Document:

EX-10.22

Exhibit 10.22

KEYCORP AMENDED AND RESTATED

SECOND DIRECTOR DEFERRED COMPENSATION PLAN

     The KeyCorp Amended and Restated Second Director Deferred Compensation Plan (the “Plan) as
amended in 2007, is hereby amended and restated in its entirety to be effective as of December 31,
2008. The Plan, as amended, is designed to provide Directors of KeyCorp with the opportunity to
defer the payment of their directors’ fees in accordance with the provisions of this Plan. It is
the intention of KeyCorp and it is the understanding of the Directors participating in the Plan
that the Plan constitutes a nonqualified plan of deferred compensation that is subject to the
provisions of Section 409A of the Code and the applicable regulations issued thereunder.

ARTICLE I

DEFINITIONS

For the purposes hereof, the following words and phrases shall have the meanings indicated.

	 	1.	 	“Account” shall mean the bookkeeping account established in accordance with
Article II hereof.
	 
	 	2.	 	“Beneficiary” shall mean any person designated by a Participant in accordance
with the Plan to receive payment of all or a portion of the remaining balance of the
Participant’s Account in the event of the death of the Participant prior to receipt by
the Participant of the entire amount credited to the Participant’s Account.
	 
	 	3.	 	“Change of Control” shall be deemed to have occurred if, under any rabbi trust
arrangement maintained by the Corporation (the “Trust”), as such Trust may from time to
time be amended or substituted, the Corporation is required to fund the Trust to secure
the payment of any Deferred Shares because a “Change of Control,” as defined in the
Trust, has occurred on or after the effective date of the Plan.
	 
	 	4.	 	“Corporation” shall mean KeyCorp, a bank holding company and its corporate
successors, including the surviving corporation resulting from any merger of KeyCorp
with any other corporation or corporations.
	 
	 	5.	 	“Director” shall mean (i) any member of the Board of Directors of the
Corporation and (ii) any member of the Board of Directors of a Subsidiary.
	 
	 	6.	 	“Election Agreement” shall mean the written election to defer Fees signed in
writing by the Director and in the form provided by the Corporation. Election
Agreements shall be irrevocable.
	 
	 	7.	 	“Fees” shall mean the fees earned as a Director.
	 
	 	8.	 	“Participant” shall mean any Director who has at any time elected to defer the
receipt of his or her Fees in accordance with the terms of the Plan.
	 
	 	9.	 	“Plan” shall mean this Second Director Deferred Compensation Plan, as the same
may be amended or substituted from time to time.

 

 

	 	10.	 	“Subsidiary” shall mean a corporation organized and existing under the laws of
the United States or of any state or the District of Columbia of which more than 50%
percent of the issued and outstanding stock is owned by the Corporation or by a
Subsidiary of the Corporation, and which has been designated by the Board of Directors
or the Chief Executive Officer of the Corporation as a Subsidiary eligible to
participate in the Plan.
	 
	 	11.	 	“Year” shall mean the calendar year.

ARTICLE II

ELECTION TO DEFER

     1. Eligibility. Any Director may elect to defer receipt of all or a specified portion
of his or her Fees for any Year in accordance with Section 2 of this Article.

     2. Election to Defer. A Director who desires to defer the payment of all or a portion
of his or her Fees for any Year must complete and deliver an Election Agreement to the Corporation
no later than the last day of the Year prior to the Year in which the Fees will be earned by the
Director; provided, however, that any Director hereafter elected to the Board of Directors of the
Corporation or a Subsidiary who was not a previously a Participant in the Plan may make an election
to defer the payment of Fees for the Year in which he or she is elected to the Board of Directors
by delivering the Election Agreement to the Corporation within 30 days of first becoming a
Director.

     3. Amount Deferred; Date of Deferral. A Participant shall designate on the Election
Agreement (a) the amount of his or her Fees that are to be deferred to the Plan for any Year, (b)
the date on which the Participant’s Fees shall be distributed, (c) whether the distribution of
deferred Fees is to be paid in its entirety or whether such Fees shall be paid in installments, and
(d) if in installments, the number of quarterly installments. Deferrals shall be until the earlier
to occur: (i) the date specified by the Participant which may be not later than the date on which
the Participant would attain age 72, or (ii) the date of death of the Participant, at which time
payment of the amount deferred shall be made in accordance with Section 7 or 10 of this Article. A
Participant may not select more than one date in each Election Agreement upon which distribution
shall be made or when installments shall begin; distribution dates shall be the first business day
of a calendar quarter.

     4. Account. The Corporation shall maintain an Account for the Fees deferred by each
Participant. A Participant shall designate on the Election Agreement whether to have the deferred
Fees valued on the basis of KeyCorp Common Shares in accordance with Section 5 of this Article or
based on an interest accrual in accordance with Section 6 of this Article. The Corporation may, if
necessary or desirable, establish separate Accounts for the Participant to properly account for
amounts deferred under the different alternatives and Years; all such Accounts are collectively
referred to herein as the Account. The Account based on KeyCorp Common Shares shall be known as
the “Common Shares Account”, and the interest bearing account shall be known as the “Interest
Bearing Account”; a Participant may defer a portion of his or her Fees into each type of Account.

