Document:

exv10w3

Exhibit 10.3

AGREEMENT

     THIS AGREEMENT (“Agreement”) is made as of the 1st day of September, 2009, between KEYCORP, an
Ohio corporation (“Key”), and XXXXXX (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 (regarding withholding), and 5.2 (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) Base Salary through Termination Date. Key shall pay to Executive, 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 Executive with respect to any period ending on or
before the Termination Date.

(b) Lump Sum Payment. Key shall pay to the Executive, at the time specified in
Section 1.5, a lump sum severance benefit equal to two 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 Short Term
Incentive Compensation; and

(c) Additional Retirement Benefits. Effective as of the Termination Date, the
Executive’s interest in all Relevant Plans shall become fully vested and
nonforfeitable. In addition, Key shall provide to the Executive, at the time
specified in Section 1.5, an additional retirement benefit which shall equal the
benefits that Executive otherwise would have been entitled to receive under the
Retirement Plan, the Supplemental Retirement Plan and the Savings Plan had Executive
remained an active full time employee of Key during the period beginning on the
Termination Date and ending on the second anniversary of the Termination Date (the
“24-month Continuing Benefit Period”). In calculating Executive’s additional
retirement benefit under the respective Plans (i) the entire 24-month Continuing
Benefit Period shall be included for purposes of determining Executive’s years of
service for both vesting and benefit accrual

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purposes, (ii) the amount to be provided to Executive under clause 1.1(b)(i) will be
deemed to be Executive’s base salary paid ratably during the 24-month Continuing
Benefit Period, (iii) the amount to be provided to Executive under clause 1.1(b)(ii)
will be deemed to be Executive’s incentive compensation paid ratably during the
24-month Continuing Benefit Period, and (iv) the rate of employer matching
contributions allocated under the Savings Plan shall reflect Executive’s rate of
employer matching contributions under such Plans immediately prior to the
Termination Date. The payment of Executive’s additional retirement benefit, as if
accrued under the Retirement Plan and the Supplemental Retirement Plan, shall be
paid to Executive as an annuity payment in a form elected by Executive under the
annuity benefit payment options otherwise provided under the Retirement Plan and
Supplemental Retirement Plan, and the additional retirement benefit payment as if
accrued under the Savings Plan shall be paid to Executive in a single lump sum cash
payment.

(d) Deferred Savings Plan Benefit. Key shall pay to the Executive, at the time
specified in Section 1.5, a lump sum cash payment, which shall equal the amount of
corporate contributions that Executive otherwise would be eligible to receive under
the KeyCorp Deferred Savings Plan if Executive actively deferred 6% or more of his
base salary and 6% or more of his incentive compensation award to the KeyCorp
Deferred Savings Plan during the 24-month Continuing Benefit Period. For purposes
of this Section 1.1(d), the amounts provided to Executive under clause 1.1(b)(i)
will be deemed to be Executive’s base salary paid ratably during the 24-month
Continuing Benefit Period, and the amount to be provided to Executive under clause
1.1(b)(ii) will be deemed to be Executive’s incentive compensation paid ratably
during the 24-month Continuing Benefit Period.

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) Base Salary through Termination Date. Key shall pay the Executive, 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 Executive with respect to any period ending on or
before the Termination Date.

(b) Lump Sum Payment. Key shall pay to the Executive, at the time specified in
Section 1.5, 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 Short
Term Incentive Compensation, and

(c) Additional Retirement Benefits. Effective as of the Termination Date, the
Executive’s interest in all Relevant Plans shall become fully vested and
nonforfeitable. In addition, Key shall pay to Executive, at the time specified in
Section 1.5 an additional retirement benefit that shall equal the benefits that

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Executive otherwise would have been entitled to receive under the Retirement Plan,
the Supplemental Retirement Plan and the Savings Plan had Executive remained an
active full time employee of Key during the period beginning on the Termination Date
and ending eighteen months following the Termination Date (the “18-month Continuing
Benefit Period”). In calculating Executive’s additional retirement benefit under the
respective Plans (i) the entire 18-month Continuing Benefit Period shall be included
for purposes of determining Executive’s years of service for both vesting and
benefit accrual purposes, (ii) the amount to be provided to Executive under clause
1.2(b)(i) will be deemed to be Executive’s base salary paid ratably during the
18-month Continuing Benefit Period, (iii) the amounts to be provided to Executive
under clause 1.2(b)(ii) will be deemed to be Executive’s incentive compensation paid
ratably during the 18 month Continuing Benefit Period, and (iv) the rate of employer
matching contributions allocated under the Savings Plan shall reflect Executive’s
rate of employer matching contributions under such Plans immediately prior to the
Termination Date. The payment of Executive’s additional retirement benefit, as if
accrued under the Retirement Plan and the Supplemental Retirement Plan, shall be
paid to Executive as an annuity payment in a form elected by Executive under the
annuity benefit payment options otherwise provided under the Retirement Plan and
Supplemental Retirement Plan, and the additional retirement benefit payment as if
accrued under the Savings Plan shall be paid to Executive in a single lump sum cash
payment.

(d) Deferred Savings Plan Benefit. Key shall pay to Executive, at the time
specified in Section 1.5, a lump sum cash payment, which shall equal the amount of
corporate contributions that Executive otherwise would have been eligible to receive
under the KeyCorp Deferred Savings Plan if Executive actively deferred 6% or more of
his base salary and 6% or more of his incentive compensation award to the KeyCorp
Deferred Savings Plan during the 18-month Continuing Benefit Period. For purposes
of this Section 1.2(d), the amount provided to Executive under clause 1.2(b)(i) will
be deemed to be Executive’s base salary paid ratably during the 18-month Continuing
Benefit Period, and the amounts to be provided to Executive under clause 1.2(b)(ii)
will be deemed to be Executive’s incentive compensation paid ratably during the
18-month Continuing Benefit Period.

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 Continued Medical Coverage

(a) Payment of Cost of COBRA Health Benefits. If the Executive becomes entitled to
payment of a lump sum severance benefit under the provisions of either Section 1.1
or Section 1.2 of this Agreement Key shall provide Medical Plan

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coverage (i) for the benefit of Executive and his wife and (ii) for the benefit of
each of Executive’s children through the earlier of the date on which the child
attains age 23 or has ceased for more than 120 consecutive days to be a full time
student in accordance with the requirements of Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”). On the 12th month following the
Executive’s Termination Date, and thereafter on the 18th month following the
Executive’s Termination Date, Key shall pay to Executive a lump sum cash payment
that shall equal the premium costs that the Executive paid on an after-tax basis
over the then preceding 12 or 6 month period for coverage under the KeyCorp Medical
Plan for himself and his covered dependants. As of the nineteenth month following
the Executive’s Termination Date, the Executive shall not be entitled to further
reimbursement for premium costs for coverage under the KeyCorp Medical Plan.
Executive may also elect vision and dental coverage for himself and his dependents
under the provisions of the COBRA, provided that Executive and his dependents assume
the cost for such vision and dental coverage.

(b) Payment of Retiree Medical Coverage. If the Executive becomes entitled to
payment of a lump sum severance benefit under the provisions of either Section 1.1
or Section 1.2 of this Agreement and as of the Executive’s Termination Date the
Executive is eligible to be covered by the KeyCorp Retiree Medical Plan, the
Executive may elect, in lieu of electing COBRA continuation coverage under the
provisions of Section 1.3 hereof, to participate in the KeyCorp Retiree Medical
Plan. On the 12th month following the Executive’s Termination Date, and thereafter
on the 18th month following the Executive’s Termination Date, Key shall pay to
Executive a lump sum cash payment that shall equal the premium costs that the
Executive paid on an after-tax basis over the preceding 12 or 6 month period for
coverage under the KeyCorp Retiree Medical Plan for himself and his covered
dependants, as adjusted to reflect Key’s subsidized cost-sharing arrangement, if
any, that is otherwise provided to all similarly situated employees based on their
years of service with Key. After the 18th month following the Executive’s
Termination Date, Executive shall not be entitled to further reimbursement for
premium costs for coverage under the KeyCorp Retiree Medical Plan for himself and
his covered dependents, but he shall continue to be entitled to participate in the
Retiree Medical Plan and to receive Key’s subsidized cost-sharing arrangement, if
any, that is otherwise provided to all similarly situated employees based on their
years of service with Key. The Executive may also elect dental coverage for himself
and his dependents under the provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, provided that Executive and his dependents
assume the cost for such dental coverage.

1.4 Termination of any Relevant Plan. In the event that one or more Relevant Plans are
terminated prior to the Executive’s Termination Date following a Change of Control without
the substitution or replacement of such terminated Plan, or in the event that one or more
Relevant Plans are amended to reduce the benefit formula and/or structure in effect prior to
the Executive’s Termination Date following a Change of Control, then in

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such event, for purposes of calculating the Executive’s Additional Retirement Benefits
and/or Deferred Savings Plan benefit under the provisions of either Section 1.1 or Section
1.2 hereof the Executive’s benefit shall be calculated (a) under the benefit structure and
formula in effect prior to the effective date of the Relevant Plan(s) amendment, and (b) as
if such terminated Relevant Plan(s) had not been terminated and had remained in effect
during the applicable 18 or 24 month Continuing Benefit Period.

