Document:

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                                                                    Exhibit 10.1

                                    AGREEMENT

      THIS AGREEMENT ("Agreement") is made as of the XXXXX day of XXXXXXX, 2004,
between KEYCORP, an Ohio corporation ("Key"), and XXXXXXXXXX (the "Executive").

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

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

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

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

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

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

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

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

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

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

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

      1.4 Provisions Applicable to Continued Retirement and Savings Plan
      Participation.

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

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

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

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

            (b) If either Section 1.1(b) or Section 1.2(b) becomes applicable
            and at any time during the applicable Benefit Period, Key determines
            in good faith that continuing the Executive's coverage by and
            participation in any of the Relevant Plans during the applicable
            Benefit Period is Impermissible, the Executive shall not be covered
            by and participate in such affected plan or plans during the
            applicable Benefit Period, but Key shall provide to the Executive
            under this Agreement, as a supplemental retirement benefit, payments
            and benefits that put the Executive in the same position that the
            Executive would have been in had the Executive continued to be
            covered by and to participate in all such affected plans throughout
            the applicable Benefit Period (taking into account the rules set
            forth in Section 1.4(a)

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            above) to the same extent as the Executive was a participant
            immediately before the Termination Date, with the supplemental
            payments and benefits under this sentence being payable to the
            Executive (or, if applicable, to the Executive's spouse, estate, or
            designated beneficiary) at the same time and with the same payment
            options as would be applicable under the affected plan or plans in
            question.

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

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

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

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

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

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

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

      2.3 Exceptions to and Alternative Means of Satisfying the Incentive
      Compensation Guaranty. For purposes of the exceptions and alternative
      means of satisfying the Incentive Compensation Guaranty that are set forth
      in this Section 2.3, the Incentive Compensation Guaranty shall be deemed
      to be made up of two parts, the

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

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

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

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

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

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

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

                  (iv) have the further provision that, upon any termination of
                  the Executive's employment other than a termination for Cause
                  (including, without limitation, any termination by reason of
                  death, disability, voluntary or involuntary retirement, or
                  resignation), if, as of the Termination Date, less than a
                  proportionate part of the Common Shares subject to the
                  restricted stock grant granted to the Executive during the
                  Guaranteed Compensation Period has vested, then an additional
                  portion of those Common Shares shall vest immediately on the
                  Termination Date so that, in the aggregate, a proportionate
                  part has vested as of the Termination Date. For these
                  purposes, "a proportionate part" means the full number of
                  Common Shares in the restricted stock grant multiplied by a

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                  fraction, the numerator of which is the number of days between
                  (x) January 1 of the calendar year in which the restricted
                  stock grant was made and (y) the last day of the Guaranteed
                  Compensation Period, inclusive, and the denominator of which
                  is 1095 (i.e., 365 times three).

      If Key makes restricted stock grants as provided in this 2.3(c), Key will
have satisfied the Long Term Part.

3. Other Benefits.

      3.1 Reimbursement of Certain Expenses After a Change of Control.

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

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

            (c) From and after a Change of Control, expenses (including
            attorney's fees) incurred by the Executive in defending any action,
            suit, or proceeding commenced or threatened (whether before or after
            the Change of Control) against the Executive for any action or
            failure to act as an employee, officer, or director of Key or any
            Subsidiary shall be paid by Key, as they are incurred, in advance of
            final disposition of the action, suit, or proceeding upon receipt of
            an undertaking by or on behalf of the Executive in which the
            Executive agrees to reasonably cooperate with Key or the Subsidiary,
            as the case may be, concerning the action, suit, or proceeding, and
            (i) if the action, suit, or proceeding is commenced or threatened
            against the Executive for any action or failure to act as a
            director, to repay the amount if it is proved by clear and
            convincing evidence in a court of competent jurisdiction that the
            Executive's action or failure to act involved an act or omission
            undertaken with deliberate intent to cause injury to Key or a
            Subsidiary or undertaken with reckless disregard for the best
            interests of Key or a Subsidiary, or (ii) if the action, suit, or
            proceeding is commenced or threatened against the Executive for any
            action or failure to act as an officer or employee, to repay the
            amount if it is ultimately determined that the Executive is not
            entitled to be indemnified. The obligation of Key to advance
            expenses provided for in this Section 3.1(c) shall not be deemed
            exclusive of any other rights to which the Executive may be entitled
            under the articles of incorporation or regulations of Key or of any
            Subsidiary, any agreement, vote of shareholders or disinterested
            directors, or otherwise.