     5. Common Shares Account. If a Participant elects to have all or a portion of his or
her Fees deferred into the Common Shares Account, as of the last business day of any quarter, there
shall be added to such Account the number of Common Shares (whole and fractional, rounded to the
nearest one-hundredth of a share) equal to the dollar amount of such Fees payable for such calendar
quarter plus all dividends payable during such quarter on the Common Shares held in the Account on
the first day of such quarter divided by the market value of the Common Shares at the close of
business on the last business day of such quarter.

 

 

     6. Interest Bearing Account. If a Participant elects to have all or a portion of his
or her Fees deferred into the Interest Bearing Account, there shall be added to the Account as of
the last business day of each calendar quarter the dollar amount of such Fees payable for such
calendar quarter plus all interest payable on such Interest Bearing Account for such quarter as
follows: A Participant’s account will receive interest as of each month equal to 120% of the
applicable long term federal rate as published by the Internal Revenue Service for that month,
compounded monthly, and divided by 12.

     7. Payment of Account; Period of Deferral. The amount of a Participant’s Account
shall be paid to the Participant in a single payment and/or in a number of individual,
substantially equal consecutive quarterly installments (not to exceed 40), as elected by the
Participant in his or her Election Agreement. Distributions from the Interest Bearing Account
shall be made in cash. Distributions from the Common Shares Account shall be made in Common
Shares. The amount of the Account remaining after payment of each individual installment shall
continue to be valued in accordance with Section 5 of this Article or bear interest in accordance
with Section 6 of this Article. Full payment or the first quarterly installment, as the case may
be, shall be made in accordance with the terms of the Participant’s Election Agreement as soon as
administratively practicable following the Participant’s designated payment date, but in any event
no later than 90 days following the date (i) on which the Participant has elected to commence
distribution of his or her Account, or (ii) of the Participant’s death.

     Any installment payment shall be made pro rata from the Common Shares Account and the Interest
Bearing Account. The election as to the time for and method of payment of the amount of the
Account relating to Fees deferred for a particular Year shall be made on the Election Agreement(s)
and thereafter shall not be altered except as provided in Section 10 of this Article.

     In the event that a Participant elects to receive installment payments under this Section 7,

	 	(a)	 	The amount of the distribution from the Common Shares Account shall be valued
based on the fair market value of the Common Shares on the last business day of the
calendar quarter immediately prior to the distribution date;
	 
	 	(b)	 	The amount of the distribution from the Interest Bearing Account shall be
valued based on the value of such Account on the last business day of the calendar
quarter immediately prior to such distribution date;
	 
	 	(c)	 	The amount of each installment shall be determined by dividing the value of the
Common Shares Account, the Interest Bearing Account, or both, as the case may be, by
the number of installments remaining to be paid to the Participant.

     8. Small Payments. If the quarterly installment payment elected under any Election
Agreement would result in a quarterly payment of less than $500 in cash or Common Shares, as the
case may be, the Participant shall receive an immediate lump sum payment of the entire amount of
the Account but in any event no later than 90 days following such distribution date.

     9. Death of Participant. In the event of the death of a Participant, the amount of
the Participant’s Account shall be paid to the Beneficiary or Beneficiaries designated in writing
signed by the Participant in the form provided by the Corporation; in the event there is more than
one Beneficiary, such form shall include the proportion to be paid to each Beneficiary and indicate
the disposition of such share if a Beneficiary does not survive the Participant; in the absence of
any such designation, payment from the Account shall be divided equally among all other
Beneficiaries. A Participant’s Beneficiary designation may be changed at any time prior to the
Participant’s death by execution and delivery of a

 

 

new Beneficiary designation form. The form on
file with the Corporation at the time of the Participant’s death which bears the latest date shall
govern. In the absence of a Beneficiary designation or the failure of any Beneficiary to survive
the Participant, the amount of the Participant’s Account shall be paid to the Participant’s estate
in its entirety ninety days after the appointment of an executor or administrator. In the event of
the death of any Beneficiary after the death of a Participant, the remaining amount of the Account
payable to such Beneficiary shall be paid in its entirety to the estate of such Beneficiary ninety
days after the appointment of an executor or administrator for such estate.

     10. Acceleration.

	 	(a)	 	Change of Control Distribution Election. A Participant may elect at the time
that he or she first elects to participate in the Plan, to receive a special Change of
Control distribution of the Participant’s Account in the event of a Change of Control.
The Participant shall elect from one of the following special Change of Control
distribution options:

	 	(i)	 	upon the occurrence of a Change of Control, the entire
amount of the Participant’s Account will be immediately paid in full to
the Participant regardless of whether the Participant continues as a
Director after the Change of Control, but in any event no later than 90
days following such Change of Control;
	 
	 	(ii)	 	upon and after the occurrence of a Change of Control,
the entire amount of the Participant’s Account will be immediately paid
in full to the Participant, but only if either (a) the Participant is
not a Director as of immediately after the Change of Control, or (b)
the Participant ceases to be a Director within two Years after the
Change of Control. Such payment under (a) or (b) hereof shall be made
no later than 90 days following such applicable distribution date; or
	 
	 	(iii)	 	upon the occurrence of a Change of Control, the
payment elections specified in the Participant’s Election Agreement
shall govern irrespective of the Change of Control.

