Document:

EX-10.1

 

Exhibit 10.1

KEYCORP

EXECUTIVE OFFICER GRANTS WITH RESTRICTED STOCK UNITS

(Award of Time-Lapsed Restricted Stock Units, Cash Performance Shares

and Above-Target Performance Shares)

«Name»

By action of the Compensation and Organization Committee (the “Committee”) of the Board of
Directors of KeyCorp, taken pursuant to the KeyCorp 2004 Equity Compensation Plan (the “Plan”), and
subject to the terms and conditions of the Plan, you have been awarded                       Restricted Stock
Units subject to vesting upon the passing of time (the “RSUs”),                      Performance Shares
payable in cash, subject to vesting upon the achievement of specified performance criteria (the
“Cash Performance Shares”), and                      Performance Shares payable in cash subject to vesting
upon the achievement of specified additional performance criteria (the “Above-Target Performance
Shares”) (the “Cash Performance Shares” and “Above-Target Performance Shares are sometimes referred
to collectively as the “Performance Shares”) as described below. Unless otherwise indicated, the
capitalized terms used herein and in the attached Acceptance of Grant Agreement (the “Agreement”)
shall have the same meaning as set forth in the Plan.

	1.	 	Date of Grant. The effective date of grant for the award of the RSUs and Performance
Shares shall be February 21, 2008 (the “date of grant”).

	2.	 	Vesting of RSUs. The RSUs shall become vested and nonforfeitable on the earlier of
the following:

	 	(a)	 	February 21, 2011; or
	 
	 	(b)	 	the date not more than two years on or after a Change of Control upon which
your employment terminates under circumstances entitling you to receive severance
benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or under
any employment or change of control or similar arrangement or agreement.

	 	 	provided, however, that you have been in the continuous employ of KeyCorp or a Subsidiary
through such date.

	3.	 	Vesting of Cash Performance Shares and Above-Target Performance Shares.

	 	(a)	 	In General. Your right to receive the Cash Performance Shares and Above-Target
Performance Shares shall be determined on the basis of KeyCorp’s Earnings per Share,
Economic Profit Added and Return on Equity (as such terms are defined in Appendix
C) during the period of January 1, 2008 through December 31, 2010 (the “Performance
Period”). You are able to earn up to 100% of the Cash Performance Shares if the
applicable targeted level of performance is

 

 

	 	 	 	met or exceeded and up to 100% of the Above-Target Performance Shares if the
applicable maximum level of performance is met or exceeded.

	 	(b)	 	Vesting of Performance Shares. The Cash Performance Shares and Above-Target
Performance Shares granted hereunder shall be vested on February 21, 2011, but only if
(A) you have been in the continuous employ of KeyCorp or a Subsidiary through such date
and (B) the Committee shall determine that the Cash Performance Shares and Above-Target
Performance Shares have been earned as set forth on Appendix C.
	 
	 	(c)	 	Determination by the Committee. The amount of the Cash Performance Shares and
Above-Target Performance Shares that will vest and the level of attainment of the
applicable performance goals set forth on Appendix C shall be determined by the
Committee as soon as practicable after the receipt of the audited financial statements
for KeyCorp relating to the last year of the Performance Period, but in no event later
than two and one-half months after the close of the last year of the Performance
Period.

	4.	 	Transfers Void. Any purported transfer or encumbrance of the RSUs, Cash Performance
Shares, or Above-Target Performance Shares prior to the time that they have vested as set
forth in paragraph 2 and paragraph 3 shall be void, and the other party to any such purported
transaction shall not obtain any rights to or interest in any Common Shares underlying any of
such awards.

	5.	 	Payment of RSUs and Performance Shares. Payment of any RSUs shall be made in the
form of Common Shares and shall be made when the RSUs become vested and nonforfeitable.
Payment of any earned Performance Shares shall be made in the form of cash. Payment shall
occur as soon as practicable after the receipt of the audited financial statements for KeyCorp
relating to the last year of the Performance Period, but in no event later than two and
one-half months after the close of the last year of the Performance Period. Each RSU, Cash
Performance Share, and Above-Target Performance Share shall have a value equal to the Fair
Market Value of one Common Share on the date of vesting of the RSU, Cash Performance Share,
and /or Above-Target Performance Share. Fair Market Value of a Common Share shall be the
price per share at which Common Shares were last sold on the New York Stock Exchange on such
date.

