had no reasonable grounds for bringing that
         action (which determination need not be made simply because Meyer fails
         to succeed in the action).

                  12.3 Expenses (including attorney's fees) incurred by Meyer in
         defending any action, suit, or proceeding commenced or threatened
         against Meyer for any action or failure to act as an employee, officer,
         or director of Key or any Subsidiary shall be paid by Key, as they are
         incurred, in advance of final disposition of the action, suit, or
         proceeding upon receipt of an undertaking by or on behalf of Meyer in
         which he agrees to reasonably cooperate with Key or the Subsidiary, as
         the case may be, concerning the action, suit, or proceeding, and (a) if
         the action, suit, or proceeding is commenced or threatened against
         Meyer for any action or failure to act as a director, to repay the
         amount if it is proved by clear and convincing evidence in a court of
         competent jurisdiction that his action or failure to act involved an
         act or omission undertaken with deliberate intent to cause injury to
         Key or a Subsidiary or with reckless disregard for the best interests
         of Key or a Subsidiary or (b) if the action, suit, or proceeding is
         commenced or threatened against Meyer for any action or failure to act
         as an officer or employee, to repay the amount if it is ultimately
         determined that he is not entitled to be indemnified. The obligation of
         Key to advance expenses provided for in this Section 12.3 shall not be
         deemed exclusive of any other rights to which Meyer may be entitled
         under the articles of incorporation or the regulations of Key or of any
         Subsidiary, or any agreement, vote of shareholders or disinterested
         directors, or otherwise.

         13. Gross-Up of Payments Deemed to be Excess Parachute Payments.

                  13.1 Key and Meyer acknowledge that, following a Change of
         Control, one or more payments or distributions to be made by Key to or
         for the benefit of Meyer (whether paid or payable or distributed or
         distributable pursuant to the terms of this Agreement, under some other
         plan, agreement, or arrangement, or otherwise) (a "Payment") may be
         determined to be an "excess parachute payment" that is not deductible
         by Key for Federal income tax purposes and with respect to which Meyer
         will

                                       14
<PAGE>

         be subject to an excise tax because of Sections 280G and 4999,
         respectively, of the Internal Revenue Code (hereinafter referred to
         respectively as "Section 280G" and "Section 4999"). If Meyer's
         employment is terminated after a Change of Control occurs, the
         Accounting Firm, which, subject to any inconsistent position asserted
         by the Internal Revenue Service, shall make all determinations required
         to be made under this Section 13, shall determine whether any Payment
         would be an excess parachute payment and shall communicate its
         determination, together with detailed supporting calculations, to Key
         and to Meyer within 30 days after the Termination Date or such earlier
         time as is requested by Key. Key and Meyer shall cooperate with each
         other and the Accounting Firm and shall provide necessary information
         so that the Accounting Firm may make all such determinations. Key shall
         pay all of the fees of the Accounting Firm for services performed by
         the Accounting Firm as contemplated in this Section 13.

                  13.2 If the Accounting Firm determines that any Payment gives
         rise, directly or indirectly, to liability on the part of Meyer for
         excise tax under Section 4999 (and/or any penalties and/or interest
         with respect to any such excise tax), Key shall make additional cash
         payments to Meyer, from time to time and at the same time as any
         Payment constituting an excess parachute payment is paid or provided to
         Meyer, in such amounts as are necessary to put Meyer in the same
         position, after payment of all federal, state, and local taxes (whether
         income taxes, excise taxes under Section 4999 or otherwise, or other
         taxes) and any and all penalties and interest with respect to any such
         excise tax, as Meyer would have been in after payment of all federal,
         state, and local income taxes if the Payments had not given rise to an
         excise tax under Section 4999 and no such penalties or interest had
         been imposed.

                  13.3 If the Internal Revenue Service determines that any
         Payment gives rise, directly or indirectly, to liability on the part of
         Meyer for excise tax under Section 4999 (and/or any penalties and/or
         interest with respect to any such excise tax) in excess of the amount,
         if any, previously determined by the Accounting Firm, Key shall make
         further additional cash payments to Meyer not later than the due date
         of any payment indicated by the Internal Revenue Service with respect
         to these matters, in such amounts as are necessary to put Meyer in the
         same position, after payment of all federal, state, and local taxes
         (whether income taxes, excise taxes under Section 4999 or otherwise, or
         other taxes) and any and all penalties and interest with respect to any
         such excise tax, as Meyer would have been in after payment of all
         federal, state, and local income taxes if the Payments had not given
         rise to an excise tax under Section 4999 and no such penalties or
         interest had been imposed.