	 	(b)	 	Unforseeable Emergency. The Corporation may accelerate the distribution of all
or any portion of the Participant’s Account to the Participant in the event of a
Participant’s “unforeseeable emergency”. For purposes of this Section 10(b), the term
“unforeseeable emergency” shall mean a severe financial hardship to the Participant
resulting from a sudden and unexpected illness or accident of the Participant, the
Participant’s spouse, or the Participant’s dependent (as defined in Section 152 of the
Code, without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)), the loss of the
Participant’s property due to casualty, or such other similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the
Participant. The determination of an “unforeseeable emergency” shall be determined in
accordance with the requirements of Section 409A of the Code and the applicable
regulations issued thereunder. Distribution of the Participant’s Account shall be
limited to the amount reasonably necessary to satisfy the emergency, and it shall
include any applicable taxes that are or will be owed by the Participant as a result of
the distribution.

     11. Change of Control. Notwithstanding any other provision of the Plan to the
contrary, in the event of a Change of Control, no amendment or modification of this Plan may be
made at any time on

 

 

or after such Change of Control (1) to reduce or modify a Participant’s
Pre-Change of Control Account Balance, (2) to reduce or modify the Interest Bearing Account’s rate
of earnings on or method of crediting such earnings to a Participant’s Pre-Change of Control
Account Balance, (3) to reduce or modify the Common Shares Account’s method of calculating all
earnings, gains, and/or losses on a Participant’s Pre-Change of Control Account Balance, or (4) to
reduce or modify the Participant’s deferrals to be credited to a Participant’s Plan Account for the
applicable deferral period. For purposes of this Section 11, the term “Pre-Change of Control
Account Balance” shall mean, with regard to any Plan Participant, the aggregate amount of such
Participant’s prior deferrals with all earnings, gains, and losses thereon which are credited to
the Participant’s Plan Account through the close of the calendar Year in which such Change of
Control occurs.

     12. Common Stock Conversion. In the event of a Change of Control in which the Common
Shares of the Corporation are converted into or exchanged for securities, cash and/or other
property as a result of any capital reorganization or reclassification of the capital stock of the
Corporation, or as a result of the consolidation or merger of the Corporation with or into another
corporation or entity, or the sale of all or substantially all of its assets to another corporation
or entity, the Corporation shall cause the Common Shares Account to reflect the securities, cash
and other property to be received in such reorganization, reclassification, consolidation, merger
or sale on the balance in the Common Shares Account and, from and after such reorganization,
reclassification, consolidation, merger or sale, the Common Shares Account shall reflect all
dividends, interest, earnings and losses attributable to such securities, cash, and other property
(with any cash earning interest at the rate applicable to the Interest Bearing Account).

     13. Amendment in the Event of a Change of Control. On or after a Change of Control,
the provisions of Article I and Article II may not be amended or modified as such provisions apply
to the Participants’ Pre-Change of Control Account Balances.

     14. Statement. Each Participant shall receive a statement of his or her Account not
less than annually.

     15. Valuation of the Account. Each Account shall be valued as of the last day of each
calendar quarter until payment of a Participant’s Fees is made in full. If a Participant has
elected to have his or her Fees deferred into the Common Shares Account, the Corporation shall
ascertain the number of shares in the Account (whole and fractional, rounded to the nearest
one-hundredth of a share) after taking into account earnings to the Account under this Article and
distributions from the Account under this Article, based on the fair market value of the Common
Shares on the last business day of such calendar quarter. Automatically and without further action
by the Corporation, in the event of any stock dividend or split, recapitalization, merger,
consolidation, spin-off, reorganization, combination, exchange of shares, or a similar corporate
change, appropriate adjustments in the number and kind of shares held in a Participant’s Account
shall be made by the Corporation to reflect such change. If a Participant has elected to have his
or her Fees deferred into the Interest Bearing Account, the Corporation shall ascertain the value
of such Interest Bearing Account by adding to the value of the Account at the beginning of such
calendar quarter the dollar amount of the Fees deferred into the Account for such quarter, plus the
value of any interest paid on the Account in accordance with this Article, less any distributions
made from the Account in accordance with this Article.