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

      3.3 Disability. If, after a Change of Control and prior to the Termination
      Date, the Executive is unable to perform services for Key or any
      Subsidiary for any period by reason of disability of the Executive, Key
      will pay

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

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

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

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

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

            (d) If Key desires to contest any determination by the Internal
            Revenue Service with respect to the amount of excise tax under
            Section 4999, the Executive shall, upon receipt from Key of an
            unconditional written undertaking to indemnify and hold the
            Executive harmless (on an after tax basis) from any and all adverse
            consequences that might arise from the contesting of that
            determination, cooperate with Key in that contest at Key's sole
            expense. Nothing in this clause (d) shall require the

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

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

5. Certain Limitations on Benefits.

      5.1 Election of Benefits Required; Payments in Lieu of Other Claims or
      Rights. If (a) the Executive is a party to either or both of an employment
      agreement (which includes any letter agreement regarding Executive's
      employment with Key or any Subsidiary) or severance agreement with Key or
      any Subsidiary (singularly or collectively, the "Prior Agreement"), and
      (b) the Executive's employment is terminated under circumstances giving
      rise to a right on the part of the Executive to receive continuing
      compensation, separation pay, or other severance benefits under the Prior
      Agreement and under this Agreement, the Executive shall have the right to
      elect to have either the Prior Agreement (if and only to the extent the
      Prior Agreement is applicable) or this Agreement (if and only to the
      extent this Agreement is applicable) , but not both, apply to the
      termination. If this Section 5.1 applies: (x) Key shall not make any
      payments arising out of the termination of the Executive's employment,
      either under the Prior Agreement or under this Agreement, until after the
      Executive has delivered to Key a signed notice of election to receive
      payments under the Prior Agreement or under this Agreement, and (y) if the
      Executive elects to receive payments under the Prior Agreement, the
      provisions of Sections 3.1, 3.2, and 3.4 of this Agreement shall
      nevertheless continue to be applicable, but without duplication of
      payments. If the Executive receives any payments under Section 1.1(a) or
      Section 1.2(a), as the case may be, of this Agreement as a result of the
      termination of the Executive's employment following a Change of Control,
      those payments shall be in lieu of any and all other claims or rights that
      the Executive may have for severance, separation, and/or salary
      continuation pay upon that termination of the Executive's employment.

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

<PAGE>

      of the foregoing, Key or its Subsidiary may withhold from any amount
      payable under either of Sections 1.1 or 1.2 of this Agreement amounts
      sufficient to satisfy any tax withholding requirements that may arise out
      of any payment made to the Executive by Key or any Subsidiary under
      Section 1.3 of this Agreement.

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

6. Term of this Agreement. This Agreement shall be effective upon the date first
above written and shall thereafter apply to any Change of Control occurring on
or before December 31, 2005. Unless this Agreement is terminated earlier
pursuant to Section 6.1, on December 31, 2005 and on December 31 of each
succeeding year thereafter (a "Renewal Date"), the term of this Agreement shall
be automatically extended for an additional year unless either party has given
notice to the other, at least one year in advance of that Renewal Date, that the
Agreement shall not apply to any Change of Control occurring after that Renewal
Date.

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

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

7. Miscellaneous.

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

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

KeyCorp
127 Public Square
Cleveland, Ohio 44114
Attention: Secretary

<PAGE>

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

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

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

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

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

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

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

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

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

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

      7.8 Modification, Waiver, Etc. No provision of this Agreement may be
      modified, waived, or discharged unless such waiver, modification, or
      discharge is agreed to in a writing signed by the Executive and Key. No
      waiver by either party hereto at any time of any breach by the other party
      of, or compliance with, any condition or provision of this Agreement to be
      performed by such other party shall be deemed a waiver of similar or
      dissimilar provisions or conditions at the same time or at any prior or
      subsequent time. No agreement or

<PAGE>

      representation, oral or otherwise, express or implied, with respect to the
      subject matter hereof has been made by either party that is not set forth
      expressly in this Agreement. This Agreement shall inure to the benefit of
      and be enforceable by the Executive's personal representatives, executors,
      administrators, successors, heirs, and designees. This Agreement shall be
      governed by and construed in accordance with the laws of the State of
      Ohio.