                  13.4 If Key desires to contest any determination by the
         Internal Revenue Service with respect to the amount of excise tax under
         Section 4999, Meyer shall, upon receipt from Key of an unconditional
         written undertaking to indemnify and hold Meyer harmless (on an after
         tax basis) from any and all adverse consequences that might arise from
         the contesting of that determination, cooperate with Key in that
         contest at Key's sole expense. Nothing in this Section 13.4 shall
         require Meyer to incur any expense other than expenses with respect to
         which Key has paid to Meyer sufficient sums so that after the payment
         of the expense by Meyer and taking into account the payment by Key with

                                       15
<PAGE>
         respect to that expense and any and all taxes that may be imposed upon
         Meyer as a result of his receipt of that payment, the net effect is no
         cost to Meyer. Nothing in this Section 13.4 shall require Meyer to
         extend the statute of limitations with respect to any item or issue in
         his tax returns other than, exclusively, the excise tax under Section
         4999. If, as the result of the contest of any assertion by the Internal
         Revenue Service with respect to excise tax under Section 4999, Meyer
         receives a refund of a Section 4999 excise tax previously paid and/or
         any interest with respect thereto, Meyer shall promptly pay to Key such
         amount as will leave Meyer, net of the repayment and all tax effects,
         in the same position, after all taxes and interest, that he would have
         been in if the refunded excise tax had never been paid.

         14. Deferral of Payment of Compensation under Certain Circumstances.

                  14.1 Section Will Not Apply if a Change of Control Occurs.
         This Section 14 shall not apply to any compensation that, but for the
         application of this Section 14, would be payable by Key to Meyer in
         respect of the first calendar year in which a Change of Control occurs
         (the "Change Year") or in respect of any later calendar year. For
         example, if the Committee has given notice to Meyer, as contemplated by
         Section 14.2, that this Section 14 shall apply to compensation
         otherwise payable in respect of a particular calendar year and a Change
         of Control thereafter occurs during that calendar year, this Section 14
         shall not apply to that compensation, notwithstanding the notice given
         by the Committee.

                  14.2 Section to Apply on an Annual Basis and Only If Timely
         Notice to that Effect Given by Committee. This Section 14 shall apply
         to any compensation that, but for this Section 14, is payable to Meyer
         in respect of any particular calendar year before the Change Year if,
         and only if, on or before March 31 of that particular calendar year,
         the Committee notifies Meyer in writing of the Committee's
         determination that this Section 14 shall so apply. If the Committee so
         determines and so provides Meyer with such a timely notice as to any
         such particular calendar year, this Section 14 shall apply according to
         its terms to all compensation that, but for this Section 14, becomes
         payable to Meyer in respect of that particular calendar year.
         Conversely, if the Committee does not so notify Meyer in writing on or
         before March 31 of any particular calendar year, this Section 14 will
         not apply to any compensation that, but for this Section 14, becomes
         payable to Meyer in respect of that particular calendar year. For
         purposes of this Section 14, compensation payable by Key to Meyer is
         "in respect of" a particular calendar year if it is compensation that,
         ignoring both (x) the effect, if any, of Section 162(m) and (y) the
         application of this Section 14, the compensation would be paid by Key
         to Meyer either during or shortly after that calendar year and would be
         deductible by Key in that calendar year (assuming, for these purposes,
         that Key has sufficient taxable income so that it can make use of all
         possible deductions during that calendar year).

                  14.3 Section 162(m). For purposes of this Section 14, the term
         "Section 162(m)" shall mean Section 162(m) of the Internal Revenue Code
         (which, as amended by the Revenue Reconciliation Act of 1993,
         prescribes rules disallowing deductions for certain "applicable
         employee remuneration" to any of five specified

                                       16
<PAGE>
         "covered employees" of a publicly held corporation in excess of
         $1,000,000 per year), as from time to time amended, and the
         corresponding provisions of any similar law subsequently enacted, and
         to all regulations issued under that section and any such provisions.

                  14.4 Deferral. Except as otherwise provided in either of
         Section 14.5 or Section 14.6, below, if this Section 14 applies with
         respect to any particular calendar year by reason of timely notice
         having been given by the Committee to Meyer with respect to that
         calendar year as contemplated by Section 14.2 and Key determines that,
         after giving effect to all applicable elective deferrals of
         compensation, any amount of compensation (including any Base Salary and
         any incentive compensation payable under any incentive compensation
         plan in which Meyer is a participant) otherwise payable to Meyer under
         this Agreement at any particular time in respect of that particular
         calendar year (the "Scheduled Time"),

                  (a) would not be deductible by Key if paid at the Scheduled
                  Time by reason of the disallowance rules of Section 162(m),
                  and

                  (b) would be deductible by Key if deferred until and paid
                  during a later year, that amount of compensation shall be
                  deferred until, and paid during, the year that is determined
                  by Key to be the first year following the year of deferral
                  during which the compensation can be paid without disallowance
                  of the deduction for payment of the compensation by reason of
                  Section 162(m). If Key determines that in any year following
                  the year of deferral a portion of, but not all of, the amounts
                  deferred (together with interest thereon as provided in
                  Section 14.7, below) can be paid without disallowance of the
                  deduction, that portion that can be so paid shall be paid by
                  Key during that year and the remainder, except as otherwise
                  provided in Section 14.5 or Section 14.6, below, shall
                  continue to be deferred until a later year.

