Document:

EX-10.24

Exhibit 10.24

KEYCORP

DIRECTORS’ SURVIVOR BENEFIT PLAN

Effective as of September 1, 1990

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Page	 
	ARTICLE I
	 	PURPOSE: EFFECTIVE DATE
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE II
	 	DEFINITIONS
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	2.1 Beneficiary
	 	 	1	 
	 	 	 	 	2.2 Board
	 	 	1	 
	 	 	 	 	2.3 Committee
	 	 	1	 
	 	 	 	 	2.4 Company
	 	 	1	 
	 	 	 	 	2.5 Participant
	 	 	1	 
	 	 	 	 	2.6 Participation Agreement
	 	 	1	 
	 	 	 	 	2.7 Year of Service
	 	 	1	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE III
	 	PARTICIPATION
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	3.1 Eligibility and Participation
	 	 	2	 
	 	 	 	 	3.2 Suicide
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IV
	 	BENEFITS
	 	 	2	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	4.1 Death During Active Service on the Board
	 	 	2	 
	 	 	 	 	4.2 Death After Termination of Board Service
	 	 	2	 
	 	 	 	 	4.3 Payment of Benefits
	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE V
	 	BENEFICIARY DESIGNATION
	 	 	3	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	5.1 Beneficiary Designation
	 	 	3	 
	 	 	 	 	5.2 Changing Beneficiary
	 	 	3	 
	 	 	 	 	5.3 Community Property
	 	 	3	 
	 	 	 	 	5.4 No Beneficiary Designation
	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VI
	 	ADMINISTRATION
	 	 	4	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	6.1 Committee Duties
	 	 	4	 
	 	 	 	 	6.2 Agents
	 	 	4	 
	 	 	 	 	6.3 Binding Effect of Decisions
	 	 	4	 
	 	 	 	 	6.4 Indemnity of the Committee
	 	 	5	 

(i)

 

TABLE OF CONTENTS

(Continued)

	 	 	 	 	 	 
	 	 	 	 	 	Page	 
	ARTICLE VII	 	CLAIMS PROCEDURE
	5
	 	 	 	 	 

	 	 	 	 	7.1 Claim 
	5
	 	 	 	 	7.2 Review of Claim 
	5
	 	 	 	 	7.3 Notice of Denial of Claim 
	5
	 	 	 	 	7.4 Reconsideration of Denied Claim 
	5
	 	 	 	 	7.5 Company to Supply Information 
	6
	 	 	 	 	 

	ARTICLE VIII	 	TERMINATION AMENDMENT 
	6
	 	 	 	 	 

	 	 	 	 	8.1 Amendment 
	6
	 	 	 	 	8.2 Termination 
	6
	 	 	 	 	 

	ARTICLE IX	 	MISCELLANEOUS 
	7
	 	 	 	 	 

	 	 	 	 	9.1 Unsecured General Creditor 
	7
	 	 	 	 	9.2 Trust Fund 
	7
	 	 	 	 	9.3 Nonassignability 
	7
	 	 	 	 	9.4 Not A Contract of Employment 
	7
	 	 	 	 	9.5 Protective Provisions 
	7
	 	 	 	 	9.6 Governing Law 
	7
	 	 	 	 	9.7 Validity 
	8
	 	 	 	 	9.8 Notice 
	8
	 	 	 	 	9.9 Successors 
	8

(ii)

 

KEYCORP

DIRECTORS’ SURVIVOR BENEFIT PLAN

ARTICLE I

PURPOSE: EFFECTIVE DATE

 

     The purpose of this Directors’ Survivor Benefit Plan (hereinafter referred to as the “Plan”),
is to provide death benefits to the Beneficiaries of eligible Directors of KeyCorp. It is intended
that the Plan will aid in retaining and attracting Directors of exceptional ability by providing
them with these benefits. This Plan shall be effective as of September 1, 1990.

ARTICLE II

DEFINITIONS

 

     For purposes of this plan, the following terms shall have the meanings indicated, unless the
context clearly indicates otherwise:

     2.1 BENEFICIARY. “Beneficiary” means the person, persons or entity entitles under Article V to
receive Plan benefits payable upon a Participant’s death.

     2.2 BOARD. “Board” means the Board of Directors of KeyCorp.

     2.3 COMMITTEE. “Committee” means the Compensation Committee of the Board.

     2.4 COMPANY. “Company means KeyCorp, a New York Corporation, or any successor to the business
thereof.

     2.5 PARTICIPANT. “Participant” means any individual who meets the conditions for participation
described in Article III.

     2.6 PARTICIPATION AGREEMENT. “Participation Agreement” means the agreement filed by a
Participant on a form prescribed by the Committee which acknowledges assent to the terms of the
Plan.