	6.	 	Death; Disability; Retirement at or after Age 55.

	 	(a)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the shares of the RSUs shall become vested
and nonforfeitable upon death or Disability or retirement at or after age 55 but the remainder shall immediately be forfeited upon your death, Disability or retirement at
or after age 55, as the case may be.
	 
	 	(b)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the Performance Shares actually earned as

2

 

	 	 	 	provided on Appendix C shall be retained by you or your estate and shall
entitle you to the payment described in paragraph 3 following the determination of the
attainment of the performance goals upon conclusion of the Performance Period, but the
remainder shall immediately be forfeited following the determination of the attainment
of the performance goals upon conclusion of the Performance Period.

	7.	 	Pro-Ration. For purposes of this Agreement the pro rata number of shares of RSUs and
Performance Shares granted to you shall be based on a fraction the numerator of which is the
number of months beginning in February 2008 that are completed prior to your change of status
and the denominator of which is 36.

	8.	 	Forfeiture. The RSUs and Performance Shares shall be immediately forfeited if your
employment with KeyCorp or a Subsidiary terminates prior to vesting as set forth in paragraph
2 and paragraph 3 unless your employment terminates because of death, Disability or retirement
at or after age 55 (in which case the specific provisions of paragraph 6 shall apply);
provided, however, that the Committee may in its sole discretion determine that a pro rata
number of the RSUs and Performance Shares shall be retained by you and (i) in the case of the
RSUs shall vest and become freely transferable upon your termination of employment and (ii) in
the case of the Performance Shares entitle you to payment following the determination of the
attainment of the performance goals upon conclusion of the Performance Period, but that the
remainder of the RSUs and Performance Shares shall immediately be forfeited.

	9.	 	KeyCorp Stock Ownership Guidelines. If you have not met KeyCorp’s Stock Ownership
Guidelines when vesting occurs, you may not sell or otherwise transfer the Common Shares
awarded to you in payment of the RSUs until and unless you meet the Stock Ownership Guidelines
or terminate your employment with KeyCorp or a Subsidiary; provided, however, that
notwithstanding the foregoing you shall be permitted to sell the number of shares necessary to
satisfy any withholding tax obligation that may arise in connection with the vesting of the
RSUs and Performance Shares even if you have not met the Stock Ownership Guidelines.

	10.	 	Harmful Activity. Notwithstanding any other provisions of this Agreement, if you
engage in any “harmful activity” (as defined in Section 17 of the Plan) prior to or within six
months after your termination of employment with KeyCorp or a Subsidiary, then any and all
RSUs which have vested on or after one year prior to termination of employment shall be
immediately forfeited to KeyCorp and any profits realized upon your sale of any Common Shares
awarded in payment of RSUs and any cash paid upon the vesting of the Performance Shares shall
inure to and be payable to KeyCorp upon demand.

	11.	 	No Acceleration. The provisions of Section 12 of the Plan entitled “Acceleration
upon Change of Control” shall not apply to the RSUs and Performance Shares awarded pursuant to
this Agreement; provided, however, that in the event of a Change of Control, the performance
goals relating to the Cash Performance Shares (but not the Above-Target Performance Shares)
shall be deemed to be satisfied at 100% of target and such Cash Performance Shares shall vest
on the same basis as the RSUs, which is on the earlier of:

3

 

	 	 	(a) February 21, 2011; or (b) the date not more than two years on or after a Change of
Control upon which your employment terminates under circumstances entitling you to receive
severance benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or
under any employment or change of control or similar arrangement or agreement, but only if
you have been in the continuous employ of KeyCorp or a Subsidiary through such date.

	12.	 	Rights to Dividend Equivalents. From and after the date of grant, you shall be
entitled to dividend equivalents in cash on the RSUs and Cash Performance Shares granted
hereby when and if a dividend is declared by KeyCorp’s Board of Directors.