                  14.5 Early Payout of Deferred Amount if Deferral is Determined
         to be Ineffective. If any amount of compensation is deferred under
         Section 14.4 with the expectation that it will be deductible by Key if
         paid in a later year and Key later determines that the compensation
         will not be deductible by Key even if payment thereof is deferred until
         a later year, then, within 30 days of the date on which that
         determination is made, the deferral with respect to that compensation
         shall terminate and Key shall pay that compensation to Meyer.

                  14.6 Payout Following Termination of Employment in All Events.
         On April 15 of the year immediately following the year in which Meyer
         ceases to be employed by Key, Key shall pay to Meyer, in a single lump
         sum, all amounts of compensation that have been deferred pursuant to
         this Section 14 and have not previously been paid so that, as of the
         close of business on that date, no amount of compensation will remain
         deferred under this Section 14 whether or not Key is entitled to a
         deduction with respect to the payment of that compensation.

                                       17
<PAGE>
                  14.7 Interest on Deferred Amounts. Upon payment of any amounts
         of compensation deferred for any period of time pursuant to this
         Section 14, Key shall pay to Meyer an additional amount equivalent to
         the interest that would have accrued on such deferred compensation if
         interest accrued thereon on a daily basis from the date on which that
         compensation would have been paid but for this Section 14 through the
         date on which that compensation is paid at a rate varying from month to
         month and equal to 50 basis points higher than the effective annual
         yield of the average of the Moody's Average Corporate Bond Yield Index
         for the previous month, as published by Moody's Investor Services, Inc.
         (or any successor published thereto), or, if such index is no longer
         published, a substantially similar index selected by the Accounting
         Firm, with interest compounded as of the end of each month.

                  14.8 Miscellaneous. Meyer's rights with respect to payment
         during his lifetime of any compensation deferred under this Section 14
         shall not be subject to assignment. If Meyer dies before all
         compensation deferred under this Section 14 has been paid to him, any
         such unpaid compensation shall be paid, at the same time it would have
         been paid if Meyer had not died but had merely ceased to be an employee
         of Key on the date of his death (or, if earlier, on the last date he
         actually was an employee of Key), to his estate or, if Meyer shall so
         direct to Key in writing, to his wife or to a trust created by Meyer.
         The obligation of Key to make payments of compensation deferred
         pursuant to this Section 14 constitutes the unsecured promise of Key to
         make payments from its general assets as and when due and neither Meyer
         nor any person claiming through him shall have, as a result of this
         Section 14, any lien or claim on any assets of Key that is superior to
         the claims of the general creditors of Key.

         15. Vesting of Supplemental Retirement Benefit. Upon any termination of
Meyer's employment with Key other than (a) a termination by Key for Cause before
Meyer attains age 55 or (b) by Meyer's Voluntary Resignation before he attains
age 55, Meyer will be treated as having satisfied all of the requirements for
eligibility for and as being fully vested in a supplemental retirement benefit
under the Supplemental Retirement Plan. Nothing in this Section 15 shall be
deemed to create an inference that Meyer is not otherwise eligible for or fully
vested in a supplemental retirement benefit under the Supplemental Retirement
Plan and whether or not he is so otherwise eligible for or fully vested in such
a benefit will be determined pursuant to the terms of the Supplemental
Retirement Plan without reference to this Section 15.

         16. Vesting of, and Extension of Exercise Period for, Stock Options.
All stock options (other than so-called "performance options," which are options
that vest or become exercisable only if certain stock price and/or financial
performance tests are achieved) granted to Meyer by Key after February 1, 2001
that remain outstanding on the Termination Date shall be deemed to have vested
(to the extent not already vested) as of immediately prior to the termination of
his employment unless Meyer's employment is terminated by Key for Cause, by
Meyer's Voluntary Resignation before the fifth anniversary of the date of grant
of the particular stock option, or as a result of death or disability. Each
stock option (other than any performance option) granted to Meyer by Key after
February 1, 2001 that remains outstanding and is vested on the Termination Date
(whether pursuant to the immediately preceding sentence or otherwise) shall be
exercisable after the Termination Date until that particular option's expiration
date (which is the last date

                                       18
<PAGE>

that the option would be exercisable in accordance with its terms if Meyer had
continued in Key's employment indefinitely) unless Meyer's employment is
terminated by Key for Cause or by Meyer's Voluntary Resignation before the fifth
anniversary of the date of grant of the particular stock option. In the case of
incentive stock options granted to Meyer by Key after February 1, 2001, this
Section 16 shall apply, recognizing however that failure to exercise the
incentive stock option within the time periods after the Termination Date
prescribed by the Internal Revenue Code may cause the option to fail to qualify
for incentive stock option treatment under the Internal Revenue Code. If, in
accordance with its terms and without regard to this Section 16, an option would
vest earlier than is provided in this Section 16 or would be exercisable for a
longer period than is provided in this Section 16, the terms of the option
providing for earlier vesting and/or a longer period of exercisability, as the
case may be, shall govern. Each stock option (other than performance options)
granted to Meyer by Key after February 1, 2001 shall be deemed to contain the
provisions of this Section 16 as a part of the award instrument evidencing such
option.