     2.7 YEAR OF SERVICE. “Year of Service” means twelve (12) months of service on the Board.

1

 

ARTICLE III

PARTICIPATION

 

     3.1 ELIGIBILITY AND PARTICIPATION.

	 	(a)	 	ELIGIBILITY. Eligibility to participate in the Plan shall be
limited to Directors of the Company.
	 
	 	(b)	 	PARTICIPATION. A Director’s participation in the Plan shall be
effective upon notification of the Director of eligibility to participate,
completion of a Participation Agreement by the Director and acceptance of the
Participation Agreement by the Committee.

     3.2 SUICIDE. No benefits shall be paid under this Plan upon the death of a Participant by
reason of suicide within twenty-four (24) months after signing a Participation Agreement.

ARTICLE IV

BENEFITS

 

     4.1 DEATH DURING ACTIVE SERVICE ON THE BOARD. Upon the death of a
Participant who is a member of the Board of Directors, the Company shall pay the Participant’s
Beneficiary one hundred thousand dollars ($100,000) plus the amount needed to pay all federal and
state income taxes on the benefit herein provided, based upon the highest combined federal and
state marginal tax rate applicable to the Beneficiary in the year of the Participant’s death.

     4.2 DEATH AFTER TERMINATION OF BOARD SERVICE.

	 	(a)	 	If a Participant terminates service on the Board after five (5)
or more Years of Service, upon the death of the Participant, the Company shall
pay the Participant’s Beneficiary one hundred thousand dollars ($100,000) plus
the amount needed to pay all federal and state income taxes on the benefit
provided, based upon the highest combined federal and state marginal tax rate
applicable to the Beneficiary in the year of the Participant’s death.
	 
	 	(b)	 	If a Participant terminates service on the Board with less
than five (5) Years of Service, no benefits shall be payable under this Plan
to either the Participant or the Participant’s Beneficiary.

2

 

     4.3 PAYMENT OF BENEFITS. Any benefits due to a Beneficiary under this plan shall be payable
within one hundred twenty (120) days after all documents prescribed by the Committee have been
forwarded to the Company.

ARTICLE V

BENEFICIARY DESIGNATION

 

     5.1 BENEFICIARY DESIGNATION. Subject to Section 5.3, each Participant shall have the right, at
any time, to designate one or more persons or an entity as Beneficiary (both primary as well as
secondary) to whom benefits under this Plan shall be paid in the event of the Participant’s death.
Each Beneficiary designation shall be in written form prescribed by the Committee and shall be
effective only when filed with the Committee during the Participant’s lifetime.

     5.2 CHANGING BENEFICIARY. Subject to Section 5.3, any Beneficiary designation may be changed
by a Participant without the consent of the previously named Beneficiary by the filing of a new
designation with the Committee. The filing of a new designation shall cancel all designations
previously filed.

     5.3 COMMUNITY PROPERTY. If the Participant resides in a community property state, the
following rules shall apply:

	 	(a)	 	Designation by a married Participant of a Beneficiary other
than the Participant’s spouse shall not be effective unless the spouse executes
a written consent that acknowledges the effect of the designation, or it is
established the consent cannot be obtained because the spouse cannot be
located.
	 
	 	(b)	 	A married Participant’s Beneficiary designation may be changed
by a Participant with the consent of the Participant’s spouse as provided for
in Section 5.3(a) by the filing of a new designation with the Committee.
	 
	 	(c)	 	If the Participant’s marital status changes after the
Participant has designated a Beneficiary, the following shall apply:

	 	(i)	 	If the Participant is married at the time of
death but was unmarried when the designation was made, the designation
shall be void unless the spouse has consented to it in the manner
prescribed in Section 5.3(a).
	 
	 	(ii)	 	If the Participant is unmarried at the time of
death but was married when the designation was made:

3

 

	 	a)	 	The designation shall be void if
the spouse was named as Beneficiary.
	 
	 	b)	 	The designation shall remain
valid if a nonspouse Beneficiary was named.

	 	(iii)	 	If the Participant was married when the
designation was made and is married to a different spouse at death, the
designation shall be void unless the new spouse has consented to it in
the manner prescribed above.

     5.4 NO BENEFICIARY DESIGNATION. If any Participant fails to designate a
Beneficiary in the manner provided above, if the designation is void, or if the Beneficiary
designated by a deceased Participant dies before the Participant or before complete distribution of
the Participant’s benefits, the Participant’s Beneficiary shall be the person in the first of the
following classes in which there is a survivor:

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

ARTICLE VI

ADMINISTRATION

 

     6.1 COMMITTEE DUTIES. This Plan shall be administered by the Compensation Committee of the
Board. The Committee shall have the authority to make, amend, interpret and enforce all appropriate
rules and regulations for the administration of the Plan and decide or resolve any and all
questions, including interpretations of the Plan, as may arise in such administration. A majority
vote of the Committee members shall control any decision. Members of the Committee may be
Participants under this Plan.

     6.2 AGENTS. The Committee may, from time to time, employ other agents and delegate to them
such administrative duties as it sees fit, and may from time to time consult with counsel who may
be counsel to Company.