1.5 Payment Limitation. If the Executive is a “specified employee” (as such phrase is
defined in Treas. Reg. § 1.409A-1(i) (“Specified Employee”) on the Termination Date, (a) the
Executive shall receive payment of any lump sum amounts described in Section 1.1(b), Section
1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) on the first day
of the seventh month following the Termination Date, and (b), to the extent an annuity is
payable to Executive under Section 1.1(c) or 1.2(c), or a benefit is scheduled to commence
or be paid pursuant to Section 1.3(b), the commencement date of such benefit shall be
deferred until the first day of the seventh month following the Termination Date. To the
extent an amount is deferred under this Section 1.5, until the first business day of the
seventh month following the Termination Date, the payments to which the Executive would
otherwise be entitled during the first six months following the Termination Date shall be
accumulated and paid to the Executive on the first business day of such seventh month and
such amount shall be credited with interest or earnings as provided for under the relevant
underlying plan. If there is no underlying plan or if the underlying plan does not provide
for interest or earnings on deferral amounts, then the amount deferred under this Section
1.5 shall be credited with interest at the applicable federal rate determined under Section
1274 of the Code. If the Executive is not a Specified Employee on the Termination Date, (i)
the Executive shall receive payment of the lump sum amounts described in Section 1.1(b),
Section 1.1(c), Section 1.1(d), Section 1.2(b), Section 1.2(c) and Section 1.2(d) on the
60th day following the Termination Date and (ii) the annuity payments provided to
the Executive under Section 1.1(c) or Section 1.2(c) shall commence on the 60th
day following the Termination Date.

1.6 Funding Obligation. In the event a payment otherwise due under this Agreement is
deferred under Section 1.5 and a Change of Control occurs or has occurred within two years,
the performance of Key’s obligations to make such payment will be secured by amounts
deposited or to be deposited in trust pursuant to the KeyCorp Rabbi Trust Agreement, or any
successor trust (“Trust”), provided that any funds deposited in the Trust shall remain
subject to the general creditors of Key, and the Executive will have the status of a general
unsecured creditor of Key, and will have no right to, or security interest in, any assets of
Key or any subsidiary of Key. Prior to the date of a Change of Control, Key shall provide
the Executive and the trustee with a schedule showing the nature and amounts of the benefits
that the Executive would be entitled to under Section 1.1 or Section 1.2 of this Agreement
if on the date of the Change of Control the Executive’s employment was terminated under
circumstances that Section 1.1 or Section 1.2 would be applicable. At the time set forth in
Section 1.5 when the trust is required to make payment to the Executive, the trustee shall
make such payment and perform any necessary calculation of benefits in the same manner as
outlined in the schedule provided by Key to the trustee prior to the date of the Change of
Control.

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1.7 Payment Structure. Each payment to be made to the Executive under the provisions of
Section 1.1, Section 1.2 and Section 1.3 shall be considered a separate payment and not one
of a series of payments for purposes of Section 409A. Further, the coverages provided during
one taxable year shall not affect the degree to which coverages will be provided in any
other taxable year.

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, unless otherwise limited by applicable law, the Executive shall be entitled to:

(a) A cash incentive compensation opportunity, which on an annualized basis, is at
least equal to the cash incentive compensation opportunity that the Executive was
provided by Key in the last calendar year that ended before the Change of Control.

(b) Participation in a supplemental retirement plan or program, or the accrual of a
supplemental retirement benefit which, at minimum, provides the Executive with
retirement benefits that are at least equal, on a vested annualized basis to the
benefit that the Executive would have accrued under the Supplemental Retirement Plan
for the applicable period as if the Supplemental Retirement Plan had continued after
the Change of Control on the same basis as it was in effect prior to the Change of
Control.

(c) Equity awards, including stock options, restricted stock, phantom shares,
performance shares and restricted units which, at a minimum, provide the Executive
in the aggregate with an annual benefit opportunity that is at least equal to the
opportunity that the Executive was provided by Key in the last calendar year that
ended before the Change of Control.

(d) Participation in a deferred compensation plan(s) or program(s), or the
allocation of a deferred compensation benefit, which, at minimum, equals the benefit
provided to other comparable senior executives of Key during the same period.

(e) Participation in Key-sponsored health and welfare plans and qualified retirement
plans including any top hat plans which, at minimum equal the coverage levels
provided to other comparable senior executives of Key during the same time period.

	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

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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 (i)
for any action or failure to act as a director, employee, officer, or agent of Key
or any Subsidiary or (ii) if the Executive is or was serving at the request of Key
or any Subsidiary, for any action or failure to act as a director, trustee, officer,
employee, member, manager, or agent of a bank, corporation, domestic or foreign,
nonprofit or for profit, limited liability company, partnership, joint venture,
trust, or other enterprise, including serving as a committee member or other
fiduciary of any employee benefit plan maintained by Key or any Subsidiary (“Plan”),
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, 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 a trustee, officer, employee, member, manager, or agent
(including as a Plan fiduciary), 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, insurance policy or similar protection, or
otherwise. Without limiting the preceding provisions of this Section 3.1, Key shall
advance the Executive’s expenses provided for herein as incurred in connection with
service as a member of either the Key Cash Balance Pension Plan Trust Oversight
Committee or the Key 401(k) Savings Plan Trust Oversight Committee or any successor
of either of the Committees.

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(d) All reimbursements under this Section 3.1 shall be for expenses incurred by the
Executive during his lifetime, or by his estate during the duration of such estate.
Reimbursement shall be made within 90 days following the Executive (or his estate)
submitting evidence of such incurrence of such expenses. All requests for
reimbursements shall be submitted no later than 90 days prior to the last day of the
calendar year following the calendar year in which the expense was incurred. In no
event will the amount of expenses so reimbursed by Key in one year affect the amount
of expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other taxable year.

3.2 Indemnification. From and after a Change of Control, Key shall indemnify the Executive,
to the fullest 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, employee or agent of
Key or any Subsidiary, or is or was serving at the request of Key or any Subsidiary as a
director, trustee, officer, employee, member, manager or agent of a bank, corporation,
domestic or foreign, nonprofit or for profit, limited liability company, partnership, joint
venture, trust, or other enterprise, including serving as a committee member or other
fiduciary of any Plan, including serving as a member of either the Key Cash Balance Pension
Plan Trust Oversight Committee or the Key 401(k) Savings Plan Trust Oversight Committee, or
any successor of either of the Committees. 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, insurance policy or similar
protection, 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, employee, member,
manager, agent, committee member or other fiduciary and shall inure to the benefit of the
heirs, executors, and administrators of the Executive. Notwithstanding the foregoing
provisions of this Section 3.2, the Executive shall not be indemnified if it is judicially
determined that the Executive’s action or failure to act constituted gross negligence or
willful misconduct in carrying out the Executive’s duties as a fiduciary of a Plan.

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 disability payments
under the KeyCorp Long Term Disability Plan, (c) the

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date on which Key has 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 Parachute Payments.

     In the event that the 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”) (i) constitute “parachute payments” within the meaning of Section 280G of the
Internal Revenue Code and (ii) but for this Section 3.4 would be subject to the excise tax
imposed by Section 4999 of the Internal Revenue Code (the “Excise Tax”), then the Payment to
the Executive shall be either:

	 	(a)	 	delivered in full, or
	 
	 	(b)	 	delivered after reducing the Payment $1 below the safe harbor
limit (as described in Section 280G(b)(2)(A)(ii) of the Internal Revenue Code)
which would result in no portion of the Payment being subject to the Excise
Tax,

     whichever of the foregoing amounts, taking into account the applicable federal, state,
and local income taxes and the Excise Tax, results in the receipt by the Executive on an
after-tax basis, of the greater amount, notwithstanding that all or some portion of the
Payment may be taxable under Section 4999 of the Internal Revenue Code. In the event that
the Payment is required to be reduced by this Section 3.4, any amount payable pursuant to
Section 1.1(b) or 1.2(b) shall be reduced first . The Accounting Firm shall make all
determinations required by this Section 3.4. 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.

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. 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 5.2 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,

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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 Taxes; Withholding of Taxes. Without limiting either the right of Key or its Subsidiary
to withhold taxes pursuant to this Section 5.1, 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 this Agreement.

5.2 Waiver and Release. Key shall 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, 2010. Unless
this Agreement is terminated earlier pursuant to Section 6.1, on December 31, 2010 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.

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.