         17. Post-Termination Benefits. Following termination of his employment
with Key for any reason other than Cause, Voluntary Resignation, or death, Key
shall continue to provide to Meyer the following benefits:

         (a) Payment of monthly membership dues at one country club, one
         luncheon club, and one professional or cultural group or association
         located in the Greater Cleveland metropolitan area.

         (b) Payment of the cost of tax preparation assistance but only to the
         extent and as long as Key provides this benefit to its executive
         officers.

         (c) Payment of the cost of an executive physical examination but only
         to the extent and as long as Key provides this benefit to its executive
         officers.

         (d) Payment of an amount equal to the meeting fee and payment of
         reasonable expenses for a meeting of the Board of Directors if Meyer
         attends Key's annual meeting of shareholders.

         (e) Use of office space and secretarial support in Key facilities in
         Cleveland for a period of two years following the Termination Date.

         18. Savings Clause. If any payments otherwise payable to Meyer under
this Agreement are prohibited by any applicable statute or regulation in effect
at the time the payments would otherwise be payable, including, without
limitation, any regulation issued by the Federal Deposit Insurance Corporation
(the "FDIC") that limits so called "golden parachute payments" that can be made
by an FDIC insured institution or its holding company if the institution is
financially troubled and certain so-called "indemnification payments" (any such
statute or regulation being a "Limiting Rule"):

         (a) Key will use its best efforts to obtain the consent of the
         appropriate governmental agency (whether the FDIC or any other agency,
         and including using its best efforts to appeal any refusal by any such
         agency to grant its consent) to the

                                       19
<PAGE>

         payment by Key to Meyer of the maximum amount that is permitted (up to
         the amounts that would be due to Meyer under this Agreement or
         otherwise absent the Limiting Rule); and

         (b) Meyer will be entitled to elect to have apply, and therefore to
         receive benefits directly under, either (i) this Agreement (as limited
         by the Limiting Rule) or (ii) any generally applicable Key plan or
         policy (including any severance, separation pay, and/or salary
         continuation plan that may be in effect at the time of Meyer's
         termination), up to the amounts that would be due to Meyer under this
         Agreement or otherwise absent the Limiting Rule.

         19. Survival of Obligations. Except as is otherwise expressly provided
in this Agreement, the respective obligations of Key and Meyer hereunder shall
survive any termination of Meyer's employment under this Agreement.

         20. Merger or Transfer of Assets of Key. Key will not consolidate with
or merge into any other corporation, or transfer all or substantially all of its
assets to another corporation, unless such other corporation shall assume this
Agreement in a signed writing and deliver a copy thereof to Meyer. Upon such
assumption the successor corporation shall become obligated to perform the
obligations of Key under this Agreement, and the term "Key" as used in this
Agreement shall be deemed to refer to such successor corporation.

         21. Notices. Notices and all other communications provided for in this
Agreement shall be in writing and shall be deemed to have been duly given when
delivered in person (to the Secretary of Key in the case of notices to Key and
to Meyer in the case of notices to Meyer) or mailed by United States registered
mail, return receipt requested, postage prepaid, as follows:

                  If to Key:

                           KeyCorp
                           127 Public Square
                           Cleveland, Ohio 44114-1306
                           Attention: Secretary

                  If to Meyer:
                           Mr. Henry L. Meyer III
                           3385 Roundwood Road
                           Hunting Valley, Ohio  44022

or such other address as either party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

         22. Validity. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement which shall remain in full force and effect.

         23. Miscellaneous. No provision of this Agreement may be modified,
waived, or discharged unless such waiver, modification, or discharge is agreed
to in a writing signed by

                                       20
<PAGE>

Meyer and Key. No waiver by either party hereto at any time of any breach by the
other party of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the same time or at any prior or
subsequent time. No agreement or representation, oral or otherwise, express or
implied, with respect to the subject matter hereof has been made by either party
which is not set forth expressly in this Agreement. This Agreement shall be
governed by and construed in accordance with the laws of the State of Ohio.

         24. Prior Agreement. This Agreement supersedes the agreement entered
into between Meyer and Key as of October 15, 1996 that provided Meyer certain
protection in the event of a Change of Control of Key.

         25. Definitions.

                  25.1 Accounting Firm. The term "Accounting Firm" means the
         independent auditors of Key for the fiscal year preceding the earlier
         of (i) the year in which the Termination Date occurred, or (ii) the
         year, if any, in which occurred the first Change of Control occurring
         after the Effective Date, 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 Agreement, Key shall
         select another national accounting firm of recognized standing to serve
         and perform in that capacity under this 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 Securities Exchange Act of 1934, as amended (the "1934
         Act")).