     16. Plan Transfers.  Participants may elect to transfer equity awards (other than
stock option awards) granted under the
KeyCorp Directors’ Deferred Share Plan to the Plan,
provided, the Participant’s election to transfer such vested award is made in accordance with the
requirements of the grant agreement under which the award was issued and in accordance with the
subsequent deferral election requirements of Section 409A of the Code. Transferred awards shall be
fully vested under the

 

 

Plan and shall be subject to the distribution requirements contained within
the Participant’s transfer election form provided, however, that such Plan transfers shall be
deferred under the Plan for a minimum of five (5) full calendar years from the date of the
transfer. Transferred awards shall be subject to full investment diversification if cash based,
and transferred awards shall be invested in the in the Plan’s Common Stock Account if equity based.
Awards invested in the Plan’s Common Stock Account will not be subject to investment direction or
diversification. Transferred awards shall be separately maintained under the Plan.

ARTICLE III

ADMINISTRATION

     The Corporation shall be responsible for the general administration of the Plan and for
carrying out the provisions hereof. The Corporation shall have all such powers as may be necessary
to carry out its duties under the Plan, including the power to determine all questions relating to
eligibility for and the amount in an Account, all questions pertaining to claims for benefits and
procedures for claim review, and the power to resolve all other questions arising under the Plan,
including any questions of construction. The Corporation may take such further action as the
Corporation shall deem advisable in the administration of the Plan. The actions taken and the
decisions made by the Corporation hereunder shall be final and binding upon all interested parties.

ARTICLE IV

AMENDMENT AND TERMINATION

     The Corporation reserves the right to amend or terminate the Plan at any time by action of its
Board of Directors, the Compensation and Organization Committee or any other duly authorized
Committee of the Board of Directors; provided, however, that no such action shall adversely affect
any Participant or Beneficiary with respect to the amount credited to a Participant’s Account and
further provided that any such action shall be subject to the limitations set forth in Article II
hereof. No amendment or termination of the Plan shall result in an acceleration of Plan benefits
in violation of Section 409A of the Code.

ARTICLE V

MISCELLANEOUS

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

     2. Plan Noncontractual. Nothing herein contained shall be construed as a commitment
to or agreement with any Director of the Corporation or a Subsidiary to continue such person’s
directorship with the Corporation or Subsidiary, and nothing herein contained shall be construed as
a commitment or agreement on the part of the Corporation or any Subsidiary to continue the
directorship or the rate of director compensation of any such person for any period. All Directors
shall remain subject to removal to the same extent as if the Plan had never been put into effect.

 

 

     3. Interest of Director. The obligation of the Corporation under the Plan to make
payment of amounts reflected on an Account merely constitutes the unsecured promise of only the
Corporation to make payments from its general assets as provided herein. Further, no Participant
or Beneficiary shall have any claim whatsoever against any Subsidiary for amounts reflected on an
Account. 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 Corporation
shall have no further obligation to pay them. If not paid from the trust, such benefits shall
remain the obligation of the Corporation.

     4. Claims of Other Persons. The provisions of the Plan shall in no event be construed
as giving any person, firm, or corporation any legal or equitable rights against the Corporation or
any Subsidiary, or the officers, employees, or directors of the Corporation or any Subsidiary,
except any such rights as are specifically provided for in the Plan or are hereafter created in
accordance with the terms and provisions of the Plan.

     5. Delegation of Authority. Any action to be taken by the Corporation’s Board of
Directors under this Plan may be taken by such Board’s Compensation and Organization Committee,
Executive Committee or any other duly authorized Committee of the Board of Directors.

     6. Severability. The invalidity and unenforceability of any particular provision of
the Plan shall not affect any other provision hereof, and the Plan shall be construed in all
respects as if such invalid or unenforceable provisions were omitted herefrom.

     7. Governing Law. The provisions of the Plan shall be governed and construed in
accordance with the laws of the State of Ohio.

ARTICLE VI

COMPLIANCE WITH 

SECTION 409A CODE

     The Plan is intended to provide for the deferral of compensation in accordance with the
provisions of Section 409A of the Code and regulations and published guidance issued pursuant
thereto. Accordingly, the Plan shall be construed in a manner consistent with those provisions and
may at any time be amended to facilitate compliance with such provisions.

     Notwithstanding any provision of the Plan to the contrary, no, deferral, accrual, transfer or
distribution shall be made or given effect under the Plan that would result in early taxation or
assessment of penalties or interest of any amount under Section 409A of the Code.EX-10.23

Exhibit 10.23

KEYCORP DIRECTORS’ DEFERRED SHARE PLAN

(December 31, 2008)

ARTICLE I

PURPOSE

          The purpose of this KeyCorp Directors’ Deferred Share Plan (“Plan”) is to attract, retain and
compensate highly qualified individuals to serve as Directors and to align the interests of
Directors with the shareholders of the Corporation further and thereby promote the long-term
success and growth of the Corporation.

ARTICLE II

DEFINITIONS

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

	 	(a)	 	“Account”: A bookkeeping account in which Deferred Shares shall be recorded and to
which dividends may be credited in accordance with the Plan.
	 
	 	(b)	 	“Beneficiary” or “Beneficiaries”: The person or persons designated by a Director in
accordance with the Plan to receive payment of the Director’s Account in the event of the
death of the Director.
	 