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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 with or into any other
corporation, or transfer, directly or indirectly, 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. From and after a Change of
Control involving Key, the entity surviving or resulting from the Change of Control
transaction (including, if Key becomes a subsidiary in the transaction, the ultimate parent
of Key) 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 surviving or
resulting entity.

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.

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

Page 11

 

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. Except as
otherwise provided in Section 1.6 hereof, 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.

Page 12

 

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 Statutory Limitations including those Limitations Mandated under the Emergency Economic
Stabilization Act of 2008. If any payments otherwise payable to the Executive under this
Agreement are prohibited by any statute or regulation in effect at the time the payments
would otherwise be payable, including, without limitation, the compensation prohibitions
specifically mandated under Section 111(b) and/or Section 111(c) of the Emergency Economic
Stabilization Act of 2008 (“EESA”) as may be applicable to Key as of the time of the
Executive’s Termination Date, or by 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 being a “Limiting Rule”):

(a) Unless such payment is specifically limited under the provisions of EESA, 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) Unless such payment is specifically limited under the provisions of EESA, the
Executive will be entitled to receive a lump sum payment equal to the greater of
either (i) the aggregate amount payable under this Agreement (as limited by the
Limiting Rule) or (ii) the aggregate payments that would be due under applicable Key
severance, separation pay, and/or salary continuation plans that may be in effect at
the time of the Executive’s termination (as if the Executive were not a party to
this Agreement) up to the amounts that would be due to the Executive under this
Agreement or otherwise absent the Limiting Rule; provided that the timing of any
payments shall be made in the manner set forth in Section 1.5 (i.e., the first day
of the seventh month following the Termination Date) and provided further, that the
payment may not exceed the amount specified in Section 1.1(b) or Section 1.2(b), as
the case may be, and the payment will otherwise comply with all requirements under
Section 409A.

Page 13

 

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 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 Short Term Incentive Compensation. The term “Average Short Term Incentive
Compensation” means the higher of:

(a) the average of the short term incentive compensation earned by 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.

     For purposes of this Section, short term incentive compensation means (i) incentive
compensation (including bonuses) for periods of one year or less, and (ii) is calculated before any
reduction on account of deferrals, but does not include signing or hiring bonuses received by newly
hired executives nor special retention bonuses outside of Key’s regular short term incentive
compensation program.

8.3 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 , the
Deferred Savings 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.

8.4 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

Page 14

 

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 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.

8.5 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 8.6, 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

Page 15

 

(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 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).

Page 16

 

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.

(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.

Notwithstanding the provisions of this Section 8.5 hereof, in the event that there is a
transaction or a series of transactions that are entered into under the authority of the
Emergency Economic Stabilization Act of 2008, as amended, which involve the United States
Treasury Department’s acquisition of Key preferred stock, common stock, warrants to purchase
common stock or to purchase other types of Key equity, then in such event, such
transaction(s) shall not be treated as resulting in a Change of Control for purposes of this
Agreement.

8.6 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.

8.7 Committee. The term “Committee” means the Compensation and Organization Committee of
the Board of Directors of Key or any successor to that committee.

Page 17

 

8.8 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.

8.9 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 8.9 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.

8.10 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.

Page 18

 

8.11 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; or

(b) following notice by the Executive to Key and an opportunity by Key to cure, Key
fails to comply with one or more of the provisions of Section 2 hereof.

For purposes of clause (b), Key will be deemed to have had an opportunity to cure and to
have failed to effect a cure if the failure to comply with one or more of the provisions of
Section 2 hereof 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.

8.12 Relevant Plans. The term “Relevant Plans” means the Retirement Plan, Savings Plan,
Supplemental Retirement Plan and Deferred Savings Plan as may be amended, modified,
succeeded, replaced or is substituted for any such Plan in which the Executive participated
immediately before his or her Termination Date.

8.13 Retirement Plans. The term “Retirement Plans” means the KeyCorp Cash Balance Pension
Plan 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.

8.14 Savings Plan. The term “Savings Plan” means the KeyCorp 401(k) Savings Plan, as may be
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 such plan, and any
other benefit or compensation plan or program maintained by Key, which provides as part of
its benefit or compensation structure an employer matching contribution, and under which the
Executive participated prior to the Termination Date, whether or not such plan or program
constituted a qualified cash or deferred arrangement under Section 401(k) of the Internal
Revenue Code). Reference to the “Savings Plan” in the singular shall include all plans and
programs referenced herein.

8.15 Supplemental Retirement Plan. The term “Supplemental Retirement Plan” means all of the
following plans collectively, but only those in which the Executive is participating prior
to the Termination Date: the KeyCorp Second Supplemental Retirement Plan, the KeyCorp
Excess Cash Balance Pension Plan and the KeyCorp Second Excess Cash Balance Plan, or the
KeyCorp Second Executive Supplemental Pension Plan in which the Executive participates, as
each as from time to time may be 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.

8.16 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.

Page 19

 

8.17 Termination Date. The term “Termination Date” means the date on which the Executive
incurs a “separation from service” from Key within the meaning of Section 409A(c)(2)(A)(i)
of the Code.

8.18 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.

8.19 Compliance with Section 409A of the Internal Revenue Code. It is intended that this
Agreement comply with the provisions of Section 409A of the Internal Revenue Code (herein
referred to as “Section 409A”). This Agreement shall be administered in a manner consistent
with this intent. Notwithstanding any provision of this Agreement to the contrary, in the
event any payment or benefit hereunder is determined to constitute a “deferral of
compensation” subject to Section 409A, then to the extent necessary to comply with Section
409A, such payment or benefit shall not be made, provided or commenced until the first
business day of the seventh month after the Executive’s “separation from service” as such
phrase is defined for purposes of Section 409A (or, if earlier, on the Executive’s death).

Page 20

 

     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”

 	 
	 	
 	 
	 	XXXXXXXXXX 	 
	 	 	 

Page 21

 

	 	 	 	 	 

Exhibit A

WAIVER AND RELEASE

DO NOT SIGN WITHOUT READING AND UNDERSTANDING

     In consideration of the payments to be made to me following termination of my employment with
KeyCorp pursuant to the agreement between KeyCorp and me dated as of September 1, 2009 (the “Change
of Control Agreement”), which payments I acknowledge I am not entitled to receive without execution
of this Waiver and Release, and which payments will not commence earlier than eight days after the
execution of this Waiver and Release, I, for myself, my heirs, administrators, executors, and
assigns, release and discharge KeyCorp, its affiliates, subsidiaries, divisions, successors, and
assigns and the employees, officers, directors, and agents thereof (collectively referred to
throughout this Waiver and Release as “Key”) from any and all causes of action, charges of
discrimination, proceedings, or claims of every kind, nature, and character, arising out of or
relating to my employment with Key and the termination of my employment with Key based upon or
related to any contention (i) that my employment terminated because of any tortuous, wrongful,
unlawful, or improper conduct or act or in violation or breach of any express or implied contract
or agreement, or (ii) that Key engaged in any discriminatory act, event, pattern, or practice
involving age, religion, creed, sex, national origin, ancestry, handicap, disability, veteran
status, marital status, race, or color, or the continuing or future effects thereof (including,
without limitation, the federal Age Discrimination in Employment Act, 29 U.S.C. §621 et
seq., or any similar state law).

     I warrant that no promise or inducement has been offered to me other than as set forth in the
Change of Control Agreement, that I am relying on no other statement or representation by Key, and
that I have not assigned any of my rights. I have read this Waiver and Release; I have had a full
opportunity to consider it (including the opportunity to consult with an attorney of my choice);
and I understand that by signing it I am giving up important rights, including any right to sue
under federal, state, or local law. I also verify that my entering into this Waiver and Release is
wholly voluntary.

I further warrant that:

(a) I understand that I am specifically waiving rights or claims under the federal Age
Discrimination in Employment Act, 29 U.S.C. §621 et seq.;

(b) I understand that I am not hereby waiving any rights or claims that may arise after this
Waiver and Release is executed by me;

(c) I understand that this Waiver and Release is being given by me in exchange for
consideration that is more valuable to me than what I am entitled to without the Change of
Control Agreement and the execution of this Waiver and Release;

Page 22

 

(d) I have been advised in writing by Key that I should have, at my expense, an attorney of
my choice review this Waiver and Release;

(e) I have been advised by Key that I may take up to              days from receipt of this Waiver
and Release to determine whether to execute the same; and

(f) I have been advised by Key that this Waiver and Release may be revoked by me within
seven (7) days following execution of this Waiver and Release whereupon this Waiver and
Release shall be null and void.

     IN WITNESS WHEREOF, I have hereby set my hand this                      day of                             ,          .

	 	 	 
	Witness:
	 	 
	 
	 	 
	 

	 	 
	 

	 	 

Page 23

 

Exhibit A

(cont’d)

Acknowledgment of Receipt of Waiver and Release

     I do hereby acknowledge that on                                         ,
                    ,
I received a copy of the Waiver
and Release which is attached hereto, and I understand that I have                     * days from the date of
receipt of the Waiver and Release to determine whether to execute it.