	13.	 	Compliance with Section 409A of the Internal Revenue Code. To the extent applicable,
it is intended that this award and the Plan comply with the provisions of Section 409A of the
Internal Revenue Code. This award and the Plan shall be administrated in a manner consistent
with this intent, and any provision that would cause the award or the Plan to fail to satisfy
Section 409A shall have no force and effect until amended to comply with Section 409A (which
amendment may be retroactive to the extent permitted by Section 409A and may be made by
KeyCorp without your consent). In particular, to the extent your right to receive payment of
Cash Performance Shares becomes nonforfeitable under the terms of paragraph 11 above and the
event triggering your right to payment is your termination of employment, then notwithstanding
anything to the contrary in paragraph 11 above, payment will be made to you, to the extent
necessary to comply with Section 409A, on the earlier of (a) your “separation from service”
with KeyCorp (determined in accordance with section 409A); provided, however, that in case you
are a “specified employee” (within the meaning of Section 409A), your date of payment shall be
6 months after the date of your separation from service with KeyCorp or (b) your death.

	14.	 	Tax Withholding. You shall be permitted to satisfy, in whole or in part, any
withholding tax obligation that may arise in connection with the vesting of any award of any
RSUs or Performance Shares hereunder by delivering to KeyCorp in Common Shares, Cash
Performance Shares, or Above-Target Performance Shares an amount equal to such withholding tax
obligation.

	15.	 	Condition. The award of RSUs and Performance Shares granted hereby is conditioned
upon your execution and delivery to KeyCorp of the Agreement set forth hereinafter.

	16.	 	Amendment and Modification. The terms and conditions of this award may not be
modified, amended or waived except by an instrument in writing signed by a duly authorized
executive officer of KeyCorp.

	 	 	 	 	 
	 	 	 
	________________, 2008 	
 	 
	 	Thomas E. Helfrich 	 
	 	Executive Vice President 	 

4

 

	 	 	 	 	 

ACCEPTANCE OF GRANT AGREEMENT

     I acknowledge receipt of the above award of RSUs, Cash Performance Shares and Above-Target
Performance Shares and in consideration thereof I accept such awards subject to the terms and
conditions of the Plan (including, without limitation, the harmful activity provisions thereof) and
the restrictions upon me as set forth hereinafter in this Agreement.

     My agreement to the following restrictions is (i) in addition to (and not in limitation of)
any other agreements, plans, policies, or practices that are applicable to me as a KeyCorp or
Subsidiary (collectively “Key”) employee, (ii) independent of any Plan provisions, and (iii)
binding upon me regardless of whether I sell, transfer, otherwise dispose of, pledge, or otherwise
hypothecate the Common Shares acquired under the RSUs awarded to me.

	1.	 	I recognize the importance of preserving the confidentiality of Non-Public Information of
Key. Therefore, I acknowledge and agree that: (a) during my employment with Key, I will
acquire, reproduce, and use such Non-Public Information only to the extent reasonably
necessary for the proper performance of my duties; (b) during and after my employment with
Key, I will not use, publish, sell, trade or otherwise disclose such Non-Public Information;
and (c) upon termination of my employment with Key, I will immediately return to Key all
documents, data, and things in my possession or to which I have access that involve such
Non-Public Information. I agree to sign nondisclosure agreements in favor of Key and others
doing business with Key with whom Key has a confidential relationship.

	2.	 	I acknowledge and agree that the duties of my position at Key may include the development of
Intellectual Property. Accordingly, any Intellectual Property which I create with any of
Key’s resources or assistance, in whole or in part, during my employment with Key, and which
pertains to the business of Key, is the property of Key; and I hereby agree to and do assign
to Key all right, title, and interest in and to such Intellectual Property, including, without
limitation, copyrights, trademarks, service marks, and patents in or to (or associated with)
such Intellectual Property and agree to sign patent applications and assignments thereof,
without additional compensation.

	3.	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from the
date hereof through a period of one (1) year after the termination of my employment with Key
for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, hire or solicit or entice for employment any Key employee without the
written consent of Key, which consent it may grant or withhold in its discretion.

	4.	 	(a)
	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from
the date hereof through a period of one (1) year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, call upon, solicit, or do business with (other than for a business which
does not compete with any business or business activity conducted by Key) any Key customer or
potential customer I

 

 

	 	 	 	 	 
	 

	 	 	 	interacted with, became acquainted with, or learned of through access to information
while I performed services for Key during my employment with Key, without the
written consent of Key, which consent it may grant or withhold in its discretion.
	 