	 	(c)	 	“Beneficiary Designation”: An agreement in substantially the form adopted and modified
from time to time by the Corporation pursuant to which a Director may designate a
Beneficiary or Beneficiaries.
	 
	 	(d)	 	“Board”: The Board of Directors of the Corporation.
	 
	 	(e)	 	“Change of Control”: A Change of Control shall be deemed to have occurred if, under any
rabbi trust arrangement maintained by the Corporation (the “Trust”), as such Trust may from
time to time be amended or substituted, the Corporation is required to fund the Trust to
secure the payment of any Deferred Shares because a “Change of Control,” as defined in the
Trust, has occurred on or after the effective date of the Plan.
	 
	 	(f)	 	“Change of Control Election”: The meaning set forth in Section 4.6(a).
	 
	 	(g)	 	“Committee”: The Nominating and Corporate Governance Committee of the Board or any
successor committee designated by the Board.
	 
	 	(h)	 	“Common Shares”: The Corporation’s common shares, $1.00 par value per share. Common
Shares may be shares of original issuance or treasury shares or a combination of the
foregoing.

 

 

	 	(i)	 	“Common Shares Account”: The meaning of such term as set forth in the Corporation’s
Director Deferred Compensation Plan.
	 
	 	(j)	 	“Corporation”: KeyCorp or any successor or successors thereto.
	 
	 	(k)	 	“Deferral Period”: The meaning set forth in Section 4.2.
	 
	 	(l)	 	“Deferred Shares”: A right to receive Common Shares or the equivalent cash value
thereof granted pursuant to Article III.
	 
	 	(m)	 	“Director”: An individual duly elected or chosen as a Director of the Corporation who
is not also an employee of the Corporation or any of its subsidiaries.
	 
	 	(n)	 	“Director Deferred Compensation Plan” shall mean the KeyCorp Second Director Deferred
Compensation Plan, as the same may be amended or substituted from time to time.
	 
	 	(o)	 	“Fair Market Value”: The price per share at which the Common Shares were last sold
(i.e. the closing price) on the New York Stock Exchange for a day specified herein for
which such fair market value is to be calculated, or if there was no sale of Common Shares
so reported for such day, on the most recently preceding day on which there was such a
sale, or if the Common Shares are not listed or admitted for trading on the New York Stock
Exchange on the day as of which the determination is being made, the amount determined by
the Board to be the Fair Market Value on that date.
	 
	 	(p)	 	“Plan”: The Plan set forth in this instrument as it may from time to time be amended.
	 
	 	(q)	 	“Plan Year”: The fiscal year of the Corporation.
	 
	 	(r)	 	“Retainer”: The portion of a Director’s annual cash compensation that is payable on a
current basis without regard to the number of Board or committee meetings attended or
committee positions.
	 
	 	(s)	 	“Settlement Date”: The date on which the three-year Deferral Period ends, provided that
the Director has not elected to transfer his or her Deferred Shares to his or her Common
Shares Account under the Director Deferred Compensation Plan, as provided in Section
4.2(b).

ARTICLE III

ANNUAL DEFERRED SHARE AWARDS

          Each Director shall receive, after the date of approval of the Plan by the Corporation’s
shareholders in 2003, and each Plan Year thereafter, an annual award of Deferred Shares. The
number of Deferred Shares to be awarded shall be equal to a number of Common Shares having an
aggregate Fair Market Value of the date of the award equal to 200% of the Director’s Retainer,
unless a lesser number of Deferred Shares is determined by the Committee. To the extent that the
application of any formula in computing the number of Deferred Shares to be granted would result in
fractional shares of stock, the number of shares shall be rounded down to the nearest whole share.
Unless the Committee from time to time determines another date for the annual award due to unusual
circumstances or otherwise, such annual award shall be made the later of the July Committee meeting
or the third business day following the second quarter earnings release. At the time of making the
annual award, the Committee shall determine,

2

 

in its sole discretion, whether the Director’s Account shall be distributed pursuant to Section 5.3
in the form of Common Shares (with fractional shares being rounded down to the nearest whole
share), cash, or a combination of Common Shares and cash.

ARTICLE IV

DIRECTORS’ ACCOUNTS

          4.1 Grant of Deferred Shares. All of a Director’s Deferred Shares granted pursuant to
Article III above shall be credited on a bookkeeping basis to the Director’s Account. The number
of Deferred Shares, which shall be credited to a Director’s Account effective as of the day such
Deferred Shares were awarded, shall be equal to the number of Deferred Shares granted pursuant to
such award. Separate sub-accounts may be established to reflect on a bookkeeping basis all
earnings, gains, or losses attributable to the Deferred Shares.