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

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

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

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

8. Definitions.

      8.1 Accounting Firm. The term "Accounting Firm" means the independent
      auditors of Key for the fiscal year preceding the year in which the Change
      of Control occurred and such firm's successor or successors; provided,
      however, if such firm is unable or unwilling to serve and perform in the
      capacity contemplated by this Agreement, Key shall select another national
      accounting firm of recognized standing to serve and perform in that
      capacity under this Agreement, except that such other accounting firm
      shall not be the then independent auditors for Key or any of its
      affiliates (as defined in Rule 12b-2 promulgated under the Securities
      Exchange Act of 1934, as amended (the "1934 Act")).

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

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

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

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

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

            (e) targeted short term incentive compensation means:

<PAGE>

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

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

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

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

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

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

            (a) if the Change Year is 2004, the higher of:

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

                  (ii) the dollar value of the 2004 LTIC Stock Grant; and

            (b) if the Change Year is 2005 or any later year, the higher of:

                  (i) the average of the dollar value of the LTIC Stock Grants
                  made to the Executive in each of the two years immediately
                  preceding the Change Year (e.g., the average of the 2004 LTIC
                  Stock Grant and the 2005 LTIC Stock Grant if the Change Year
                  is 2006), or, if for any reason an LTIC Stock Grant was made
                  to Executive in only one of those two immediately preceding
                  years, the dollar value of the LTIC Stock Grant for that
                  single year, and

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

      except that, if the Executive first became employed by Key or a Subsidiary
      during the Change Year or during the year immediately preceding the Change
      Year and pursuant to an offer letter or agreement the terms of which

<PAGE>

      were approved by the Committee, "Average Long Term Incentive Compensation"
      shall be not less than the dollar value of the LTIC Stock Grant target
      specified in that offer letter or agreement.

      For purposes of this Section 8.3 the dollar value of any LTIC Stock Grant
      means the aggregate Fair Market Value of the Common Shares subject to that
      grant (whether those Common Shares are restricted Common Shares or
      Performance Shares) as of the date the grant is made, taking into account
      all and only all of the target level of those Common Shares that are
      subject to the particular LTIC Stock Grant, without regard to changes in
      Key's stock price after the date of grant or to any restrictions on or
      contingencies concerning those Common Shares.

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

      8.7 Change of Control. A "Change of Control" shall be deemed to have
      occurred if, at any time while this Agreement is in effect pursuant to
      Section 6 hereof, there is a Change of Control under any of clauses (a),
      (b), (c), or (d) below. For these purposes, Key will be deemed to have
      become a subsidiary of another corporation if any other corporation (which
      term shall, for all purposes of this Section 8.7, include, in addition to
      a corporation, a limited liability company, partnership, trust, or other
      organization) owns, directly or indirectly, 50 percent or more of the
      total combined outstanding voting power of all classes of stock of Key or
      any successor to Key.

            (a) A Change of Control will have occurred under this clause (a) if
            Key is a party to a transaction pursuant to which Key is merged with
            or into, or is consolidated with, or becomes the subsidiary of
            another corporation and either

                  (i) immediately after giving effect to that transaction, less
                  than 65% of the then outstanding voting securities of the
                  surviving or resulting corporation or (if Key becomes a
                  subsidiary in the transaction) of the ultimate parent of Key
                  represent or were issued in exchange for voting securities of
                  Key outstanding immediately prior to the transaction, or

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

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

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

                  (i) without the prior approval, solicitation, invitation, or
                  recommendation of the Key Board of Directors any person or
                  entity makes a public announcement of a bona fide intention
                  (A) to engage in a transaction with Key that, if consummated,
                  would result in a Change Event (as defined below in this
                  clause (c)), or (B) to "solicit" (as defined in Rule 14a-1
                  under the 1934 Act) proxies in connection with a proposal that
                  is not approved or recommended by the Key Board of Directors,
                  or

                  (ii) any person or entity publicly announces a bona fide
                  intention to engage in an election contest relating to the
                  election of directors of Key (pursuant to Regulation 14A,
                  including Rule 14a-11, under the 1934 Act),

      and, at any time within the 24 month period immediately following the date
      of the announcement of that intention, individuals who, on the day before
      that announcement, constituted the directors of Key (the "Incumbent
      Directors") cease for any reason to constitute at least a majority thereof
      unless both (A) the election, or the nomination for election by Key's
      shareholders, of each new director was approved by a vote of at least
      two-thirds of the Incumbent Directors in office at the time of the
      election or nomination for election of such new director, and (B) prior to
      the time that the Incumbent Directors no longer constitute a majority of
      the Board of Directors, the Incumbent Directors then in office, by a vote
      of at least 75% of their number, reasonably

<PAGE>

      determine in good faith that the change in Board membership that has
      occurred before the date of that determination and that is anticipated to
      thereafter occur within the balance of the 24 month period to cause the
      Incumbent Directors to no longer be a majority of the Board of Directors
      was not caused by or attributable to, in whole or in any significant part,
      directly or indirectly, proximately or remotely, any event under subclause
      (i) or (ii) of this clause (c).