	 	 	 	 	 
	Witness:

	 	 
	 	 
	 

	 	 
	 	 

 

			
	*	 	to be completed the same as clause (e) of the Waiver and Release.

Page 24

 

Exhibit A

(cont’d)

Director of Human Resources

KeyCorp

127 Public Square

Cleveland, Ohio 44114

Re: Waiver and Release

Dear Sir or Madam:

          On                            ,          , I executed a Waiver and Release in favor of KeyCorp. More than seven
(7) days have elapsed since I executed the Waiver and Release. I have at no time revoked my
acceptance or execution of the Waiver and Release and, accordingly, I hereby request that KeyCorp
commence making the payments due to me under my Change of Control Agreement.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	Witness:
	 	 
	 
	 	 
	 
	 	 
	 

	 	 

Page 25ex4_86.htm

    

      EXHIBIT
4.86

      

      

      

      

      Dated  February
23, 2009

      

      

      

       SUPPLY
AGREEMENT

      

      

      BETWEEN

      

      (1)           Nisshin
Pharma Inc. (“Nisshin”)

      

      AND

      

      (2)           Amarin
Pharmaceuticals (Ireland) Ltd. (“Amarin”)

      

      

      

      

      
        	
                1

              	
                DEFINITIONS

              	
                2

              
	
                2

              	
                DUTIES

              	
                3

              
	
                3

              	
                ORDER,
      ACCEPTANCE AND DELIVERY

              	
                4

              
	
                4

              	
                ROLLING
      FORECAST

              	
                5

              
	
                5

              	
                PRICE
      AND MILESTONE PAYMENTS

              	
                6

              
	
                6

              	
                WORKING
      GROUP

              	
                7

              
	
                7

              	
                TECHNICAL
      AGREEMENT

              	
                7

              
	
                8

              	
                LONG-TERM
      SUPPLY AGREEMENT

              	
                7

              
	
                9

              	
                TECHNOLOGY
      TRANSFER

              	
                7

              
	
                10

              	
                WARRANTIES

              	
                8

              
	
                11

              	
                SHIPPING
      TERM / TITLE AND RISK

              	
                9

              
	
                12

              	
                CONFIDENTIAL
      INFORMATION

              	
                9

              
	
                13

              	
                FORCE
      MAJEURE

              	
                11

              
	
                14

              	
                TERM

              	
                11

              
	
                15

              	
                TERMINATION

              	
                11

              
	
                16

              	
                CONSEQUENCES
      OF TERMINATION

              	
                12

              
	
                17

              	
                ASSIGNMENT

              	
                12

              
	
                18

              	
                MISCELLANEOUS

              	
                12

              

      

      

      

      Certain
portions of this Exhibit have been omitted pursuant to a request for
“Confidential Treatment” under Rule 24b-2 of the Securities and Exchange
Commission.  Such portions have been redacted and bracketed in the
request and appear as [*] in the text of this Exhibit.  The omitted
confidential information has been filed with the Securities and Exchange
Commission.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      SUPPLY
AGREEMENT

      

       

      

       

      THIS AGREEMENT (hereinafter
the "Agreement") is made
as of February 23, 2009 (hereinafter the "Commencement
Date")

       

      BETWEEN:

       

      Nisshin Pharma, Inc., whose
head office is at 25, Kanda-Nishiki-cho 1-chome, Chiyoda-ku, Tokyo 101-8441
JAPAN ("Nisshin")

       

      AND

       

      Amarin Pharmaceuticals (Ireland)
Ltd., whose head office is at First Floor, Block 3, The Oval, Shelbourne
Road, Ballsbridge, Dublin 4, Ireland ("Amarin")(Nisshin and Amarin
each a "Party," collectively, the "Parties")

       

      WITNESSETH:

       

      WHEREAS, Amarin is developing
products for the treatment of certain human diseases (hereinafter referred to as
the “Drug”).

       

      WHEREAS, the Parties entered
into that certain agreement on October 27, 1999 (the "1999 Agreement") for the
supply of ethyl-eicosapentaenoate (“E-EPA”) in bulk style (hereinafter referred
to as “Products”, as further defined below), from Nisshin to Amarin, for the
purposes of conducting clinical trials within the CNS (Central Nervous System)
field, to provide the Products to Amarin to be used as the active pharmaceutical
ingredient for the Drug and for submission to regulatory bodies for approval.
(The 1999 Agreement was originally made and entered into between Nisshin Flour
Milling Co., Ltd., a Japanese corporation, the parent company of Nisshin at that
time, and Laxdale Limited, a Scottish company, now known as Amarin Neuroscience
Limited due to the corporate take-over closed on October 8, 2004 by Amarin
Corporation plc, and the duties and obligations under the 1999 Agreement were
transferred by assignment to the Parties, by Nisshin Flour Milling Co., Ltd. to
Nisshin on July 2, 2001; and by Amarin Neuroscience Limited to Amarin on
November 15, 2005.)

       

      

      [
*** 3 lines omitted ***]

      

      

      WHEREAS, upon Amarin’s request
and after discussion with Amarin, Nisshin agreed to extend the 1999 Agreement
for a further three years in 2005, which resulted in the execution of that
certain agreement of November 15, 2005, under which the supply of the Products
was extended until June 6, 2008, as well as Nisshin agreed to cooperate with
Amarin, including but not limited to, for dealing with FDA
inspections.

      

      WHEREAS, upon expiration of
the extended period of supply, further discussions between the Parties occurred,
and, as a result of such discussions, Nisshin is willing to agree to further
cooperate with Amarin by continuing the current supply and providing assistance
related to

       

      

        

      

       

        CONFIDENTIAL
INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION. ASTERISKS [*] DENOTE SUCH OMISSIONS.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      FDA
inspections for a certain period of time for the use of the Drug, and during
which period Nisshin and Amarin will conduct a joint-analysis of the feasibility
of a long-term supply relationship.

       

      NOW, THEREFORE, THE
PARTIES  AGREE as follows:

       

      
        	
                1  

              	
                DEFINITIONS

              

      

       

      
        	
                1.1  

              	
                In
      this Agreement the following definitions shall apply, unless the context
      requires otherwise:

              

      

       

      "Confidential Information"
includes information related to the Specifications and the Products, as well as
any other information of a technical, operational, administrative, financial or
business nature, know-how, data and any other proprietary information in any
form, that is (a) disclosed (intentionally or unintentionally) by one Party to
the other Party and (b) not publicly known.  It does not include
information which is in the public domain, information which was made public
through no breach of this Agreement, information which is independently
developed by a receiving party without access to or use of the proprietary
information of the disclosing party, as evidenced by such party's records, or
information that became available to a receiving party on a non-confidential
basis, whether directly or indirectly, from a source other than the other party
hereto, which source did not acquire this information on a confidential
basis.

       

      "Change of Control"  means:

       

      
        	
                (i)  

              	
                in
      relation to either Nisshin or Amarin, to a change in ownership or control
      of more than 40% of the voting rights in Nisshin or Amarin;
      and

              

      

       

      
        	
                (ii)  

              	
                in
      relation to Nisshin, to any other change in the ownership or control of
      the business of Nisshin related to the manufacture of the Products or any
      change in the ownership or control of the manufacturing site(s) of Nisshin
      at which the Products are
manufactured.

              

      

       

      The
Parties agree that further investments by the Amarin’s current investors
specified in the Schedule
Four would not
represent a Change of Control under this Agreement.

      

      The
Parties also agree that any transaction with a Potential Partner who was
disclosed this Agreement pursuant to Clause 12.9  will not represent a
Change of Control under this Agreement.

      

      "Destination" means the place
designated by Amarin to which the Product shall be transported from
Japan.

       

      "DMF" means Drug Master File,
as defined in (i) the CFR (US Code of Federal Regulations 21, as amended from
time to time) and/or (ii) its equivalent in the EU.

       

      "EMEA" means the European
Medicines Agency or any other successor agency whose approval is necessary to
market the Drug in the EU.

       

      "E-EPA" means ethyl eicosapentaenoate and is
described as “EPA-E” in the submitted DMFs.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

       

      “EU” means the Member States of
the European Union, as same may change from time to time in terms of Member
States.

       

      "FDA" means the United States
Food and Drug Administration or any other successor agency whose approval is
necessary to market the Drug in the USA.

       

      "cGMP" means current Good
Manufacturing Practice as defined in (i) the FFDCA (US Federal Food, Drug and
Cosmetic Act of 1934, and the regulations promulgated thereunder, as may be
amended from time to time) and/or (ii) its equivalent rules in EU.

       

      "Long-Term Supply Agreement"
means an agreement which is under discussion between the Parties for the
supply of the Products after April 1, 2012 based on the discussions of the
Working Group.