          4.2 Deferral Period.

	 	(a)	 	Minimum Three-Year Deferral Period. Each grant of Deferred Shares shall be
subject to a required deferral period (a “Deferral Period”) beginning on the Deferred
Shares’ grant date and ending on the third anniversary of such grant date;
provided, however, that the Deferral Period will end prior to the third
anniversary of the grant date (i) in the event of a Change of Control pursuant to a
Director’s Change of Control Election as provided in Section 4.6(a)(i); (ii) if the
Director dies or (iii) the Director’s service as a Director is terminated (unless the
termination follows a Change of Control and the Director has elected in a Change of Control
Election to receive his or her Account pursuant to Section 4.6(a)(iii)).
	 
	 	(b)	 	Directors’ Option to Transfer the Deferred Shares. Notwithstanding Section
4.2(a), a Director may elect at any time, provided that his or her election is no later
than twelve full calendar months prior to the close of the applicable Deferral Period to
transfer his or her Deferred Shares into the Common Shares Account maintained under the
Director Deferred Compensation Plan. Such transfer will become effective at the conclusion
of the applicable three-year Deferral Period.
	 
	 	(c)	 	Evergreen Deferral Election. Once a Director elects to transfer Deferred
Shares into his or her Common Shares Account maintained under the Director’s Deferred
Compensation Plan, his or her transfer election will continue to be effective from Plan
Year to Plan Year and the Deferred Shares for which the applicable three-year Deferral
Period lapses following such election will also be transferred to his or her Director’s
Deferred Compensation Plan’s Common Shares Account. To modify this evergreen deferral
election with respect to Deferred Shares otherwise granted in a particular Plan Year, the
Director’s revocation or modification of his or her evergreen election shall be delivered
to the Corporation no later than twelve full calendar months prior to the date on which the
applicable Deferral Period ends.
	 
	 	(d)	 	No Rights During Deferral Period. During the Deferral Period, the Director
shall have no right to transfer any rights under his or her Deferred Shares and shall have
no other rights of ownership therein.

3

 

          4.3 Dividend Equivalents. A Director’s Account will be credited, on the date of the
Corporation’s dividend payment, with that number of additional Deferred Shares (including
fractional shares) equal to the amount of cash dividends paid by the Corporation on the number of
Deferred Shares in the Director’s Account divided by the Fair Market Value of one Common Share on
that date. Such dividend equivalents, which shall likewise be credited with dividend equivalents,
shall be deferred until the end of the Deferral Period for the Deferred Shares with respect to
which the dividend equivalents were credited and, if the Director has so elected, such dividend
equivalents shall be transferred, along with the Deferred Shares, into the Director’s Common Shares
Account under the Director Deferred Compensation Plan.

          4.4 Death of a Director. Notwithstanding anything to the contrary contained in this
Plan, in the event of the death of a Director, the three-year Deferral Period will be deemed to
have ended, and the Settlement Date will be deemed to have occurred, on the date of the Director’s
death. The Director’s Account shall be paid, as soon as practicable following the Settlement Date,
but in no event later than 90 days following the Settlement Date, to the Beneficiary or
Beneficiaries designated on the Director’s Beneficiary Designation or, if no such designation is in
effect or no Beneficiary is then living, then to the Director’s estate.

          4.5 Acceleration.

	 	(a)	 	Change of Control. Notwithstanding anything to the contrary contained in this Plan,
upon the occurrence of a Change of Control, a Director shall be entitled to receive from
the Corporation the payment of his or her Account in the manner selected as follows: Not
later than the later of 30 calendar days after the effective date of this Plan, or 30
calendar days after the date a person first becomes a Director, a Director shall be
entitled to make an election which will be applicable in the event of a Change of Control
(the “Change of Control Election”). The Change of Control Election will provide the
following payment alternatives to a Director in the event of a Change of Control:

	 	(i)	 	upon the occurrence of a Change of Control, the entire amount
of the Director’s Account will be immediately paid in full, regardless of
whether the Director continues as a Director after the Change of Control;
	 
	 	(ii)	 	upon and after the occurrence of a Change of Control and in
accordance with Section 4.2(a), the entire amount of the Director’s Account
will be immediately paid in full if and when the Director’s service as a
Director is terminated; or
	 
	 	(iii)	 	upon the occurrence of a Change of Control, the payment
elections specified by the Director prior to the Change of Control shall govern
irrespective of the Change of Control. .

	 	(b)	 	Hardship in the event of an unforeseeable emergency, the Corporation may
accelerate the payment of all or any portion of the Director’s Account to the Director
but only up to the amount necessary to meet the emergency. For purposes of this
Section 4.6(b), the term “unforeseeable emergency” shall mean a severe financial
hardship to the Director resulting from a sudden and unexpected illness or accident of
the Director, the Director’s spouse, or the Director’s dependent (as defined in Section
152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)), the loss
of the Director’s property due to casualty, or such other similar extraordinary and
unforeseeable circumstances arising as a result of events

4

 

	 	 	 	beyond the control of the Director. The determination of an unforeseeable emergency
and the ability of the Corporation to accelerate the Director’s Account distribution
shall be determined in accordance with the requirements of Section 409A of the Code and
the applicable regulations issued thereunder. Payment of the Director’s Account shall
be limited only to such amount as is necessary to satisfy the emergency, which shall
include all applicable taxes owed or to be owed by the Director as a result of the
distribution.