     6.3 BINDING EFFECT OF DECISIONS. The decision or action of the Committee in respect of any
questions arising out of or in connection with the administration, interpretation and application
of the Plan in the rules and regulations promulgated hereunder shall be final and conclusive and
binding upon all persons having any interest in Plan.

4

 

     6.4 INDEMNITY OF THE COMMITTEE. Company shall indemnify and hold harmless the Committee
against any and all claims, loss, damage, expense or liability arising from any action or failure
to act with respect to this Plan, except in the case of gross negligence or willful misconduct.

ARTICLE VII

CLAIMS PROCEDURE

 

     7.1 CLAIM. The Committee shall establish rules and procedures to be followed by Participants
and Beneficiaries in (a) filing claims for benefits, and (b) for furnishing and verifying proofs
necessary to establish the right to benefits in accordance with the Plan, consistent with the
remainder of this Article. Such rules and procedures shall require that claims and proofs be made
in writing and directed to the Committee.

     7.2 REVIEW OF CLAIM. The Committee shall review all claims for benefits. Upon receipt by the
Committee of such a claim, it shall determine all facts which are necessary to establish the right
of the claimant to benefits under the provisions of the Plan and the amount thereof as herein
provided within ninety (90) days of receipt of such claim. If prior to the expiration of the
initial ninety (90) day period, the Committee determines additional time is needed to come to a
determination on the claim, the Committee shall provide written notice to the Participant,
Beneficiary or other claimant of the need for the extension, not to exceed a total of one hundred
eighty (180) days from the date the application was received.

     7.3 NOTICE OF DENIAL OF CLAIM. In the event that any Participant, Beneficiary or other
claimant claims to be entitled to a benefit under the Plan, and the Committee determines that such
claim should be denied in whole or in part, the Committee shall, in writing, notify such claimant
that the claim has been denied, in whole or in part, setting forth the specific reasons for such
denial. Such notification shall be written in a manner reasonably expected to be understood by such
claimant and shall refer to the specific sections of the Plan relied on, shall describe any
additional material or information necessary for the claimant to perfect the claim and an
explanation of why such material or information is necessary, and where appropriate,

     7.4 RECONSIDERATION OF DENIED CLAIM.

	 	(a)	 	Within sixty (60) days after receipt of the notice of the
denial of a claim, such claimant or duly authorized representative may request,
by mailing or delivery of such written notice to the Committee, a
reconsideration by the Committee of the decision denying the claim. If the
claimant or duly authorized representative fails to request such a
reconsideration within such sixty (60) day period, it shall be conclusively
determined for all purposes of this Plan that the denial of such claim by the
Committee is correct. If such claimant or duly authorized representative
requests a reconsideration within such sixty (60) day period, the claimant or
duly

5

 

	 	 	 	authorized representative shall have thirty (30) days after filing a request
for reconsideration to submit additional written material in support of this
claim, review pertinent documents, and submit issues and comments in
writing.

	 	(b)	 	After such reconsideration request, the Committee shall
determine within sixty (60) days of receipt of the claimant’s request for
reconsideration whether such denial of the claim was correct and shall notify
such claimant in writing of its determination. The written notice of decision
shall be in writing and shall include specific reasons for the decision,
written in a manner calculated to be understood by the claimant, as well as
specific references to the pertinent Plan provisions on which the decision is
based. In the event of special circumstances determined by the Committee, the
time for the Committee to make a decision may be extended by an additional
sixty (60) days upon written notice to the claimant prior to the commencement
of the extension. If such determination is favorable to the claimant, it shall
be binding and conclusive. If such determination is adverse to such claimant,
it shall be binding and conclusive unless the claimant or his duly authorized
representative notifies the Committee within ninety (90) days after mailing or
delivery to the claimant by the Committee of its determination that claimant
intends to institute legal proceedings challenging the determination of the
Committee and actually institutes such legal proceeding within one hundred
eighty (180) days after such mailing or delivery.

     7.5 COMPANY TO SUPPLY INFORMATION. To enable the Committee to perform
its functions, the Company shall supply full and timely information to the Committee of all matters
relating to the retirement, death or other cause for termination of employment of all Participants,
and such other pertinent facts as the Committee may require.

ARTICLE VIII

TERMINATION AMENDMENT

 

     8.1 AMENDMENT. The Board may, in its sole discretion, amend this Plan at any time or from time
to time. Any amendment may provide different benefits or amounts of benefits from those herein set
forth. However, no such amendment shall reduce the amount of benefit payable with respect to a
Participant who has terminated service on the Board before the effective date of the amendment.

     8.2 TERMINATION. The Board may, in its sole discretion, terminate this Plan at any time. The
Participants shall have no right to continuation of the death benefit protection provided by this
Plan. However, no such termination shall prevent the payment of benefits with respect to
Participants who have terminated service on the Board before the effective date of termination.