       

      "Marketing Approval" means the
final approval to market the Products for the application to human diseases
including Huntington's Disease, Cardiovascular Disease or hypertriglyceridemia
in any country within the Territory.

       

      "Milestone Payments" means
those payments to be made by Amarin to Nisshin as specified in Schedule One.

       

      "Minimum Purchase
Requirements" means the minimum amount of Products that Amarin shall
purchase from Nisshin as specified in Schedule One.

       

      A "person" includes any natural
person, partnership, company, and unincorporated association.

       

      "Prices" means the prices of
Products inclusive of costs and expenses for raw materials, intermediates and
packaging components and includes Mid-Tier Price and Top Tier Price as defined
in Schedule One.  The Prices are specified in Schedule One.

       

      "Products" means those
products listed in Schedule
Two by agreement between the Parties in writing.

       

      "Specifications" means each of
the specifications for the Products provided by Nisshin to Amarin and annexed in
Schedule Three, as
amended from time to time by agreement between the Parties in
writing.

       

      "Technical Agreement" means an
agreement to be executed between the Parties pursuant to Clause 7 which governs,
inter alia, the responsibilities of each party as regards quality matters
relating to the Products.

       

      "Territory" means all the
countries of the world except Japan.

       

      "US” or “USA” means the United
States of America.

       

      

      

      
        	
                2  

              	
                DUTIES

              

      

       

      
        	
                2.1  

              	
                During
      the term of this Agreement, Nisshin shall manufacture at its manufacturing
      plant, and supply to Amarin its requirements of the Products pursuant to
      the terms and

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      conditions
of this Agreement.

       

      
        	
                2.2  

              	
                Nisshin
      shall not knowingly export, sell or distribute the Products to any company
      who sell or distribute E-EPA in the
Territory.

              

      

       

      
        	
                2.3  

              	
                This
      Agreement does not impose any restriction of any nature on Amarin
      obtaining a supply of E-EPA from suppliers other than Nisshin or from
      itself manufacturing E-EPA.

              

      

       

      
        	
                2.4  

              	
                Nisshin
      shall ensure that the Products meet the
  Specifications.

              

      

       

      
        	
                2.5  

              	
                Amarin
      shall purchase the Minimum Purchase Requirements of the Products from
      Nisshin as specified in Schedule
One.

              

      

       

      
        	
                2.6  

              	
                Amarin
      shall make sure that all payments for these purchases are made without
      delay.

              

      

       

      
        	
                2.7  

              	
                Nisshin
      shall provide reasonable assistance to Amarin for the purpose of Amarin's
      import clearances in respect of the
Products.

              

      

       

      
        	
                2.8  

              	
                Regulatory

              

      

       

      
        	
                2.8.1  

              	
                Save
      as otherwise agreed in writing with Amarin, Nisshin shall maintain the US
      DMF and the EU DMF currently in
place.

              

      

       

      Nisshin
may, at its own discretion, authorise Amarin to reference Nisshin’s DMF, as
described herein, with any relevant government health authority to the extent
that Nisshin agrees such reference is necessary to enable Amarin to file
regulatory applications and to maintain any Marketing Approval or other
regulatory approval.

       

      
        	
                2.8.2  

              	
                Each
      party shall promptly notify the other party of any notification received
      from a regulatory agency, such as a relevant government health authority,
      to conduct an inspection of the manufacturing site(s) or other facilities
      used by Nisshin in the development, manufacturing, packaging, storage or
      handling of the Product.  Copies of all applicable
      correspondence with the regulatory agency will be provided to the other
      party.

              

      

       

      
        	
                2.8.3  

              	
                Nisshin
      shall make that portion of its facility where the Products are
      manufactured, tested or stored, including related record and reference
      samples, available for:

              

      

       

      (i)         inspection
by a relevant governmental agency; or

       

      (ii)         audit
by Amarin's employees, agents or contractors upon Nisshin’s prior consent to
such audit.

       

      Nisshin
shall fully co-operate with any inspection hereunder and provide necessary
information and documents as may reasonably be required.

       

      
        	
                2.8.4  

              	
                Following
      full consultation with Amarin, Nisshin will be responsible for responding
      to any notifications or inspections concerning the supply of the Product
      by the FDA or EMEA.

              

      

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
      

       

      
        	
                3  

              	
                ORDER,
      ACCEPTANCE AND DELIVERY

              

      

       

      
        	
                3.1  

              	
                Amarin
      may, at any time, but no later than ninety (90) days before the specified
      date of shipment of the Products, issue to Nisshin individual purchase
      orders ("Order") for the Products to be delivered to
      Amarin.  Each Order, upon acceptance by Nishhin, shall
      constitute a definitive individual contract for the sale and delivery of
      Products. Nisshin shall issue an acceptance or rejection of the Order
      within two (2) weeks from Nisshin’s receipt of the
  Order.

              

      

       

      
        	
                3.2  

              	
                  Nisshin
      and Amarin shall perform its respective obligations under the individual
      contracts.

              

      

       

      
        	
                3.3  

              	
                Amarin
      shall inspect the Products within fifteen (15) days of receipt of the
      Product and may reject any Products that fail to meet the Specifications,
      have defects or are damaged in any way.  Any Product not
      rejected within fifteen (15) days shall be deemed to have been accepted by
      Amarin ("Acceptance").  For the avoidance of doubt, Nisshin
      shall also be responsible for latent defects in the Products which become
      apparent after Acceptance, provided that such defect shall be notified to
      Nisshin in writing without delay and not later than three (3) months from
      the receipt of the Products by
Amarin.

              

      

       

      
        	
                3.4  

              	
                Notwithstanding
      the provisions of the above Clause, Amarin may, at its own discretion,
      have a third party conduct the inspection of the Product. Under such
      circumstances, Amarin will have thirty (30) days from receipt of the
      Product to reject any Products that fail to meet the Specifications, have
      defects or are damaged in any way.

              

      

       

      
        	
                3.5  

              	
                  Claims
      for latent defects, not discovered during the aforementioned inspections
      protocols in Clauses 3.3 and 3.4, shall be made in writing within 3 days
      of discovery. Failure to make a timely claim in the aforementioned manner
      shall constitute and shall be deemed to be Acceptance of the delivery by
      Amarin and a waiver of right to claim by
Amarin.

              

      

       

      
        	
                4  

              	
                ROLLING
      FORECAST

              

      

       

      
        	
                4.1  

              	
                Prior
      to the first Marketing Approval, but not later than thirty (30) days
      following the Commencement Date, Amarin shall provide Nisshin with a
      twelve (12) month demand forecast. Thereafter, until Amarin’s submission
      of a regulatory filing for Marketing Approval, Amarin shall provide
      Nishhin with twelve (12) month demand forecasts on an annual
      basis.

              

      

       

      
        	
                4.2  

              	
                Within
      two hundred and ten (210) days following Amarin's submission of a
      regulatory filing for Marketing Approval in the US or EU, Amarin shall
      provide Nisshin with a binding order for its launch stocks
      requirements.  Thereafter, Amarin shall, on a monthly basis,
      provide Nisshin with a written rolling forecast for the following 12-month
      period.

              

      

       

      
        	
                4.3  

              	
                The
      forecast amount for the first three months of the rolling forecast
      stipulated in the Clause immediately above shall constitute binding
      orders.  The forecast amounts for the remaining nine months of
      such rolling forecast, i.e., months 4-12, shall be non-fixed forecast
      amounts.  Amarin has the right to vary the forecast amounts for
      months 4, 5 and 6 by +/-25%.  Amarin may vary the forecast
      amounts for months 7-12 without limitation. Nisshin shall not be obligated
      to supply Products in excess of the binding forecast amounts contained in
      the rolling forecasts.

              

      

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

       

      
        	
                5  

              	
                PRICE
      AND MILESTONE PAYMENTS

              

      

       

      
        	
                5.1  

              	
                The
      Price and Milestone Payments shall be as set forth in Schedule
      One.

              

      

       

      
        	
                5.2  

              	
                Nisshin
      shall issue the invoice for the Product supplied in each shipment to
      Amarin within 10 days from the date of each shipment.  Amarin
      shall pay the invoice amount for the Products delivered to it in
      accordance with this Agreement into an account designated by Nisshin
      within 30 days from the date of the corresponding invoice issued by
      Nisshin.

              

      

       

      
        	
                5.3  

              	
                In
      the event Amarin fails to pay the Price of any of its purchases by the due
      date provided in Clause 5.2 above, Nisshin is entitled, at its own
      discretion, to suspend dispatching the Products or to withhold from
      accepting Amarin’s Order until Amarin makes full payment with interest
      from the due date to the date of payment calculated using an annual
      interest rate of 6% per annum.

              

      

       

      
        	
                5.4  

              	
                Amarin
      shall reimburse Nisshin's reasonable costs for preparing and maintaining
      the DMF prior to Amarin's receipt of each relevant Marketing Approval in
      both US and EU.