                  25.2 Average Annual Incentive Compensation. The term "Average
         Annual Incentive Compensation" means the sum of Average Short Term
         Incentive Compensation, as defined in Section 25.4 below, and Average
         Long Term Incentive Compensation, as defined in Section 25.3 below. For
         purposes of this Agreement:

                  (a) incentive compensation means any cash based incentive
                  compensation, including bonuses and is calculated before any
                  reduction on account of deferrals;

                  (b) notwithstanding the fact that they are made in restricted
                  stock rather than in cash, any LTIC Restricted Stock Grant
                  shall be deemed to be long term incentive compensation;

                  (c) short term incentive compensation means incentive
                  compensation for periods of time of one year or less;

                  (d) targeted short term incentive compensation means:

                           (i) if the short term incentive compensation plan,
                           program, or arrangement in question designates a
                           targeted amount or a targeted level of achievement
                           applicable to Meyer, it means that targeted amount or
                           level;

                                       21
<PAGE>

                           (ii) if the short term incentive compensation plan,
                           program, or arrangement in question has only one
                           level of payout applicable to Meyer (other than
                           zero), it means that level (i.e.: the level other
                           than zero);

                           (iii) if the short term incentive compensation plan,
                           program, or arrangement in question does not
                           designate a targeted amount or level of achievement
                           applicable to Meyer but does have multiple
                           anticipated levels of possible payout or achievement
                           applicable to Meyer, it means (in each case excluding
                           from consideration any level that results in zero
                           payout) the middle level of payout or achievement
                           applicable to Meyer (or if there are an even number
                           of levels, the average of the two levels if there are
                           only two levels or the average of the middle two
                           levels if there are four or more levels); and

                           (iv) in all other cases, the amount anticipated or
                           projected to be paid under the plan, program, or
                           arrangement in question at the time the performance
                           period in question commenced.

                  25.3 Average Long Term Incentive Compensation. The term
         "Average Long Term Incentive Compensation" means:

                  (a) if the Relevant Year is 2002, the dollar value of the 2002
                  LTIC Restricted Stock Grant;

                  (b) if the Relevant Year is 2003, the higher of:

                           (i) the dollar value of the 2002 LTIC Restricted
                           Stock Grant, and

                           (ii) the dollar value of the 2003 LTIC Restricted
                           Stock Grant; and

                  (c) if the Relevant Year is 2004 or any later year, the higher
                  of

                           (i) the average of the dollar value of the LTIC
                           Restricted Stock Grants made to Meyer in each of the
                           two years immediately preceding the Relevant Year
                           (e.g., the average of the 2003 LTIC Restricted Stock
                           Grant and the 2004 LTIC Restricted Stock Grant if the
                           Relevant Year is 2005), or, if for any reason an LTIC
                           Restricted Stock Grant was made to Meyer in only one
                           of those two immediately preceding years, the dollar
                           value of the LTIC Restricted Stock Grant for that
                           single year, and

                           (ii) the dollar value of the LTIC Restricted Stock
                           Grant for the Relevant Year.

         For purposes of this Section 25.3, the dollar value of any LTIC
         Restricted Stock Grant means the aggregate Fair Market Value of the
         restricted Common Shares subject to that grant as of the date the grant
         is made, without regard to changes in Key's stock price after the date
         of grant or to any restrictions on those Common Shares.

                                       22
<PAGE>

                  25.4 Average Short Term Incentive Compensation. The term
         "Average Short Term Incentive Compensation" means the higher of:

                  (a) the average of the short term incentive compensation
                  payable to Meyer for each of the last two years immediately
                  preceding the Relevant Year or, if for any reason short term
                  incentive compensation was payable to Meyer for only one of
                  those two years, the amount of short term incentive
                  compensation payable to Meyer for that year, and

                  (b) Meyer's targeted short term incentive compensation for the
                  Relevant Year or for the year immediately preceding the
                  Relevant Year, whichever is higher.

                  25.5 Base Salary. The term "Base Salary" means the salary
         payable to Meyer from time to time before any reduction for voluntary
         contributions to the KeyCorp 401(k) Plan or any other deferral under
         any other plan. Base Salary does not include imputed income from
         payment by Key of country club membership fees or other noncash
         benefits.

                  25.6 Board of Directors. The term "Board of Directors," when
         used other than with specific reference to another entity, means the
         Board of Directors of Key.

                  25.7 Change of Control. A "Change of Control" shall be deemed
         to have occurred if, at any time after the date of this Agreement and
         while Meyer remains in the employ of Key, there is a Change of Control
         under any of clauses (a), (b), (c), or (d) below. For these purposes,
         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 25.7, 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) A Change of Control will have occurred under this clause
                  (a) if Key is a party to a transaction pursuant to which Key
                  is merged with or into, or is consolidated with, or becomes
                  the subsidiary of another corporation and either

                           (i) immediately after giving effect to that
                           transaction, less than 65% 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) immediately after giving effect to that
                           transaction, individuals who were directors of Key on
                           the day before the first public announcement of (x)
                           the pendency of the transaction or (y) the intention
                           of any person or entity to cause the transaction to
                           occur, cease for any reason to constitute at least
                           51% of the directors of the surviving or resulting
                           corporation or (if Key becomes a subsidiary in the
                           transaction) of the ultimate parent of Key.