6

 

ARTICLE IX

MISCELLANEOUS

 

     9.1 UNSECURED GENERAL CREDITOR. Participants and their Beneficiaries, heirs, successors and
assigns shall have no legal or equitable rights, interest or claims in any property or assets of
Company, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life
insurance policies or the proceeds therefrom owned or which may be acquired by the Company. Any and
all other Company assets and policies shall be, and remain, the general, unpledged, and
unrestricted assets of the Company. Company’s obligation under the Plan shall be that of an
unfunded and unsecured promise of Company to pay money.

     9.2 TRUST FUND. At its discretion, Company may establish one or more trusts, with such
trustees as the Board may approve, for the purpose of providing for the payment of benefits owed
under the Plan. Although such a trust shall be irrevocable, its assets shall be held for payment of
all Company’s general creditors in the event of insolvency or bankruptcy. To the extent any
benefits provided under the Plan are paid from any such trust, Company shall have no further
obligation to pay them. If not paid from the trust, such benefits shall remain the obligation of
Company.

     9.3 NONASSIGNABILITY. A Participant, Beneficiary nor any other person
shall have no right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof. Such amounts and all rights under this Plan are expressly declared
to be unassignable and nontransferable. No part of the amounts payable shall, prior to actual
payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or
separate maintenance owed by Participant or any other person, nor be transferable by operation of
law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

     9.4 NOT A CONTRACT OF EMPLOYMENT. The terms and conditions of this Plan
shall not be deemed to constitute a contract of employment between Company and the Participant, and
the Participant or Beneficiary shall have no rights against Company except as may otherwise be
specifically provided herein. Moreover, nothing in this Plan shall be deemed to give a Participant
the right to be retained in the service of Company or to interfere with the right of Company to
discipline or discharge the Participant at any time.

     9.5 PROTECTIVE PROVISIONS. A Participant or Beneficiary will cooperate
with Company by furnishing any and all information requested by Company, in order to facilitate the
payment of benefits hereunder, and by taking such physical examinations as Company may deem
necessary and taking such other action as may be requested by Company.

     9.6 GOVERNING LAW. The provision of this Plan shall be construed and interpreted according to
the laws of the State of New York.

7

 

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

     9.8 NOTICE. Any notice or firing required or permitted to be given to the Committee under the
Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail
to the Committee. Such notice shall be deemed given as of the date of delivery or, if delivery is
made by mail, as of the date shown on the postmark on the receipt for registration or
certification.

     9.9 SUCCESSORS. Provisions of this Plan shall bind and inure to the benefit of KeyCorp and its
successors and assigns. The term successors as used herein shall include any corporate or other
business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of KeyCorp, and successors of any such corporation or
other business entity. IN WITNESS WHEREOF, and pursuant to resolution of the Board of KeyCorp, such
corporation has caused this instrument to be executed by its duly authorized officers effective as
of September 1, 1990.

	 	 	 	 	 
	 	 	KEYCORP
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Chairman
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Dated:	 	 
	 

	 	 	 	 

8EX-10.25

Exhibit 10.25

KEYCORP

EXCESS CASH BALANCE PENSION PLAN

ARTICLE I

THE PLAN

     The KeyCorp Excess Cash Balance Pension Plan (“Plan”) originally established effective January
1, 1995, is hereby amended and restated in its entirety effective January 1, 1998. The Plan as
amended and restated is intended to provide certain key Employees of KeyCorp with a Plan benefit
that is generally equal to the benefit that the Participant would have been eligible to receive
under the KeyCorp Cash Balance Pension Plan but for the limitations imposed by Section 401(a)(17)
and Section 415 of the Internal Revenue Code of 1986, as amended. It is the intention of the Plan
and it is the understanding of those Participants covered under the Plan that the Plan is unfunded
for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of
1974, as amended.

ARTICLE II

DEFINITIONS

2.1 Meanings of Definitions. As used herein, the following words and phrases shall have
the meanings hereinafter set forth, unless a different meaning is plainly required by the context:

     (a) “Beneficiary” shall mean the Participant’s surviving spouse who is entitled to receive any
Plan benefits in the event the Participant dies before his or her Excess Pension Benefit shall have
been distributed to him or her in full.

     (b) “Credited Service” shall be calculated by measuring the period of service commencing on
the Participant’s Employment Commencement Date and Re-Employment Commencement Date, if applicable,
and ending on the Participant’s Severance from Service Date, and shall be computed based on each
full month during which time the Employee is employed by an Employer.