              

      

       

      
        	
                5.5  

              	
                Amarin
      will reimburse to Nisshin all reasonable costs specifically related to
      preparing for an inspection of any facility by a regulatory authority and
      audit of any facility by any consultant with regard to cGMP, including but
      not limited to interpreter’s fees for the inspection and
      audit.

              

      

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      

       

      
        	
                6  

              	
                WORKING
      GROUP

              

      

       

      
        	
                6.1  

              	
                The
      Parties shall form a joint working group (the "Working Group") to address
      issues related to their future relationship for long term supply after
      April 2012, including: (a) Long-Term Supply Agreement; (b) pricing; (c)
      supply chain structure; (d) capacity expansion; (e) investment
      requirements; (f) third party agreements (g) technology transfer; and (h)
      the possible formation of a new business entity to supply Product to
      Amarin.  As more fully described in Clause 8, the Working Group
      will make all reasonable efforts to review and discuss feasibility of such
      long term supply relationship between the Parties by addressing the issues
      outlined above by June 30, 2010 whether or not it is feasible for the
      Parties to agree a long-term plan for supplying the
    Product.

              

      

       

      
        	
                6.2  

              	
                The
      Working Group shall consist of the appropriate representatives from each
      party having requisite authority to speak on behalf of each respective
      company, provided, however, that the Working Group is not responsible nor
      is it entrusted to establish business policy or to make decisions on
      behalf of either Party. The number of representatives can be expanded with
      the mutual agreement of both Parties. Each Party bears its own costs in
      acting as part of the Working
Group.

              

      

       

      
        	
                6.3  

              	
                The
      Working Group shall meet in person as soon as practicable after the
      Commencement Date and on a regular basis thereafter.  The
      Working Group shall hold discussions via meetings, teleconferences and
      e-mail as appropriate and necessary to discuss in good faith the issues
      set forth in Clause 6.1 of this Agreement.  In the first
      meeting, the Working Group will set the specific agenda and timing/venue
      for the second meeting. The second meeting will set the specific agenda
      and timing/venue for the third meeting, and so forth, provided, however,
      that any meeting can be re-scheduled flexibly taking into account either
      Party’s situation.

              

      

       

      
        	
                6.4  

              	
                The
      Working Group shall have no power or authority to enter into any binding
      agreements on behalf of either
Party.

              

      

       

      
        	
                7  

              	
                TECHNICAL
      AGREEMENT

              

      

       

      
        	
                7.1  

              	
                After
      the Commencement Date, the Parties will initiate the negotiation for the
      Technical Agreement, which is necessary for any review by any regulatory
      authority in advance of approval of the Drug for marketing, to identify
      their respective responsibilities in accordance with accepted GMP during
      the term of this Agreement.

              

      

      

      
        	
                8  

              	
                LONG-TERM
      SUPPLY AGREEMENT

              

      

       

      
        	
                8.1  

              	
                Pursuant
      to Clause 6.1, the Parties shall conclude discussions no later than June
      30, 2010 with regard to the Long-Term Supply Agreement for the supply of
      the Products by Nisshin to Amarin.  If the Parties agree to the
      future supply scheme, the Parties will in good faith negotiate for the
      terms of the Long-Term Supply Agreement.  The Long-Term Supply
      Agreement will determine how the Products are supplied after April 1,
      2012.

              

      

      

      
        	
                9  

              	
                TECHNOLOGY
      TRANSFER

              

      

       

      
        	
                9.1  

              	
                If
      this Agreement has not been terminated by Nisshin in accordance with
      Clause 15.1 of this Agreement (where Amarin has committed a material
      breach of the terms of this Agreement and has failed to remedy such breach
      within 60 days of receiving the
relevant

              

      

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      written
notice from Nisshin pursuant to Clause 15.1), or in accordance with Clause 15.2
of this Agreement, in the event that the Long-Term Supply Agreement is not
executed by the Parties on or before December 31, 2010, Nisshin will transfer
the technology necessary and performed at Nisshin’s current site to manufacture
the Products upon the request of Amarin, to Amarin or an entity established or
designated by Amarin (which will include transferring the DMF).

       

      
        	
                9.2

              	
                Nisshin
      shall also be obliged to transfer the technology stipulated in Clause 9.1
      upon the request of Amarin, to Amarin or to an entity established or
      designated by Amarin if Amarin gives Nisshin notice of termination of the
      Agreement under Clause 15.1 or 15.2, or if Nisshin gives Amarin notice of
      termination of the Agreement under Clause
15.4.

              

      

      

      
        	
                9.3

              	
                Amarin
      will be responsible for any and all costs associated with the
      aforementioned transfer of technology.  The other terms and
      conditions of the transfer of technology will be discussed
      separately.  When the transfer of technology process is being
      conducted, except for where the transfer of technology is triggered by
      Nisshin giving Amarin notice of termination of the Agreement under Clause
      15.4, Nisshin will work with Amarin to use best efforts to try to ensure
      that there is no interruption in the supply of the Products to Amarin. If
      the transfer of technology would not be completed during the term of this
      Agreement, the Parties will consult each other in good faith on how
      to deal with the case, including an extension of this  Agreement
      for a period of time which the Parties consider necessary to complete the
      transfer of technology.

              

      

      

      
        	
                9.4

              	
                Amarin
      agrees and confirms that the technology transfer provided in this Clause 9
      will be Nisshin’s sole obligation in case the Long-Term Supply Agreement
      is not executed on or before December 31,
2010.

              

      

      

      
        	
                10  

              	
                WARRANTIES

              

      

       

      
        	
                10.1  

              	
                Nisshin
      hereby warrants that any Products manufactured pursuant to this Agreement
      shall comply with the Specifications and all requirements of
      cGMP.

              

      

       

      
        	
                10.2  

              	
                Amarin
      and Nisshin hereby represent and warrant to each other, as of the date of
      this Agreement, as follows:

              

      

       

      
        	
                10.2.1  

              	
                Each
      Party has the right to enter into this
  Agreement.

              

      

       

      
        	
                10.2.2  

              	
                There
      are no agreements between either Amarin or Nisshin and any third party
      that conflict with this Agreement in the
  Territory.

              

      

       

      
        	
                10.3  

              	
                Nisshin
      does not make and hereby disclaims any warranty with respect to the
      Products other than the warranty set forth in Clauses 10.1 and 10.2,
      whether expressed or implied.

              

      

       

      
        	
                10.4  

              	
                Each
      Party shall promptly notify the other Party of any breach of warranties
      set forth in Clauses 10.1 to 10. 2.

              

      

       

      
        	
                10.5  

              	
                If
      any Products are not manufactured in accordance with the Specifications,
      Nisshin at its sole option shall:

              

      

       

      
        	
                10.5.1  

              	
                at
      Nisshin’s cost, supply replacement of the Products conforming with Clause
      10.1; or

              

      

       

      
        	
                10.5.2  

              	
                refund
      the Price or any part of the Price corresponding to the Products that does
      not

              

      

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      meet
Specifications.

       

      
        	
                11  

              	
                SHIPPING
      TERM / TITLE AND RISK

              

      

       

      
        	
                11.1  

              	
                Nisshin
      shall ship the Products FOB Tokyo, as defined in Incoterms
      2000.

              

      

       

      
        	
                11.2  

              	
                Title
      to the Products shall pass from Nisshin to Amarin upon the delivery of the
      Products to the Destination in accordance with the
  Order.

              

      

       

      
        	
                11.3  

              	
                Nisshin
      will be responsible for organizing the transport by air and insurance
      arrangements for the delivery of the Products from the site of manufacture
      to the Destination. Amarin will reimburse Nisshin for the costs of the
      transport and insurance arrangements for the said delivery of the Products
      from the site of manufacture to the
Destination.

              

      

       

      
        	
                12  

              	
                CONFIDENTIAL
      INFORMATION

              

      

       

      
        	
                12.1  

              	
                The
      Parties shall keep Confidential Information strictly confidential, shall
      not disclose it to any third party other than Bizen Chemical Ltd., and
      Nisshin Seifun Group Inc., the current parent company of Nisshin. Save as
      otherwise specifically provided herein, the Parties shall only disclose
      Confidential Information to those of its employees, representatives and
      agents requiring knowledge thereof in connection with fulfilling that
      Party's obligations under this
Agreement.

              

      

       

      
        	
                12.2  

              	
                The
      Parties further agree to inform all such employees, representatives and
      agents of confidential nature of the Confidential Information and their
      duties hereunder and make reasonable measures to make employees,
      representatives and agent comply with the duties
  hereunder.

              

      

       

      The
Parties shall exercise the same standard of care as they would exercise in
relation to its own confidential information (but in no event less than a
reasonable standard of care) to protect and preserve the proprietary and
confidential nature of the Confidential Information disclosed to it by the other
party.