                                       23
<PAGE>
                  (b) A Change of Control will have occurred under this clause
                  (b) if a tender or exchange offer shall be made and
                  consummated for 35% or more of the outstanding voting stock of
                  Key or any person (as the term "person" is used in Section
                  13(d) and Section 14(d)(2) of the 1934 Act) is or becomes the
                  beneficial owner of 35% or more of the outstanding voting
                  stock of Key or there is a report filed on Schedule 13D or
                  Schedule 14D-1 (or any successor schedule, form or report),
                  each as adopted under the 1934 Act, disclosing the acquisition
                  of 35% or more of the outstanding voting stock of Key in a
                  transaction or series of transactions by any person (as
                  defined earlier in this clause (b));

                  (c) A Change of Control will have occurred under this clause
                  (c) if either

                           (i) without the prior approval, solicitation,
                           invitation, or recommendation of the Board of
                           Directors any person or entity makes a public
                           announcement of a bona fide intention (A) to engage
                           in a transaction with Key that, if consummated, would
                           result in a Change Event (as defined below in this
                           clause (c)), or (B) 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, or

                           (ii) any person or entity publicly announces a bona
                           fide intention 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 constitute at least a majority thereof
                  unless both (A) 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 (B) prior to the time that the
                  Incumbent Directors no longer constitute a majority 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
                  a majority 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
                  subclause (i) or (ii) of this clause (c).

                  For purposes of this clause (c), the term "Change Event" shall
                  mean any of the events described in the following subclauses
                  (x), (y), or (z) of this clause (c):

                           (x) A tender or exchange offer shall be made for 25%
                           or more of the outstanding voting stock of Key or any
                           person (as the term "person" is used in Section 13(d)
                           and Section 14(d)(2) of the 1934 Act) is or becomes

                                       24
<PAGE>
                           the beneficial owner of 25% or more of the
                           outstanding voting stock of Key or there is a report
                           filed on Schedule 13D or Schedule 14D-1 (or any
                           successor schedule, form, or report), each as adopted
                           under the 1934 Act, disclosing the acquisition of 25%
                           or more of the outstanding voting stock of Key in a
                           transaction or series of transactions by any person
                           (as defined earlier in this subclause (x)).

                           (y) Key is a party to a transaction pursuant to which
                           Key is merged with or into, or is consolidated with,
                           or becomes the subsidiary of another corporation and,
                           after giving effect to such transaction, less than
                           50% 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 such transaction or less than 51% of the
                           directors of the surviving or resulting corporation
                           or (if Key becomes a subsidiary in the transaction)
                           of the ultimate parent of Key were directors of Key
                           immediately prior to such transaction.

                           (z) There is a sale, lease, exchange, or other
                           transfer (in one transaction or a series of related
                           transactions) of all or substantially all the assets
                           of Key.

                  (d) A Change of Control will have occurred under this clause
                  (d) if there is a sale, lease, exchange, or other transfer (in
                  one transaction or a series of related transactions) of all or
                  substantially all of the assets of Key.

                  25.8 Committee. The term "Committee" means the Compensation
         and Organization Committee of the Board of Directors of Key or any
         successor to that committee.

                  25.9 Common Shares. The term "Common Shares" means common
         shares of Key.

                  25.10 Competitive Activity. Meyer shall be deemed to have
         engaged in "Competitive Activity" if he engages, without Key's prior
         written consent, in any business or business activity in which Key or
         any of its Subsidiaries engages, including, without limitation,
         engaging in any business activity in the banking or financial services
         industry (other than as a director, officer, or employee of Key or any
         of its Subsidiaries) or has an ownership interest in, or serves as a
         director, officer, agent, or employee of, or in any other capacity
         with, any Financial Services Company or renders services of a
         consultative, advisory, or other nature to any Financial Services
         Company. Notwithstanding the foregoing, Meyer will not be deemed to
         have engaged in Competitive Activity solely because of any one or more
         investments he may make in any one or more for profit entity or
         entities, none of which is a Financial Services Company, or solely
         because he owns stock in a publicly held Financial Services Company
         that constitutes not more than 1% of the outstanding stock of that
         Financial Services Company.

                                       25
<PAGE>

                  25.11 Day. A "day" as used in this Agreement means a calendar
         day unless business day is specifically referred to.