     (c) “Compensation” of a Participant for any Plan Year or any partial Plan Year in which the
Participant incurs a Severance From Service Date shall mean the entire amount of compensation paid
to such Participant during such period by reason of his employment as an Employee, as reported for
federal income tax purposes, or which would have been paid except for (1) the timing of an
Employer’s payroll processing operations, (2) the Participant’s written election to defer the
receipt of compensation during the Plan Year, (3) the provisions of the KeyCorp 401(k) Savings
Plan, or (4) the provisions of the KeyCorp Flexible Benefits Plan provided, however, the term shall
not include:

	 	(i)	 	any amount attributable to the Participant’s exercise
of stock appreciation rights and the amount of any gain to the
Participant upon the exercise of stock options;
	 
	 	(ii)	 	any amount attributable to the Participant’s receipt of
non-cash remuneration whether or not it is included in the
Participant’s income for federal income tax purposes;

 

 

	 	(iii)	 	any amount attributable to the Participant’s receipt of moving
expenses and any relocation bonus paid to the Participant during the Plan Year;
	 
	 	(iv)	 	any amount attributable to any severance paid by an
Employer or the Corporation to the Participant;
	 
	 	(v)	 	any amount attributable to fringe benefits (cash and
non-cash),
	 
	 	(vi)	 	any amount attributable to any bonus or payment made as
an inducement for the Participant to accept employment with an
Employer,
	 
	 	(vii)	 	any amount attributable to salary deferrals paid to
the Participant during the Plan Year, which have been previously
included as Compensation under the Plan during the Plan Year or any
prior Plan Year,
	 
	 	(viii)	 	any amount paid to the Participant during the Plan Year which is
attributable to interest earned on Compensation deferred under a plan
of an Employer or the Corporation; and
	 
	 	(ix)	 	any amount paid for any period after the Participant’s
Termination or Retirement date; and

     In determining a Participant’s Compensation under the provisions of this Section 2.1(c), for
those Plan Participants who participate in a line of business incentive plan (other than the
KeyCorp Annual Incentive Plan, the KeyCorp Long Term Incentive Plan and/or the KeyCorp Staff
Incentive Plan), compensation up to a Plan maximum of $500,000 minus the amount of the
Participant’s compensation utilized in computing his or her Pension Plan benefit in accordance with
Section 401(a)(17) of the Code shall be utilized in calculating the Participant’s benefit under the
Plan.

     In the case of a Disabled Participant, such Participant’s Compensation for each year while
Disabled shall equal an amount which shall reflect the Participant’s Compensation for the calendar
year preceding the date of the Participant’s Disability.

     (d) “Corporation” shall mean KeyCorp, an Ohio corporation, its corporate successors, and any
corporation or corporations into or with which it may be merged or consolidated.

     (e) “Employee” shall mean a common law employee who is employed by an Employer; provided,
however, the term “Employee” shall not include any person who at the time services are performed is
not classified as a common law employee by the Employer even though such person may for federal
income tax purposes, federal employment tax purposes, or any other purpose be reclassified by the
Employer as a common law employee retroactive to when such services were performed by reason of
administrative, judicial, regulatory or other governmental action.

     (f) “Employer” shall mean KeyCorp and all of its subsidiaries or affiliates unless
specifically excluded as an Employer for Plan purposes by written action by an officer of the
Corporation. An Employer’s participation shall be subject to any and all conditions and
requirements made by the Corporation as the Plan Administrator, and each Employer shall be deemed
to have appointed the Plan Administrator as its exclusive agent under the Plan.

2

 

     (g) “Excess Pension Benefit” shall mean the vested pension benefit payable pursuant to the
terms of this Plan to a Participant meeting the eligibility requirements of Section 3.1 of the
Plan.

     (h) “Interest Credit” shall mean the rate at which a Participant’s Opening Account Balance as
provided for under Section 3.3 of the Plan is periodically increased on a bookkeeping basis. The
Interest Credit allocated to a Participant’s Opening Account Balance shall be determined based on
one-quarter of the effective annual calendar-year interest rate equal to the average (rounded to
the nearest one-hundredth of one percent) 5-year United States Treasury Bill rate in effect each
month during the twelve (12) month period ending on October 31 or the last business day in October
of the preceding calendar year. The procedures to determine such Interest Credit shall be
determined by the Pension Trust Oversight Committee, and the Pension Trust Oversight Committee in
its sole and exclusive discretion may modify the Interest Credit to be allocated under the Plan.

     (i) “Participant” shall mean an Employee who is a participant in the Pension Plan and who is
selected by the Corporation to become a Participant in the Plan, and whose participation in the
Plan has not been terminated by the Corporation.

     (j) “Pension Plan” shall mean the KeyCorp Cash Balance Pension Plan as the same shall be in
effect on the date of a Participant’s Retirement, death, Disability or other termination of
employment.

     (k) “Retirement” shall mean the termination of employment of a Participant under circumstances
in which the Participant begins to receive an Early Retirement or Normal Retirement Date benefit
under the KeyCorp Cash Balance Pension Plan.

     (l) “Supplemental Retirement Plan” shall mean the KeyCorp Supplemental Retirement Plan
(formerly known as the Society Corporation Supplemental Retirement Plan), the KeyCorp Supplemental
Retirement Benefit Plan, and the KeyCorp Supplemental Retirement Benefit Plan for Key Executives,
with all amendments, modifications, and supplements which may be made thereto.