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

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

      8.16 Impermissible. The term "Impermissible," when used in the context of
      the Executive's continued coverage by and participation in any of the
      Retirement Plans or Savings Plans shall mean that such a continuation
      would violate the provisions of any such plan, would cause any such plan
      that is or is intended to

<PAGE>

      be qualified under Section 401(a) of the Internal Revenue Code to fail to
      be so qualified, would require shareholder approval, or would be unlawful.

      8.17 LTIC Stock Grant. The term "LTIC Stock Grant" means the grant, if
      any, of restricted stock, of Performance Shares, or of a combination of
      restricted stock and Performance Shares made by the Committee to the
      Executive during any particular year as part of Key's ongoing compensation
      program. For greater clarity, for purposes of this Agreement:

            (a) "The terms "2003 LTIC Stock Grant", "2004 LTIC Stock Grant,"
            "2005 LTIC Stock Grant," etc. refer to LTIC Stock Grants, if any,
            made to the Executive by resolution adopted by the Committee in the
            specified year.

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

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

      8.19 Performance Shares. The term "Performance Shares" means an award
      denominated in Common Shares or phantom Common Shares the vesting of which
      is contingent or accelerated upon attainment of one or more performance
      goals (absent death, disability, or a Change of Control) .

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

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

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

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

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

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

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

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

            (b) all Discontinued Plans.

<PAGE>

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

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

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

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

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

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

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

      8.28 Agreement Supersedes Similar Agreement Previously Entered Into. This
      Agreement supersedes a similar agreement originally entered into between
      Key and the Executive as of [ORIGINAL DATE OF PREVIOUS AGREEMENT], and
      that agreement (as amended, if it has been heretofore amended) is no
      longer of any force or effect.

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

                                      KEYCORP

                                      By_____________________________________
                                            Henry L. Meyer III
                                            Chairman and Chief Executive Officer

                                      THE "EXECUTIVE"

                                      _______________________________________
                                      XXXXXXXXX

<PAGE>

                                    EXHIBIT A

                               WAIVER AND RELEASE

                  DO NOT SIGN WITHOUT READING AND UNDERSTANDING

      In consideration of the payments to be made to me following termination of
my employment with KeyCorp pursuant to the agreement between KeyCorp and me
dated as of XXXXX, 2004 (the "Change of Control Agreement"), which payments I
acknowledge I am not entitled to receive without execution of this Waiver and
Release, and which payments will not commence earlier than eight days after the
execution of this Waiver and Release, I, for myself, my heirs, administrators,
executors, and assigns, release and discharge KeyCorp, its affiliates,
subsidiaries, divisions, successors, and assigns and the employees, officers,
directors, and agents thereof (collectively referred to throughout this Waiver
and Release as "Key") from any and all causes of action, charges of
discrimination, proceedings, or claims of every kind, nature, and character,
arising out of or relating to my employment with Key and the termination of my
employment with Key based upon or related to any contention (i) that my
employment terminated because of any tortuous, wrongful, unlawful, or improper
conduct or act or in violation or breach of any express or implied contract or
agreement, or (ii) that Key engaged in any discriminatory act, event, pattern,
or practice involving age, religion, creed, sex, national origin, ancestry,
handicap, disability, veteran status, marital status, race, or color, or the
continuing or future effects thereof (including, without limitation, the federal
Age Discrimination in Employment Act, 29 U.S.C. Section 621 et seq., or any
similar state law).