ARTICLE V

DISTRIBUTION OF ACCOUNTS

          5.1 Settlement Date. A Director, or in the event of such Director’s death, his or her
Beneficiary, shall be entitled to a distribution of such Director’s Account, as provided in this
Article V, following such Director’s Settlement Date.

          5.2 Amount to be Distributed. The amount to which a Director, or in the event of
such Director’s death, his or her Beneficiary, is entitled in accordance with the following
provisions of this Article V, shall be based on the Director’s balance in his or her Account
determined as of the Settlement Date.

          5.3 Form of Distribution. As soon as practicable following the Settlement Date, but
in no event later than 90 days following the Director’s Settlement Date, the Corporation shall
distribute or cause to be distributed, to the Director or, in the case of the death of the
Director, his or her Beneficiary, the balance of the Director’s Account. Distribution of a
Director’s Account shall be made in a lump sum in the form determined pursuant to Article III. If
distribution of an Account is made in the form of Common Shares, the Corporation will provide
procedures to facilitate the sale of such Common Shares following distribution upon the request of
the Director. If distribution of an Account is made in cash, the amount distributed shall be equal
to the Fair Market Value on the Settlement Date.

          5.4 Fractional Shares. The Corporation will not be required to issue any fractional
Common Shares pursuant to this Plan.

          5.5 Transfer of Deferred Shares. In accordance with the provisions of Section 4.2(b)
and 4.2(c) hereof, if a Director elects to transfer his or her Deferred Shares to the Director
Deferred Compensation Plan, such Deferred Shares when transferred shall be subject to the terms
and conditions of the Director Deferred Compensation Plan, provided, however, that in no event
shall such Deferred Shares be transferred unless the Director’s transfer election has been made a
minimum of twelve months prior to the close of the applicable Deferral Period for such Shares, and
provided further, that the transferred Deferred Shares are deferred under the Director Deferred
Compensation Plan for a minimum of five (5) years from the date of the Deferred Shares transfer,
regardless of the Director’s termination or retirement, and regardless of the distribution
instructions contained in the Director’s transfer election form (as required under the subsequent
deferral requirements of Section 409A of the Code).

5

 

ARTICLE VI

BENEFICIARY DESIGNATION

          6.1 Beneficiary Designation. Each Director 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 Director’s death prior to
distribution of the Director’s Account. Each Beneficiary Designation shall be in a written form
prescribed by the Corporation and shall be effective only when filed with the Corporation during
the Director’s lifetime.

          6.2 Changing Beneficiary. Any Beneficiary Designation may be changed by the Director
without the consent of the previously named Beneficiary by the Director’s filing of a new
Beneficiary Designation with the Corporation. The filing of a new Beneficiary Designation shall
cancel all Beneficiary Designations previously filed by the Director.

ARTICLE VII

SHARES SUBJECT TO PLAN; ADJUSTMENTS

          7.1 Shares Subject to Plan. Subject to adjustment as provided in this Plan, the total
number of Common Shares which may be delivered to Directors upon distribution of their Accounts
shall not in the aggregate exceed 500,000 Common Shares. Any Common Shares delivered to Directors
by a trust that is treated as a “grantor trust” within the meaning of Sections 671-679 of the
Internal Revenue Code of 1986, as amended, shall be treated as delivered by the Corporation under
this Plan.

          7.2 Forfeitures; Etc.; Payment in Cash. The number of Common Shares available under
Section 7.1 shall be adjusted to account for shares credited to the Accounts that are forfeited,
surrendered or relinquished to the Corporation, to provide for the payment of taxes or otherwise,
paid or distributed to Directors or their Beneficiaries in the form of cash, or transferred to a
Director’s Common Shares Account pursuant to Sections 4.2(b) and 4.2(c). Upon forfeiture,
surrender or relinquishment, upon payment or distribution in cash, or upon transfer to a Director’s
Common Shares Account, of Common Shares credited to an Account, such Common Shares shall again be
available for delivery upon distribution of an Account under this Plan.

          7.3 Adjustments.

	 	(a)	 	Adjustments. The Committee may make or provide for such adjustments in the (i)
number of Common Shares covered by this Plan, (ii) number of Deferred Shares granted or
credited to Accounts hereunder, and (ii) kind of shares covered thereby, as the Committee
in its sole discretion may in good faith determine to be equitably required in order to
prevent dilution or enlargement of the rights of Directors that otherwise would result from
(x) any stock dividend, stock split, combination of shares, recapitalization or other
change in the capital structure of the Corporation, (y) any merger, consolidation,
spin-off, spin-out, split-off, split-up, reorganization, partial or complete liquidation of
the Corporation or other distribution of assets, issuance of rights or warrants to purchase
securities of the Corporation, or (z) any other corporate transaction or event having an
effect similar to any of the foregoing. In the event of any such transaction or event, the
Committee may provide in substitution for any or all outstanding grants or awards under
this Plan such alternative consideration as it may in good faith determine to be equitable
under the circumstances and may require in connection

6

 

	 	 	 	therewith the surrender of all awards so replaced. Moreover, the Committee may on or
after the date of grant provide that the holder of the grant or award may elect to
receive an equivalent grant or award in respect of securities of the surviving entity of
any merger, consolidation or other transaction or event having a similar effect, or the
Committee may provide that the holder will automatically be entitled to receive such an
equivalent grant or award.