     (m) “Termination” shall mean the voluntary or involuntary and permanent termination of a
Participant’s employment from his or her Employer and any other Employer, whether by resignation or
otherwise.

     All other capitalized and undefined terms used herein shall have the meanings given them in
the Pension Plan, unless a different meaning is plainly required by the context.

     The masculine gender includes the feminine, and singular references include the plural, unless
the context clearly requires otherwise.

ARTICLE III

EXCESS PENSION BENEFIT

3.1 Eligibility. Subject to the provisions of Article V hereof, a Participant shall be
eligible for an Excess Pension Benefit hereunder if the Participant (i) retires on or after age 65
with five or more years of Credited Service, (ii) terminates employment with an Employer on or
after age 55 with ten or more years of Credited Service, (iii) terminates his active employment
with an Employer upon becoming Disabled after completing five or more years of Credited Service and
disability benefits have ceased
under the KeyCorp Long-Term Disability Plan due to the Participant’s election of an Early or Normal
Retirement

3

 

under the Pension Plan, or (iv) dies after completing five years of Credited Service,
and has a Beneficiary who is eligible for a benefit under the Pension Plan.

3.2 Amount of Excess Pension Benefit. The Excess Pension Benefit payable to a Participant
shall be in such amount as is required, when added to the Accrued Benefit payable in lump sum form
to the Participant under the Pension Plan as of the Participant’s Retirement or Termination date,
to produce a lump sum cash aggregate benefit equal to the benefit which would have been payable
under the Pension Plan formula in lump sum form to the Participant if the limitations of Section
401(a)(17) of the Code and the limitations of Section 415 of the Code had not been in effect. For
purposes of this Section 3.2 hereof, the term “Pension Plan formula” means the method of
calculating a Participant’s pension benefit as reflected in Article IV of the Pension Plan, and
shall not include any Predecessor Plan Grandfathered Benefits formula.

3.3 Opening Account Balance.

(1) Effective January 1, 1995, all “Employees” (other than “Grandfathered Employees”) as
defined in the Society Corporation Supplemental Retirement Plan, as amended and restated as
the KeyCorp Supplemental Retirement Plan (“Supplemental Retirement Plan”) whose Supplemental
Retirement Plan benefit was valued as of January 1, 1995 in the form of a lump sum cash
benefit and thereafter the value of which was transferred to the Plan pursuant to the
provisions of Article IX of the Supplemental Retirement Plan, shall have the value of such
lump sum cash benefit reflected in a bookkeeping opening account balance (“Opening Account
Balance”) established for such Participant. Such Opening Account Balance shall be credited
with Interest Credit as of the last day of each calendar quarter, based on the value of the
Participant’s Opening Account Balance as of the first day of the applicable quarter. A
Participant’s entitlement to such Opening Account Balance shall be governed by the
eligibility provisions of Section 3.1 of this Plan, and the value of the Opening Account
Balance shall be added to and become a part of such Participant’s Excess Pension Benefit, if
any, which shall be payable in accordance with the terms of this Plan.

(2) Effective January 1, 1995, all participants in the Ameritrust Corporation Excess Benefit
Plan and all participants in the Ameritrust Corporation Deferred Compensation Plan
(augmented retirement benefit) (hereinafter collectively referred to as “Ameritrust Plan”),
whose Ameritrust Plan benefit was valued as of January 1, 1995, in the form of a lump sum
cash benefit and thereafter the value of which was transferred to this Plan shall have the
value of such lump sum cash benefit reflected in a bookkeeping opening account balance
(“Opening Account Balance”) established for such Participant. Such Opening Account Balance
shall be credited with Interest Credit as of the last day of each calendar quarter, based on
the value of the Participant’s Opening Account Balance as of the first day of the applicable
quarter. A Participant shall be fully vested in such Opening Account Balance, and the value
of the Opening Account Balance shall be added to and become a part of such Participant’s
Excess Pension Benefit, if any, which shall be payable in accordance with the terms of this
Plan. If the Participant fails to meet eligibility requirements of Section 3.1 entitling
Participant to an Excess Pension Benefit accruing under this Plan on and after January 1,
1995, the Participant shall nonetheless receive, at his or her Termination date, the
Participant’s vested Opening Account Balance valued as of the Participant’s Termination
date, which shall be paid pursuant to the benefit distribution (payment) options contained
in Article IV of this Plan.

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ARTICLE IV

PAYMENT OF EXCESS PENSION BENEFIT

4.1 Immediate Payment Upon Termination or Retirement of Participant. Subject to the
provisions of Section 4.2 hereof, a Participant meeting the age and service eligibility
requirements of Section 3.1 shall receive an immediate distribution of his or her Excess Pension
Benefit upon the Participant’s Retirement or Termination date. Such Excess Pension Benefit shall
be paid as a lump sum payment, unless the Participant elects in writing, a minimum of one year
prior to his or her Retirement or Termination date to receive his or her distribution under a
different form of payment. The forms of payment from which a Participant may elect shall be
identical to those forms of payment provided under the Pension Plan.