	 	 	 	 
	 

	 	(b)
	 	In the event that my employment is terminated with Key as a result of a
Termination Under Limited Circumstances as defined below, the restrictions in paragraph
4(a) of this Agreement shall become inapplicable to me; however, the restrictions in
paragraphs 1, 2, and 3 of this Agreement shall remain in full force and effect
nevertheless. I understand that a “Termination Under Limited Circumstances” shall
mean the termination of my employment with Key (i) under circumstances in which I am
entitled to receive severance benefits or salary continuation benefits under the terms
and conditions of the KeyCorp Separation Plan in effect at the time of such
termination, or (ii) under circumstances in which I am entitled to receive severance
benefits, salary continuation benefits, or similar benefits under the terms and
conditions of an agreement with Key, including, without limitation, a change of control
agreement or employment or letter agreement, or (iii) as otherwise expressly approved
by the Compensation Committee of KeyCorp in its sole discretion.

	5.	 	In the event a court of competent jurisdiction determines that any of the restrictions
contained in the above numbered paragraphs of this Agreement are excessive because of duration
or scope or are otherwise unenforceable, the provisions hereof shall not be void but, with
respect to such limitations held to be excessive, they shall be modified to incorporate the
maximum limitations such court will permit, not exceeding the limitations contained in the
acceptance of grant. In the event I engage in any activity in violation hereof, I acknowledge
that such activity may cause serious damage and irreparable injury to Key, which will permit
Key to terminate my employment (if applicable) and seek monetary damages, and Key shall also
be entitled to injunctive, equitable, and other relief. I acknowledge and agree that the
validity, interpretation, and performance of this Agreement shall be construed under the
internal substantive laws of Ohio.

BY SIGNING THIS ACCEPTANCE OF GRANT AGREEMENT, I ACKNOWLEDGE THAT I HAVE HAD AMPLE OPPORTUNITY TO
READ THIS AGREEMENT AND THE PLAN, MAKE A DILIGENT INQUIRY, ASK QUESTIONS, AND CONSULT WITH MY
ATTORNEY IF I CHOSE TO DO SO.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	«Name»- Sign Your Name 	 
	 	 	 
	 	
 	 
	 	DateEX-10.2

 

Exhibit 10.2

KEYCORP

EXECUTIVE OFFICER GRANTS

(Award of Time-Lapsed Restricted Stock, Cash Performance Shares

and Above-Target Performance Shares)

«Name»

By action of the Compensation and Organization Committee (the “Committee”) of the Board of
Directors of KeyCorp, taken pursuant to the KeyCorp 2004 Equity Compensation Plan (the “Plan”), and
subject to the terms and conditions of the Plan, you have been awarded «Stock» shares of Restricted
Stock subject to vesting upon the passing of time (the “Time-Lapsed Restricted Stock” or
“Restricted Stock”),                      Performance Shares payable in cash, subject to vesting upon the
achievement of specified performance criteria (the “Cash Performance Shares”), and                     
Performance Shares payable in cash subject to vesting upon the achievement of specified additional
performance criteria (the “Above-Target Performance Shares”) (the “Cash Performance Shares” and
“Above-Target Performance Shares” are sometimes referred to collectively as the “Performance
Shares”) as described below. Unless otherwise indicated, the capitalized terms used herein and in
the attached Acceptance of Grant Agreement (the “Agreement”) shall have the same meaning as set
forth in the Plan.

	1.	 	Date of Grant. The effective date of grant for the award of the Restricted Stock and
Performance Shares shall be February 21, 2008 (the “date of grant”).
	 
	2.	 	Vesting of Time-Lapsed Restricted Stock. The Common Shares subject to this grant of
Time-Lapsed Restricted Stock may not be sold, transferred, otherwise disposed of, pledged or
otherwise hypothecated until the earlier of the following:

	 	(a)	 	February 21, 2011; or
	 
	 	(b)	 	the date not more than two years on or after a Change of Control upon which
your employment terminates under circumstances entitling you to receive severance
benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or under
any employment or change of control or similar arrangement or agreement.

	 	 	provided, however, that you have been in the continuous employ of KeyCorp or a Subsidiary
through such date.
	 
	3.	 	Vesting of Cash Performance Shares and Above-Target Performance Shares.

	 	(a)	 	In General. Your right to receive the Cash Performance Shares and Above-Target
Performance Shares shall be determined on the basis of KeyCorp’s Earnings per Share,
Economic Profit Added and Return on Equity (as such terms are defined in Appendix
C) during the period of January 1, 2008 through December 31, 2010 (the “Performance
Period”). You are able to earn up to 100%

 

 

	 		 	of the Cash Performance Shares if the applicable targeted level of performance is
met or exceeded and up to 100% of the Above-Target Performance Shares if the
applicable maximum level of performance is met or exceeded.
	 