       

      
        	
                12.3  

              	
                Notwithstanding
      the provisions of this Clause 12, if one of the Parties (“Disclosing
      Party”) or any person who received the Confidential Information in
      accordance with Clause 12.1 is requested or required by any court of
      competent jurisdiction, any competent judicial, governmental or regulatory
      body, pursuant to any relevant law or regulation to disclose any of the
      Confidential Information, the Disclosing Party will make reasonable effort
      to provide the other Party with a notice so as to afford the other Party
      the opportunity, at the other Party's expense, to pursue a protective
      order or other remedy and the Disclosing Party shall reasonably cooperate
      with the other Party in such efforts to the extent practical and permitted
      under applicable laws and regulations.  In no event shall the
      Disclosing Party be liable for any damages resulting from disclosure of
      the Confidential Information pursuant to this
      Clause.   Disclosure of Confidential Information by a
      Disclosing Party in accordance with this Clause shall not be a breach of
      this Agreement.

              

      

       

      
        	
                12.4  

              	
                The
      Parties shall use the Confidential Information exclusively for performance
      of this Agreement and for no other
purpose.

              

      

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      

       

      
        	
                12.5  

              	
                Upon
      termination or expiration of this Agreement, each Party shall promptly,
      upon request of the other Party, return all documents and any copies
      thereof containing Confidential Information belonging to, or disclosed by,
      such other Party.

              

      

       

      
        	
                12.6  

              	
                The
      Parties agree that the obligations of this Clause 12 are necessary and
      reasonable in order to protect the Parties' respective
      businesses.

              

      

       

      
        	
                12.7  

              	
                The
      Parties agree that any such violation or threatened violation may cause
      irreparable injury to a Party and that, in addition to any other remedies
      that may be available, each Party shall be entitled to seek injunctive
      relief against the threatened breach of the provisions of this Clause 12,
      or a continuation of any such breach by the other Party, specific
      performance and other such relief to redress such breach together with
      damages and reasonable counsel fees and expenses to enforce its rights
      hereunder.

              

      

       

      
        	
                12.8  

              	
                Subject
      to Clause 12.3, no announcement or public statement concerning the
      existence, subject matter or any term of this Agreement shall be made by
      or on behalf of any Party without the prior written approval of the other
      Party.

              

      

       

      The terms
of any such announcement shall be agreed in good faith by the
Parties.

       

      
        	
                12.9  

              	
                Amarin
      shall obtain Nisshin’s prior written consent if Amarin needs to disclose
      this Agreement to a potential third party purchaser or commercialisation
      partner or current or future Amarin investor (collectively “Potential
      Partner”), provided that the relevant third party has entered into a
      confidentiality agreement on terms no less protective than the terms of
      this Clause 12. When Amarin wishes to obtain such Nisshin’s consent,
      Amarin will provide advance written notification to Nisshin of identity of
      such third party with the relevant information of the third party. Nisshin
      will make response to the  notification as soon as practicable.
      If Nisshin decides not to agree to provide its consent,  Nisshin
      will provide Amarin with a written reason why such consent was
      withheld.  Notwithstanding the foregoing, Nisshin will not
      withhold, condition or delay its consent hereunder if the Potential
      Partner’s primary line of business is in the area of pharmaceuticals or
      biotechnology.

              

      

      

      
        	
                12.10

              	
                Amarin
      shall indemnify Nisshin against any claims, costs (including legal costs,
      expenses), liabilities, losses (including loss of profit), damages or
      expenses arising out of, or in connection with the disclosure of this
      Agreement pursuant to Clause
12.9.

              

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      

      

      
        	
                13  

              	
                FORCE
      MAJEURE

              

      

       

      
        	
                13.1  

              	
                If
      either Party is prevented or delayed in the performance of any of its
      obligations under this Agreement as a result of acts of God, war, fire,
      earthquake, or other natural disaster beyond the reasonable control of a
      Party that has not occurred as a result of its act, omission or negligence
      and which was not reasonably foreseeable ("Force Majeure Event"), it shall
      notify the other Party, in writing, of the same as soon as
      practicable.  The affected Party shall use its reasonable
      endeavours to remove or overcome such Force Majeure Event as quickly as
      possible and shall also use its reasonable endeavours to mitigate the
      impact of such Force Majeure Event of the other Party.  Subject
      to Clause 13.3, if a Party shall have fully complied with its obligations
      under this Clause 13.1, it shall be excused from performance of its
      unfulfilled obligations under this Agreement from the date of such notice
      until such Force Majeure Event no longer
  pertains.

              

      

       

      
        	
                13.2  

              	
                A
      Force Majeure Event will include any issue either Party has with its
      subcontractors or suppliers of raw materials, intermediates and packaging
      components, which were caused by one of the Force Majeure Events described
      in Clause 13.1.

              

      

       

      
        	
                13.3  

              	
                If
      a Force Majeure Event prevents the performance by a Party of any
      obligations hereunder for a continuous period in excess of 12 weeks, the
      other Party shall be entitled to terminate this Agreement by written
      notice at any time after such 12 week period provided the relevant Force
      Majeure Event is continuing at the time such notice is
    given.

              

      

       

      
        	
                14  

              	
                TERM

              

      

       

      
        	
                14.1  

              	
                This
      Agreement shall be effective from the Commencement Date until March 31,
      2012.

              

      

       

      
        	
                15  

              	
                TERMINATION

              

      

       

      
        	
                15.1  

              	
                This
      Agreement may be terminated by either Party by giving to the other Party a
      notice in writing if the other Party commits a material breach of the
      terms of this Agreement and (where such breach is capable of remedy) fails
      to remedy such breach within 60 days of receiving a written notice from
      the terminating Party specifying the breach and requiring its
      remedy.

              

      

       

      
        	
                15.2  

              	
                This
      Agreement may be terminated by either Party immediately by giving a
      written notice to the other, if:

              

      

       

      
        	
                15.2.1  

              	
                a
      petition is filed by or against the other Party for commencement of
      bankruptcy proceeding (hasan-tetsuzuki-kaishi), commencement of corporate
      reorganization proceeding (kaishakousei-tetsuzuki-kaishi), commencement of
      civil rehabilitation proceeding
      (minjisaisei-tetsuzuki-kaishi),  or any other insolvency
      proceeding;

              

      

       

      
        	
                15.2.2  

              	
                the
      other Party is subject to seizure (sashiosae), sequestration
      (kari-sashiosae), preservative attachment (hozen-sashiosae), commencement
      of public auction (keibai),
      or other compulsory execution (kyousei-shikkou) or foreclosure
      (tanpoken-jikkou) proceeding against material assets of the other
      Party;

              

      

       

      
        	
                15.2.3  

              	
                the
      other Party is unable to pay its debts in the normal course of business;
      or

              

      

       

      
        	
                15.2.4  

              	
                there
      is a Change of Control of the other
Party.

              

      

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      

       

      
        	
                15.3  

              	
                Notwithstanding
      the provisions of Clause 15.1, this Agreement may be terminated by Nisshin
      by giving Amarin 30 days notice in writing, if Amarin fails to perform its
      duty as set forth in Clause 2.5, unless, within such 30 days, Amarin pays
      to Nisshin the amount corresponding to the unfulfilled purchases according
      to the minimum purchase quantities at the Price stated in Schedule
      One.

              

      

       

      
        	
                15.4  

              	
                This
      Agreement may be terminated by Nisshin by giving Amarin notice in writing
      without Nisshin incurring any liability or obligation whatsoever (except
      the obligations under Clause 9), if Nisshin is unable to continue
      manufacturing and supplying the Products to Amarin in accordance with its
      requirement due to disruption of supplies of raw materials or
      intermediates, which disruption cannot be recovered within reasonable
      time, provided that Nisshin shall without delay inform Amarin of
      occurrence of such event in order to give Amarin an opportunity to seek
      alternative sources.

              

      

      

      
        	
                16  

              	
                CONSEQUENCES
      OF TERMINATION

              

      

       

      
        	
                16.1  

              	
                In
      the event that this Agreement is terminated, neither Party shall be
      entitled to compensation of damages for lost profits arising out of the
      termination of this Agreement.

              

      

       

      
        	
                16.2  

              	
                Notwithstanding
      any provisions herein to the contrary, in the event that this Agreement is
      terminated for any reason, Amarin shall purchase and take delivery of all
      the Products manufactured by Nisshin according to Orders placed by Amarin
      at the Price stipulated herein, and shall purchase, at cost, all stocks of
      the Products either manufactured or in the process of being manufactured
      for Amarin, including unused intermediates that Nisshin
      stores.

              

      

       

      The
provisions of Clauses 6, 9, 12, 16 and 18 shall survive the expiration or
termination of this Agreement up to three years after the expiration or
termination of this Agreement.