     The Excess Pension Benefit payable to a Participant in a form other than a lump sum payment
shall be the actuarial equivalent to such lump sum cash payment. In making this determination as
provided for in this Article IV, the Corporation shall rely upon calculations made by independent
actuaries for the Pension Plan, who shall apply the actuarial assumptions and interest rate then in
use under the Pension Plan for converting to the form of payment elected by the Participant.

4.2 Payment Upon Death of Participant.

     (a) Upon the death of a Participant who has met the service requirement of Section 3.1, but
who has not yet commenced distribution of his or her Excess Pension Benefit, there shall be paid to
the Participant’s Beneficiary the Excess Pension Benefit which the Participant would have been
entitled to receive had the Participant retired on his or her date of death and commenced
distribution of his or her Excess Pension Benefit. Such Excess Pension Benefit shall be paid in
the form of a lump sum cash payment.

     (b) In the event of a Participant’s death after the Participant has commenced distribution of
his or her Excess Pension Benefit, there shall be paid to the Participant’s Beneficiary only those
survivor benefits provided under the form of benefit payment elected by the Participant.

ARTICLE V

ELECTION BETWEEN PLAN BENEFITS

5.1 Participant’s Election Between Plan Benefits. A Participant who meets the eligibility
requirements for an Excess Pension Benefit who is also a participant in and meets the eligibility
requirements for a benefit under the KeyCorp Executive Supplemental Pension Plan, shall be required
prior to the Participant’s Retirement or Termination date to elect a benefit from either the Plan
or from the KeyCorp Executive Supplemental Pension Plan. A Participant’s failure to elect between
Plan benefits prior to the Participant’s Retirement or Termination date shall result in an
automatic default election by the Participant of an Excess Pension Benefit under the Plan (and
shall extinguish all rights to a benefit under the KeyCorp Executive Supplemental Pension Plan).
Such Excess Pension Benefit shall be paid to the Participant as of his or her Retirement or
Termination date in the form of a lump sum cash payment.

5.2 Beneficiary Election Between Plan Benefits. If a Participant dies after having met the
eligibility requirements for an Excess Pension Benefit and the Participant at the time of his or
her death
is also a Participant in the KeyCorp Executive Supplemental Pension Plan and eligible for a benefit
under the KeyCorp Executive Supplemental Pension Plan, the Participant’s Beneficiary shall be
required to elect a death benefit from either the Plan or from the KeyCorp Executive Supplemental
Pension Plan, but in no event may the Participant’s Beneficiary elect a benefit under both the Plan
and the KeyCorp

5

 

Executive Supplemental Pension Plan. The terms of each respective Plan shall
control the form of payment which may be elected by the Participant’s Beneficiary.

     A Beneficiary’s failure to elect between Plan benefits within 120 days from the date of the
Participant’s death shall result in an automatic default election by the Beneficiary of an Excess
Pension Benefit under the Plan to be paid to the Beneficiary in a cash lump sum payment.

ARTICLE VI

ADMINISTRATION

6.1 Administration. The Corporation, which shall be the “Administrator” of the Plan for
purposes of ERISA and the “Plan Administrator” for purposes of the Code, shall be responsible for
the general administration of the Plan, for carrying out the provisions hereof, and for making
payments hereunder. The Corporation shall have the sole and absolute discretionary authority and
power to carry out the provisions of the Plan, including, but not limited to, the authority and
power (a) to determine all questions relating to the eligibility for and the amount of any benefit
to be paid under the Plan, (b) to determine all questions pertaining to claims for benefits and
procedures for claim review, (c) to resolve all other questions arising under the Plan, including
any questions of construction and/or interpretation, and (d) to take such further action as the
Corporation deems necessary or advisable in the administration of the Plan. All findings,
decisions and determinations of any kind made by the Plan Administrator shall not be disturbed
unless the Plan Administrator has acted in an arbitrary and capricious manner. Subject to the
requirements of law, the Plan Administrator shall be the sole judge of the standard of proof
required in any claim for benefits and in any determination of eligibility for a benefit. All
decisions of the Plan Administrator shall be final and binding on all parties. The Plan
Administrator may employ such attorneys, investment counsel, agents, and accountants as it may deem
necessary or advisable to assist it in carrying out its duties hereunder. The actions taken and
the decisions made by the Plan Administrator hereunder shall be final and binding upon all
interested parties subject, however, to the provisions of Section 6.2. The Plan Year, for purposes
of Plan administration, shall be the calendar year.