	 	(b)	 	Vesting of Performance Shares. The Cash Performance Shares and Above-Target
Performance Shares granted hereunder shall be vested on February 21, 2011, but only if
(A) you have been in the continuous employ of KeyCorp or a Subsidiary through such date
and (B) the Committee shall determine that the Cash Performance Shares and Above-Target
Performance Shares have been earned as set forth on Appendix C.
	 
	 	(c)	 	Determination by the Committee. The amount of the Cash Performance Shares and
Above-Target Performance Shares that will vest and the level of attainment of the
applicable performance goals set forth on Appendix C shall be determined by the
Committee as soon as practicable after the receipt of the audited financial statements
for KeyCorp relating to the last year of the Performance Period, but in no event later
than two and one-half months after the close of the last year of the Performance
Period.

	4.	 	Transfers Void. Any purported transfer or encumbrance of the Time-Lapsed Restricted
Stock, Cash Performance Shares, or Above-Target Performance Shares prior to the time that they
have vested as set forth in paragraph 2 and paragraph 3 shall be void, and the other party to
any such purported transaction shall not obtain any rights to or interest in any Common Shares
underlying any of such awards.

	5.	 	Payment of Performance Shares. Payment of any earned Performance Shares shall be
made in the form of cash. Payment shall occur as soon as practicable after the receipt of the
audited financial statements for KeyCorp relating to the last year of the Performance Period,
but in no event later than two and one-half months after the close of the last year of the
Performance Period. Each Cash Performance Share and Above-Target Performance Share shall have
a value equal to the Fair Market Value of one Common Share on the date of vesting of the Cash
Performance Share and /or Above-Target Performance Share. Fair Market Value of a Common Share
shall be the price per share at which Common Shares were last sold on the New York Stock
Exchange on such date.
	 
	6.	 	Death; Disability; Retirement at or after Age 55.

	 	(a)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the shares of Time-Lapsed Restricted Stock
shall be retained by you or your estate and become freely transferable upon death or
Disability or retirement at or after age 55 but the remainder shall immediately be
forfeited upon your death, Disability or retirement at or after age 55, as the case may
be.
	 
	 	(b)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the Performance Shares actually earned as

2

 

	 	 	 	provided on Appendix C shall be retained by you or your estate and shall
entitle you to the payment described in paragraph 3 following the determination of the
attainment of the performance goals upon conclusion of the Performance Period, but the
remainder shall immediately be forfeited following the determination of the attainment
of the performance goals upon conclusion of the Performance Period.

	7.	 	Pro-Ration. For purposes of this Agreement the pro rata number of shares of
Restricted Stock and Performance Shares granted to you shall be based on a fraction the
numerator of which is the number of months beginning in February 2008 that are completed prior
to your change of status and the denominator of which is 36.
	 
	8.	 	Forfeiture. The Restricted Stock and Performance Shares shall be immediately
forfeited if your employment with KeyCorp or a Subsidiary terminates prior to vesting as set
forth in paragraph 2 and paragraph 3 unless your employment terminates because of death,
Disability or retirement at or after age 55 (in which case the specific provisions of
paragraph 6 shall apply); provided, however, that the Committee may in its sole discretion
determine that a pro rata number of the shares of Restricted Stock and Performance Shares
shall be retained by you and (i) in the case of the Restricted Stock become freely
transferable upon your termination of employment and (ii) in the case of the Performance
Shares entitle you to payment following the determination of the attainment of the performance
goals upon conclusion of the Performance Period, but that the remainder of the shares of
Restricted Stock and Performance Shares shall immediately be forfeited.
	 
	9.	 	KeyCorp Stock Ownership Guidelines. If you have not met KeyCorp’s Stock Ownership
Guidelines when vesting occurs, you may not sell or otherwise transfer the Restricted Stock
until and unless you meet the Stock Ownership Guidelines or terminate your employment with
KeyCorp or a Subsidiary; provided, however, that notwithstanding the foregoing you shall be
permitted to sell the number of shares necessary to satisfy any withholding tax obligation
that may arise in connection with the vesting of the Restricted Stock and Performance Shares
even if you have not met the Stock Ownership Guidelines.
	 