       

      
        	
                17  

              	
                ASSIGNMENT

              

      

       

      Neither
Party may assign this Agreement or any of its rights or obligations under this
Agreement without the prior written consent of the other Party which consent
shall not be unreasonably withheld or delayed provided, however,
that:

      

      
        	
                17.1.

              	
                either
      Party may assign this Agreement, in whole or in part, to an affiliate of
      the assigning Party; provided, that the assigning Party guarantees the
      performance of such affiliate hereunder;
and

              

      

      

      
        	
                17.2

              	
                Amarin
      may assign this Agreement, in whole, to the Potential Partner disclosed
      under this Agreement pursuant to Clause 12.9 who acquires, by merger, sale
      of assets or otherwise, all or substantially all of the business of the
      assigning Party in which the subject matter of this Agreement is
      included.

              

      

      

      
        	
                18  

              	
                MISCELLANEOUS

              

      

       

      
        	
                18.1  

              	
                All
      notices, consents, approvals or other communications hereunder shall be in
      writing and shall be delivered personally or by registered or certified
      mail, postage prepaid, or sent by fax, addressed to the authorised
      personnel at relevant Party and at such address as each Party shall from
      time to time notify the other in writing. Any such notice,
      consent,

              

      

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      approval
and other communication shall be deemed given, in the case of personal delivery,
on the date of delivery, in the case of mailing, on the fifth (5th) day
following its deposit in the mail and in the case of a fax, on the next business
day after the day of transmission provided the sender’s facsimile machine
produces a report showing complete and successful transmission to the correct
facsimile number.

       

      
        	
                18.2  

              	
                Nothing
      in this Agreement shall constitute or be deemed to constitute the creation
      of a partnership, agency, or employer/employee relationship between the
      parties.

              

      

       

      
        	
                18.3  

              	
                This
      Agreement, together with the Specifications and the Schedules attached
      hereto, constitutes the entire agreement and understanding of the parties
      and supersedes any previous agreement between Nisshin and Amarin in
      relation to the subject matter of this Agreement. This Agreement,
      the Specification, and the Schedules attached hereto or any order may only
      be modified only by a written document signed on behalf of each of the
      parties.  If there are any inconsistencies between the terms and
      conditions of this Agreement and the terms and conditions set forth in any
      quotation, order, acknowledgement or invoice, the terms and conditions of
      this Agreement shall prevail.

              

      

       

      
        	
                18.4  

              	
                If
      any provision of this Agreement is held by any court or other competent
      authority to be invalid or unenforceable in whole or in part, it shall be
      deemed severed from this Agreement and the validity of the other
      provisions and the remainder of the provision in question shall not be
      affected.

              

      

       

      
        	
                18.5  

              	
                This
      Agreement shall be governed by and construed in accordance with the laws
      of Japan.

              

      

       

      
        	
                18.6  

              	
                The
      parties hereto shall submit to the exclusive jurisdiction of the Tokyo
      District Court of Japan with respect to any dispute arising from this
      Agreement.

              

      

       

      

       

      IN
WITNESS HEREOF, each of the Parties has caused this Agreement to be executed by
its duly authorized representative on and as of the date first written
above.

       

      

      
        	
                NISSHIN
      PHARMA, INC.

              	 
      
	 
      	 
      
	 
      	 
      
	
                By:__________________________________

              	
                Date: 
      ____________________, 2009

              
	
                Name:
      Toshinori Shiragami

              	 
      
	
                Title:   President

              	 
      
	 
      	 
      
	
                AMARIN
      PHARMACEUTICALS IRELAND LTD.

              	 
      
	 
      	 
      
	 
      	 
      
	
                By:__________________________________

              	
                

                  Date: 
      ____________________, 2009

                

              
	
                Name:
      Alan Cooke

              	 
      
	
                Title:   Director

              	 
      

      

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      SCHEDULE
ONE

       

      

      PRICES
/ MINIMUM PURCHASE REQUIREMENTS / MILESTONE PAYMENTS

      

      PRICES

      

      The Price
for the first five (5) metric tons of the Product purchased from Nisshin by
Amarin in each Fiscal Year (as defined below) is JPY [***********].

      

      The Price
(the "Mid-Tier Price") for any amount of Product purchased from Nisshin by
Amarin after the first five (5) metric tons, but not in excess of twelve (12)
metric tons of Product in each Fiscal Year (as defined below) is as
follows:

      

      
         
[***********] for the part
after the first five (5) metric tons,

      

       

      but not
excess eight (8) metric tons, and

       

      
         
[***********] for the part
after the eight (8) metric tons,

      

       

      but not
excess twelve (12) metric tons.

      

      If
Nisshin presents evidence that its manufacturing cost for the Products has
increased, because of significant changes in matters beyond its reasonable
control, such as the price of crude fish oil, and that such change has been
independently recognized by an industry-recognized credible source, then Amarin
and Nisshin will discuss the revision of the aforementioned prices for the
Product in good faith. If the aforementioned discussion cannot be successfully
completed remotely, then the Parties will be obligated to meet in person to
discuss the aforementioned matter in good faith.

      

      

      

      

      [***
10 lines omitted ***]

      

      

      

      

        

      

       

        CONFIDENTIAL
INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION. ASTERISKS [*] DENOTE SUCH OMISSIONS.

      

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      

      MINIUMUM
PURCHASE REQUIREMENTS

      Amarin
shall purchase the following minimum amounts of the Product from each April to
March fiscal year ("Fiscal Year") beginning in the calendar year first indicated
in each item a-d below.

      

      
        	 
      	
                a)

              	
                2008-2009

              	
                1.62
      metric tons

                 

              
	 
      	
                b)

              	
                2009-2010

              	
                1.08
      metric tons

                 

              
	 
      	
                c)

              	
                2010-2011

              	
                3.24
      metric tons

                 

              
	 
      	
                d)

              	
                2011-2012

              	
                3.24
      metric tons

              

      

      

      MILESTONE
PAYMENTS

      

      Amarin
shall make the following non-refundable one-time payments to Nisshin upon
satisfaction of the conditions set forth below:

      

                 a)           USD500,000
upon the signing of this Agreement by both Parties; and

      

                 b)          USD500,000
upon the first Marketing Approval of  the Product in the US or the
EU.

      

      For the
avoidance of doubt, the Parties acknowledge that Amarin shall be required to pay
each of the Milestone Payments only one time and provided that the related
condition has been satisfied.  Further, the Parties also acknowledge
that the Milestone Payments are not refundable by Nisshin even in case the
Parties’ discussion does not result in execution of the Long-Term
Agreement.

       
 

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

       SCHEDULE
TWO

      

      THE
PRODUCTS

      

      Products

      

      Products
means the E-EPA pharmaceutical drug substance which meets the Specification
defined in the Schedule Three and manufactured by Nisshin and

      

      E-EPA
means:

      

      the
compound which chemical name is

       

      
        	 
      	
                Ethyl
      (5Z,8Z,11Z,14Z,17Z)-5,8,11,14,17-icosapentaenoate

              

      

      

      Company
Code Name which is described in the US-DMF and EDMF is

       

      
        	 
      	
                EPA-E

              

      

      

      Common
name is

       

      
        	 
      	
                Ethyl
      eicosapentaenoate

              

      

      

      and

       

      Chemical
Abstracts Registry (CAS) Number  is

       

      
        	 
      	
                73310-10-8

              

      

      

      

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      SCHEDULE
THREE

      

      

      

      [***
Approximately 34 lines omitted ***]

      

      

        

      

       

        CONFIDENTIAL
INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION. ASTERISKS [*] DENOTE SUCH OMISSIONS.

      

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      SCHEDULE
FOUR

      

      AMARIN’s
CURRENT INVESTORS

      

      
        	
                Shareholder

              	
                Shares

              	
                Basic
      %

              
	 
      	 
      	 
      
	
                Sofinnova
      Venture Partners VII, LP

              	
                3,586,957

              	
                13.26%

              
	
                Orbimed
      Advisors LLC

              	
                3,260,870

              	
                12.06%

              
	
                Thomas,
      McNerney & Partners LLC

              	
                2,173,913

              	
                8.04%

              
	
                Panorama
      Capital LP

              	
                1,847,826

              	
                6.83%

              
	
                Sunninghill
      Limited

              	
                1,465,755

              	
                5.42%

              
	
                Simon
      Kukes

              	
                1,277,695

              	
                4.72%

              
	
                Longitude
      Venture Partners, LP

              	
                1,086,957

              	
                4.02%

              
	
                Amarin
      Investment Holding Limited

              	
                1,072,906

              	
                3.97%

              
	
                Fountain
      Healthcare Partners Fund

              	
                217,391

              	
                0.80%

              
	
                Michael
      Walsh

              	
                74,828

              	
                0.28%

              
	 
      	 
      	 
      
	
                Total

              	
                16,065,098

              	
                59.40%

              

      

      

     

     

     

     

     

     

     

     

     

    19

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