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

	 	(i)	 	the date on which the request was filed with the Plan Administrator; provided,
however, that the date on which the request for review was in fact filed with the Plan
Administrator shall control in the event that the date of the actual filing is later
than the date stated by the Claimant pursuant to this paragraph (i);
	 
	 	(ii)	 	the specific portions of the denial of the Claimant’s claim which the Claimant
requests the Plan Administrator to review;

6

 

	 	(iii)	 	a statement by the Claimant setting forth the basis upon which Claimant
believes the Plan Administrator should reverse its previous denial of the Claimant’s
claim and accept the Claimant’s claim as made;
	 
	 	(iv)	 	any written material which the Claimant desires the Plan Administrator to
examine in its consideration of the Claimant’s position as stated pursuant to paragraph
(iii) above.

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

ARTICLE VII

CORPORATE ASSETS

     All benefits paid under the Plan shall be payable solely out of the general assets of the
Corporation. The Corporation shall have no obligation to establish a trust or fund to fund its
obligation to pay benefits under the Plan or to insure any benefits under the Plan and nothing
contained in the Plan shall create or be construed as creating a trust of any kind or any other
fiduciary relationship between the Participant, the Corporation or any other person. It is the
intention of the Corporation and the Participant that the Plan be unfunded for tax purposes and for
purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The
Corporation may, in its sole discretion, combine the payment due and owing under the Plan with one
or more other payments owing to the Participant or the Participant’s Beneficiary under any other
plan, contract, or otherwise (other than any payment due under the Pension Plan) in one check,
direct deposit, wire transfer, or other means of payment.

ARTICLE VIII

AMENDMENT AND TERMINATION

     8.1 Termination or Amendment. The Corporation reserves the right to amend or terminate the
Plan at any time by action of its Board of Directors, or any duly authorized Committee thereof;
provided, however, that no such action shall adversely affect any Participant who has met the age
and service requirements of Section 3.1 or any Participant or Participant’s Beneficiary who is
receiving or who is eligible to receive an Excess Pension Benefit hereunder, unless an equivalent
benefit is provided under another plan maintained by an Employer.

     8.2 Effect of Plan Termination. Notwithstanding anything to the contrary contained in the
Plan, the termination of the Plan shall terminate the liability of the Corporation and all
Employers to provide for future benefits under the Plan.

7

 

ARTICLE IX

MISCELLANEOUS

9.1 Interest of Participant. The obligation of the Employer and of the Corporation to
provide a Participant or the Participant’s Beneficiary with an Excess Pension Benefit under the
Plan merely constitutes the unsecured promise of the Employer and the Corporation to make payments
as provided herein and no person shall have any interest in, or a lien or prior claim on any
property of the Employer or Corporation.

9.2 Benefits. Nothing in the Plan shall be construed to confer any right or claim upon any
person, firm, or corporation other than the Participant and the Participant’s Beneficiary who may
become entitled to an Excess Pension Benefit under the Plan.

9.3 No Present Interest. Subject to any federal statute to the contrary, no right or
benefit under the Plan and no right or interest in each Participant’s Plan benefit shall be subject
to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to
anticipate, alienate, sell, assign, pledge, encumber, or charge any right or benefit under the
Plan, or Participant’s Plan Account shall be void. No right, interest, or benefit under the Plan
or Participant’s Plan benefit shall be liable for or subject to the debts, contracts, liabilities,
or torts of the Participant or Beneficiary. If the Participant or Beneficiary becomes bankrupt or
attempts to alienate, sell, assign, pledge, encumber, or charge any right under the Plan or
Participant’s Plan benefit, such attempt shall be void and unenforceable.

9.4 Unfunded Plan. This Plan is an unfunded plan maintained primarily to provide deferred
compensation benefits for a select group of “management or highly-compensated employees” within the
meaning of Sections 201, 301, and 401 of ERISA, and therefore is exempt from the provisions of
Parts 2, 3, and 4 of Title I of ERISA.

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

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

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

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

8

 

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

9.10 Validity of Plan. The validity of the Plan shall be determined and the Plan shall be
construed and interpreted in accordance with the provisions of ERISA, the Code, and, to the extent
applicable, the laws of the State of Ohio. The invalidity or illegality of any provision of the
Plan shall not affect the validity or legality of any other part thereof.

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

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

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

9.14 Trust Fund. At its discretion, the Corporation may establish one or more trusts, with
such trustees as the Corporation may approve, for the purpose of providing for the payment of
benefits owed under the Plan. Although such a trust may be irrevocable, in the event of insolvency
or bankruptcy of the Corporation, such assets will be subject to the claims of the Corporation’s
general creditors. To the extent any benefits provided under the Plan are paid from any such
trust, the Employer shall have no further obligation to pay them. If not paid from the trust, such
benefits shall remain the obligation of the Employer.

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

9

 

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

     Executed at Cleveland, Ohio, to be effective as of the first day of January, 1998.

	 	 	 	 	 	 	 
	 	 	KEYCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 

10

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