	10.	 	Harmful Activity. Notwithstanding any other provisions of this Agreement, if you
engage in any “harmful activity” (as defined in Section 17 of the Plan) prior to or within six
months after your termination of employment with KeyCorp or a Subsidiary, then any and all
shares of Restricted Stock which have vested on or after one year prior to termination of
employment shall be immediately forfeited to KeyCorp and any profits realized upon your sale
of any such shares of Restricted Stock and any cash paid upon the vesting of the Performance
Shares shall inure to and be payable to KeyCorp upon demand.
	 
	11.	 	No Acceleration. The provisions of Section 12 of the Plan entitled “Acceleration
upon Change of Control” shall not apply to the Restricted Stock and Performance Shares awarded
pursuant to this Agreement; provided, however, that in the event of a Change of Control, the
performance goals relating to the Cash Performance Shares (but not the Above-Target
Performance Shares) shall be deemed to be satisfied at 100% of target and

3

 

	 	 	such Cash Performance Shares shall vest on the same basis as the Time-Lapsed Restricted
Stock, which is on the earlier of: (a) February 21, 2011; or (b) the date not more than two
years on or after a Change of Control upon which your employment terminates under
circumstances entitling you to receive severance benefits or salary continuation benefits
under KeyCorp’s Separation Pay Plan or under any employment or change of control or similar
arrangement or agreement, but only if you have been in the continuous employ of KeyCorp or a
Subsidiary through such date.
	 
	12.	 	Rights as a Shareholder and to Dividend Equivalents. From and after the date of
grant, you shall have all of the rights of a shareholder with respect to the shares of
Restricted Stock granted hereby, including the right to vote the shares of Restricted Stock
and receive any dividends that may be paid thereon; provided however that any additional
Common Shares or other securities that you may become entitled to receive pursuant to a stock
dividend, stock split, combination of shares, recapitalization, merger, consolidation,
separation or reorganization or any other change in the capital structure of KeyCorp shall be
subject to the same restrictions as the shares of Restricted Stock covered by this award of
Restricted Stock. From and after the date of grant, you shall be entitled to dividend
equivalents in cash on the Cash Performance Shares granted hereby when and if a dividend is
declared by KeyCorp’s Board of Directors.
	 
	13.	 	Compliance with Section 409A of the Internal Revenue Code. To the extent applicable,
it is intended that this award and the Plan comply with the provisions of Section 409A of the
Internal Revenue Code. This award and the Plan shall be administrated in a manner consistent
with this intent, and any provision that would cause the award or the Plan to fail to satisfy
Section 409A shall have no force and effect until amended to comply with Section 409A (which
amendment may be retroactive to the extent permitted by Section 409A and may be made by
KeyCorp without your consent). In particular, to the extent your right to receive payment of
Cash Performance Shares becomes nonforfeitable under the terms of paragraph 11 above and the
event triggering your right to payment is your termination of employment, then notwithstanding
anything to the contrary in paragraph 11 above, payment will be made to you, to the extent
necessary to comply with Section 409A, on the earlier of (a) your “separation from service”
with KeyCorp (determined in accordance with section 409A); provided, however, that in case you
are a “specified employee” (within the meaning of Section 409A), your date of payment shall be
6 months after the date of your separation from service with KeyCorp or (b) your death.
	 
	14.	 	Tax Withholding. You shall be permitted to satisfy, in whole or in part, any
withholding tax obligation that may arise in connection with the vesting of any award of stock
or shares hereunder by delivering to KeyCorp in Common Shares, Cash Performance Shares, or
Above-Target Performance Shares an amount equal to such withholding tax obligation.
	 
	15.	 	Condition. The award of Restricted Stock and Performance Shares granted hereby is
conditioned upon your execution and delivery to KeyCorp of the Agreement set forth
hereinafter.

4

 

	16.	 	Amendment and Modification. The terms and conditions of this award may not be
modified, amended or waived except by an instrument in writing signed by a duly authorized
executive officer of KeyCorp.

	 	 	 	 	 
	 	 	 
	                            
              , 2008 	
 	 
	 	Thomas E. Helfrich 	 
	 	Executive Vice President 	 
	 

5

 

ACCEPTANCE OF GRANT AGREEMENT

     I acknowledge receipt of the above award of Time-Lapsed Restricted Stock, Cash Performance
Shares and Above-Target Performance Shares and in consideration thereof I accept such awards
subject to the terms and conditions of the Plan (including, without limitation, the harmful
activity provisions thereof) and the restrictions upon me as set forth hereinafter in this
Agreement.