	 	(b)	 	Change of Control. Notwithstanding Section 8.2 hereof, in the event of a
Change of Control as defined in accordance with Section 2.1(e) of the Plan, no amendment or
modification of the Plan may be made at any time on or after such Change of Control (1) to
reduce or modify a Director’s Pre-Change of Control Account balance, or (2) to reduce or
modify the Accounts’ method of calculating earnings, gains, and/or losses on the Director’s
Pre-Change of Control Account balance. For purposes of this Section 7.3(b), the term
“Pre-Change of Control Account Balance” shall mean, with regard to any Director, the
aggregate amount of the Director’s Deferred Shares with all earnings, gains, and losses
thereon which are credited to the Director’s Account through the close of the calendar year
in which such Change of Control occurs.

ARTICLE VIII

ADMINISTRATION, AMENDMENT AND TERMINATION

          8.1 Administration. The Plan shall be administered by the Corporation. The
Corporation shall have such powers as may be necessary to discharge its duties hereunder. The
Corporation may, from time to time, employ, appoint or delegate to an agent or agents (who may be
an officer or officers of the Corporation) and delegate to them such administrative duties as it
sees fit, and may from time to time consult with legal counsel who may be counsel to the
Corporation. No agent appointed by the Corporation to perform administrative duties hereunder
shall be liable for any action taken or determination made in good faith. All elections, notices
and directions under the Plan by a Director shall be made on such forms as the Corporation shall
prescribe.

          8.2 Amendment and Termination. The Committee may alter or amend this Plan from time
to time or may terminate it in its entirety; provided, however, that no such
action, except for an acceleration of benefits, shall, without the consent of a Director, impair
the rights in any Deferred Shares issued or to be issued to such Director under the Plan; and
further provided, that any amendment that must be approved by the shareholders of the
Corporation in order to comply with applicable law or the rules of the principal exchange upon
which the Common Shares are traded or quoted shall not be effective unless and until such approval
has been obtained in compliance with such applicable law or rules. Presentation of this Plan or
any amendment hereof for shareholder approval shall not be construed to limit the Corporation’s
authority to offer similar or dissimilar benefits through plans or other arrangements that are not
subject to shareholder approval unless otherwise limited by applicable law or stock exchange rules.

7

 

ARTICLE IX

FINANCING OF BENEFITS

          9.1 Financing of Benefits. The Deferred Shares payable under the Plan to a Director
or, in the event of his or her death, to his or her Beneficiary, shall be paid by the Corporation
from its general assets, including treasury shares. The right to receive payment of the Deferred
Shares represents an unfunded, unsecured obligation of the Corporation.

          9.2 Security for Benefits. Notwithstanding the provisions of Section 9.1, nothing in
this Plan shall preclude the Corporation from setting aside Common Shares or funds in a so-called
“grantor trust” pursuant to one or more trust agreements between a trustee and the Corporation.
However, no Director or Beneficiary shall have any secured interest or claim in any assets or
property of the Corporation or any such trust and all Common Shares or funds contained in such
trust shall remain subject to the claims of the Corporation’s general creditors.

ARTICLE X

GENERAL PROVISIONS

          10.1 Governing Law. The provisions of this Plan shall be governed by and construed in
accordance with the laws of the State of Ohio.

          10.2 Shareholder Approval. Notwithstanding the foregoing provisions of the Plan, no
Common Shares shall be issued or transferred pursuant to the Plan before the date of the approval
of this Plan by the Corporation’s shareholders.

          10.3 Miscellaneous. Headings are given to the sections of this Plan solely as a
convenience to facilitate reference. Such headings, numbering and paragraphing shall not in any
case be deemed in any way material or relevant to the construction of this Plan or any provisions
thereof.

          10.4 No Right to Continue as Director. Neither the Plan, nor the granting of Deferred
Shares nor any other action taken pursuant to the Plan, shall constitute or be evidence of any
agreement or understanding, express or implied, that a Director has a right to continue as a
Director for any period of time, or at any particular rate of compensation.

          10.5 Compliance with Section 409A Requirements. The Plan is intended to provide for
the deferral of compensation in accordance with the provisions of Section 409A of the Code and
regulations and published guidance issued pursuant thereto. Accordingly, the Plan shall be
administered in a manner consistent with those provisions. Notwithstanding any provision of the
Plan to the contrary, no otherwise permissible election, deferral, accrual, transfer or
distribution shall be made or given effect under the Plan that would result in a violation of
Section 409A of the Code.

8

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