                  25.12 Demotion or Removal. Meyer shall be deemed to have been
         subjected to "Demotion or Removal:"

                  (a) if Meyer ceases to be Chairman of the Board of Key (or,
                  after a Change of Control, of the Surviving Entity) at any
                  time before the expiration of the term of his employment
                  pursuant to Section 6.1, other than as a result of the
                  termination of his employment by Key for Cause or of his
                  Voluntary Resignation or Voluntary Retirement, death, or
                  disability,

                  (b) if Meyer ceases to be or have the responsibilities,
                  duties, or authorities of Chief Executive Officer of Key (or,
                  after a Change of Control, of the Surviving Entity) at any
                  time before the expiration of the term of his employment
                  pursuant to Section 6.1, other than as a result of the
                  termination of his employment by Key for Cause or of his
                  Voluntary Resignation or Voluntary Retirement, death, or
                  disability, or

                  (c) if Meyer ceases to be a director of Key (or, after a
                  Change of Control, of the Surviving Entity) at any time before
                  the expiration of the term of his employment pursuant to
                  Section 6.1, other than as a result of the termination of his
                  employment by Key for Cause or of his Voluntary Resignation or
                  Voluntary Retirement, death, or disability.

                  25.13 Fair Market Value. The term "Fair Market Value" with
         respect to Common Shares means:

                  (a) if the Common Shares are traded on a national exchange,
                  the mean between the high and low sales price per Common Share
                  on the national exchange on the date for which the
                  determination of fair market value is made or, if there are no
                  sales of Common Shares on that date, then on the next
                  preceding date on which there were any sales of Common Shares,
                  or

                  (b) if the Common Shares are not traded on a national
                  exchange, the mean between the high and low sales price per
                  Common Share in the over-the-counter market, National Market
                  System, as report by the National Quotations Bureau, Inc. and
                  NASDAQ on the date for which the determination of fair market
                  value is made or, if there are no sales of Common Shares on
                  that date, then on the next preceding date on which there were
                  any sales of Common Shares.

                  25.14 Financial Services Company. The term "Financial Services
         Company" means a bank, bank holding company, savings and loan
         association, building and loan association, savings and loan holding
         company, insurance company, investment banking, or securities company,
         or other financial services company, other than Key or any of its
         Subsidiaries.

                                       26
<PAGE>
                  25.15 Impermissible. The term "Impermissible," when used in
         the context of Meyer's continued coverage by and participation in any
         of the Retirement Plans or Savings Plans shall mean that such a
         continuation would violate the provisions of any such plan, would cause
         any such plan that is or is intended to be qualified under Section
         401(a) of the Internal Revenue Code to fail to be so qualified, would
         require shareholder approval, or would be unlawful.

                  25.16 Long Term Disability Plan. The term "Long Term
         Disability Plan" means and includes the KeyCorp Long Term Disability
         Plan as from time to time amended, restated, or otherwise modified,
         including any long term disability plan or program that, after the
         Effective Date, succeeds, replaces, or is substituted for that plan and
         includes long term disability benefits or rights provided pursuant to
         or under insurance contracts maintained by Key applicable to executive
         officers of Key.

                  25.17 LTIC Restricted Stock Grant. The term "LTIC Restricted
         Stock Grant" means the grant, if any, of restricted stock made by the
         Committee to Meyer during any particular year as part of Key's ongoing
         compensation program. For greater clarity, for purposes of this
         Agreement:

                  (a) The grant of 42,025 shares of restricted stock made by the
                  Committee to Meyer pursuant to the KeyCorp Chief Executive
                  Officer Restricted Stock Plan by resolution adopted January
                  17, 2002, which provided for vesting of one-half of the
                  restricted stock subject to the grant (the "Time Lapse
                  Restricted Shares") on December 31, 2004 (or earlier in
                  certain circumstances involving Meyer's termination following
                  a Change of Control) and for vesting of the remaining one-
                  half of the restricted stock subject to the grant (the
                  "Performance Accelerated Restricted Shares") on December 31,
                  2008 (or earlier if a stock price performance test specified
                  in the resolution is met or if a Change of Control occurs on
                  or before December 31, 2004) does constitute an LTIC
                  Restricted Stock Grant.

                  (b) By a further resolution adopted January 17, 2002, the
                  Committee also granted to Meyer an additional 21,015 shares of
                  restricted stock, also pursuant to the KeyCorp Chief Executive
                  Officer Restricted Stock Plan. This smaller grant (i) includes
                  Time Lapse Restricted Shares that vest on December 31, 2003
                  (or earlier), rather than on December 31, 2004 (or earlier),
                  (ii) is not, for purposes of this Agreement, considered to be
                  an LTIC Restricted Stock Grant, and (iii) is to be ignored
                  when calculating Meyer's Average Long Term Incentive
                  Compensation.

                  (c) The 42,025 share LTIC Restricted Stock Grant made to Meyer
                  in 2002 is referred to in this Agreement as the "2002 LTIC
                  Restricted Stock Grant." The terms "2003 LTIC Restricted Stock
                  Grant," "2004 LTIC Restricted Stock Grant," etc. similarly
                  refer to LTIC Restricted Stock Grants, if any, made to Meyer
                  by resolution adopted by the Committee in the specified year.