     My agreement to the following restrictions is (i) in addition to (and not in limitation of)
any other agreements, plans, policies, or practices that are applicable to me as a KeyCorp or
Subsidiary (collectively “Key”) employee, (ii) independent of any Plan provisions, and (iii)
binding upon me regardless of whether I sell, transfer, otherwise dispose of, pledge, or otherwise
hypothecate the Common Shares acquired under the Restricted Stock awarded to me.

	1.	 	I recognize the importance of preserving the confidentiality of Non-Public Information of
Key. Therefore, I acknowledge and agree that: (a) during my employment with Key, I will
acquire, reproduce, and use such Non-Public Information only to the extent reasonably
necessary for the proper performance of my duties; (b) during and after my employment with
Key, I will not use, publish, sell, trade or otherwise disclose such Non-Public Information;
and (c) upon termination of my employment with Key, I will immediately return to Key all
documents, data, and things in my possession or to which I have access that involve such
Non-Public Information. I agree to sign nondisclosure agreements in favor of Key and others
doing business with Key with whom Key has a confidential relationship.
	 
	2.	 	I acknowledge and agree that the duties of my position at Key may include the development of
Intellectual Property. Accordingly, any Intellectual Property which I create with any of
Key’s resources or assistance, in whole or in part, during my employment with Key, and which
pertains to the business of Key, is the property of Key; and I hereby agree to and do assign
to Key all right, title, and interest in and to such Intellectual Property, including, without
limitation, copyrights, trademarks, service marks, and patents in or to (or associated with)
such Intellectual Property and agree to sign patent applications and assignments thereof,
without additional compensation.
	 
	3.	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from the
date hereof through a period of one (1) year after the termination of my employment with Key
for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, hire or solicit or entice for employment any Key employee without the
written consent of Key, which consent it may grant or withhold in its discretion.

	4.	(a)	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from
the date hereof through a period of one (1) year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, call upon, solicit, or do business with (other than for a business which
does not compete with any business or

 

	 	 	 	business activity conducted by Key) any Key customer or potential customer I
interacted with, became acquainted with, or learned of through access to information
while I performed services for Key during my employment with Key, without the
written consent of Key, which consent it may grant or withhold in its discretion.
	 
	 	(b)	 	In the event that my employment is terminated with Key as a result of a
Termination Under Limited Circumstances as defined below, the restrictions in paragraph
4(a) of this Agreement shall become inapplicable to me; however, the restrictions in
paragraphs 1, 2, and 3 of this Agreement shall remain in full force and effect
nevertheless. I understand that a “Termination Under Limited Circumstances” shall
mean the termination of my employment with Key (i) under circumstances in which I am
entitled to receive severance benefits or salary continuation benefits under the terms
and conditions of the KeyCorp Separation Plan in effect at the time of such
termination, or (ii) under circumstances in which I am entitled to receive severance
benefits, salary continuation benefits, or similar benefits under the terms and
conditions of an agreement with Key, including, without limitation, a change of control
agreement or employment or letter agreement, or (iii) as otherwise expressly approved
by the Compensation Committee of KeyCorp in its sole discretion.

	5.	 	In the event a court of competent jurisdiction determines that any of the restrictions
contained in the above numbered paragraphs of this Agreement are excessive because of duration
or scope or are otherwise unenforceable, the provisions hereof shall not be void but, with
respect to such limitations held to be excessive, they shall be modified to incorporate the
maximum limitations such court will permit, not exceeding the limitations contained in the
acceptance of grant. In the event I engage in any activity in violation hereof, I acknowledge
that such activity may cause serious damage and irreparable injury to Key, which will permit
Key to terminate my employment (if applicable) and seek monetary damages, and Key shall also
be entitled to injunctive, equitable, and other relief. I acknowledge and agree that the
validity, interpretation, and performance of this Agreement shall be construed under the
internal substantive laws of Ohio.

BY SIGNING THIS ACCEPTANCE OF GRANT AGREEMENT, I ACKNOWLEDGE THAT I HAVE HAD AMPLE OPPORTUNITY TO
READ THIS AGREEMENT AND THE PLAN, MAKE A DILIGENT INQUIRY, ASK QUESTIONS, AND CONSULT WITH MY
ATTORNEY IF I CHOSE TO DO SO.

 
«Name»- Sign Your Name

 
Date

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