                                       27
<PAGE>
                  25.18 Majority Action. The term "Majority Action," when used
         in reference to the Board of Directors, means an action taken by the
         affirmative vote of a majority of the entire number of members of the
         Board of Directors.

                  25.19 Relevant Year. The term "Relevant Year" means the year
         in which the Termination Date occurs unless, during the two year period
         ending on the Termination Date, there has occurred one or more Changes
         of Control, in which case the term "Relevant Year" means the year in
         which occurred the first Change of Control that occurred during that
         two year period.

               25.20 Retiree Medical Benefits Plan. The term "Retiree Medical
        Benefits Plan" means and includes the KeyCorp Medical Benefits Plan For
        Retirees as from time to time amended, restated, or otherwise modified,
        including any plan that, after the Effective Date, succeeds, replaces,
        or is substituted for that plan.

                  25.21 Retirement Plans. The term "Retirement Plans" means and
         includes the KeyCorp Cash Balance Pension Plan, which succeeded by
         merger the Retirement Plan for Employees of Society Corporation and
         Subsidiaries, and the Supplemental Retirement Plan, in all cases, as
         from time to time amended, restated, or otherwise modified, including
         any plan that, after the Effective Date, succeeds, replaces, or is
         substituted for any such plan, and all retirement plans of any nature
         maintained by Key or any of its Subsidiaries in which Meyer was
         participating prior to the Termination Date. Reference to a "Retirement
         Plan," in the singular, means any of the Retirement Plans.

                  25.22 Savings Plan. The term "Savings Plans" means and
         includes the KeyCorp 401(k) Savings Plan and the KeyCorp Excess 401(k)
         Savings Plan, in both cases, as from time to time amended, restated, or
         otherwise modified, including any plan that, after the Effective Date,
         succeeds, replaces, or is substituted for either such plan, and all
         salary reduction, savings, profit-sharing, or stock bonus plans
         (including, without limitation, all plans involving employer matching
         contributions, whether or not constituting a qualified cash or deferred
         arrangement under Section 401(k) of the Internal Revenue Code),
         maintained by Key or any of its Subsidiaries in which Meyer was
         participating prior to the Termination Date. Reference to a "Savings
         Plan," in the singular, shall mean any of the Savings Plans.

                  25.23 Subsidiary. The term "Subsidiary," as of any time, means
         any corporation, bank, partnership, or other entity a majority of the
         voting control of which is directly or indirectly owned or controlled
         at that time by Key or, after a Change of Control, by the Surviving
         Entity.

                  25.24 Surviving Entity. The term "Surviving Entity" means the
         entity surviving or resulting from any Change of Control involving Key
         or (if Key becomes a subsidiary in the transaction) the ultimate parent
         of Key.

                  25.25 Supplemental Retirement Plan. The term "Supplemental
         Retirement Plan" means the KeyCorp Supplemental Retirement Plan, which
         succeeded by merger the Amended and Restated Society Corporation
         Supplemental Retirement Plan, in all cases,

                                       28
<PAGE>
         as from time to time amended, restated, or otherwise modified,
         including any plan that, after the Effective Date, succeeds, replaces,
         or is substituted for the KeyCorp Supplemental Retirement Plan.

                  25.26 Termination Date. The term "Termination Date" means the
         date on which Meyer's employment with Key and its Subsidiaries
         terminates.

               25.27 Voluntary Resignation. The term "Voluntary Resignation"
       means a termination by Meyer of his employment with Key and its
       Subsidiaries before the expiration of the term of his employment pursuant
       to Section 6.1 by voluntarily resigning at his own instance without
       having been requested to so resign by Key, provided, however:

                  (a) A resignation by Meyer will not be deemed to be a
                  Voluntary Resignation if it occurs at a time when Meyer is
                  entitled to terminate his employment on grounds of
                  Constructive Termination;

                  (b) Meyer will not be considered to have Voluntarily Resigned
                  if he retires at any time on or after February 1, 2011; and

                  (c) Meyer will not be considered to have Voluntarily Resigned
                  if he retires at any time before February 1, 2011 with the
                  approval of the Board of Directors or the Committee.

                  25.28 Voluntary Retirement. The term "Voluntary Retirement"
         means a termination by Meyer of his employment with Key and its
         Subsidiaries by voluntarily retiring at his own instance without having
         been requested to so retire by Key, except that any retirement by Meyer
         will not be deemed to be a Voluntary Retirement if it occurs at a time
         when Meyer is entitled to terminate his employment on grounds of
         Constructive Termination.

         IN WITNESS WHEREOF, Key and Meyer have executed this Agreement, Key by
its duly authorized Vice Chairman of the Board, as of the date first written
above.

                                              KEYCORP

                                              By: _____________________________
                                                   Thomas C. Stevens
                                                   Vice Chairman of the Board

                                                   _____________________________
                                                   HENRY L. MEYER III

                                       29

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