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

I further warrant that:

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

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

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

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

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

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

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

Witness:

________________________________             ________________________________

<PAGE>

                                    EXHIBIT A
                                    (CONT'D)

                 ACKNOWLEDGMENT OF RECEIPT OF WAIVER AND RELEASE

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

Witness:____________________________          _____________________________

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

<PAGE>

                                    EXHIBIT A
                                    (CONT'D)

Director of Human Resources
KeyCorp
127 Public Square
Cleveland, Ohio 44114

Re:   Waiver and Release

Dear Sir or Madam:

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

                                                 Very truly yours,

Witness:

_______________________                          _________________________<PAGE>

                                                                    Exhibit 10.2

September 1, 2004

Mr. Stephen E. Yates
9226 Pony Express
San Antonio, TX 78255

Dear Steve:

On behalf of KeyCorp, I am delighted to extend you our offer of employment as
the Executive Vice President and Chief Information Officer reporting directly to
me. In this role you will be a member of the Company's Management Committee as
well as the Executive Council.

Subject to the approval of the Compensation Committee (this letter has already
been approved by the Chair of the Compensation Committee), I am pleased to
extend to you the following employment terms, effective with your start date on
September 2, 2004:

      -     BASE SALARY: $500,000 per annum, payable semi-monthly. Please note
            that we are transitioning to a bi-weekly payroll cycle beginning in
            2005.

      -     CASH INCENTIVE TARGET: Your annual incentive target award is
            $500,000. Your actual award will be funded based 50% on overall
            KeyCorp corporate performance and 50% on the performance of Key
            Technology Services (as it may be renamed in the future). Your
            individual award will be based on the evaluation of your
            contribution and performance by the Compensation Committee, the
            Chief Executive Officer and the Chief Administrative Officer.
            Depending on the performance of Key Technology and overall KeyCorp
            corporate performance, these awards can range from 0% to 300% of
            target. Our annual incentives are paid in mid-March. For 2004, your
            target will be prorated based on your start date.

            Any incentive compensation that is payable to you over $100,000,
            will be subject to the terms and conditions of KeyCorp's Automatic
            Deferral Plan, then in place. A copy of that Plan has been sent to
            you.

      -     LONG TERM: You will be a participant in the Company's Long Term
            Incentive Compensation (LTIC) plan. Your target award will be
            $800,000, which is delivered 50% in Performance-Based Restricted
            Stock and 50% as Stock Options. The Restricted Stock portion of the
            award is delivered in February and the Stock Option portion is
            granted in July. The Performance-Based Restricted Stock will vest,
            depending on KeyCorp's performance, from 50% to 150% of the award,
            with performance below the 50% threshold resulting in a total
            forfeiture. Our current stock option value is based at $7.70 per
            share. Stock Option shares will vest one-third per year (fully
            vested in three years) from the date of grant.

            As you and I have discussed, the timeframe that you expect to be at
            Key is 3-5 years. In the event that you leave the Company either (a)
            prior to the end of the fifth year of your employment and with the
            consent of the Compensation Committee based upon you having achieved
            your Employment Objectives (as hereinafter defined), or (b) after
            your fifth year of employment, any Performance-Based Restricted
            Stock awards that have been granted to you, which are not fully
            vested, will continue to be in effect as if you were an active
            employee through the balance of the vesting period. Additionally, if
            either of the events specified in (a) or (b) of the preceding
            sentence occurs, all stock options that have been granted to you
            will vest, to the extent not already vested. All options that vest
            will be exercisable for three years following your employment
            termination date, but in no event for a period beyond the options'

<PAGE>

            term. You will have achieved your "Employment Objectives" at such
            time as KeyCorp's Compensation Committee, upon the recommendation of
            KeyCorp's CEO, determines that Key Technology Services (as it may be
            renamed in the future) has been transformed into a top tier, high
            performing, cost effective technology and information organization
            that closely supports Key's lines of business and that strong
            successor management is in place and ready to assume leadership of
            Key Technology Services (as it may be renamed in the future). The
            determination of the Compensation Committee and KeyCorp's CEO as to
            whether you have achieved your Employment Objectives shall be final
            and conclusive. You will not ask KeyCorp's Compensation Committee or
            CEO to determine that you have achieved your Employment Objectives
            prior to the end of the third year of your employment unless you
            believe that family considerations warrant you making the request.

            All Performance-Based Restricted Stock and Stock Option awards are
            discretionary, subject to the approval of the Compensation Committee
            of KeyCorp's Board of Directors and are presently granted in
            accordance with KeyCorp's 2004 Equity Compensation Plan, which
            includes a so-call claw-back provision for harmful activity. Please
            note that the Restricted Stock award is contingent upon your
            acceptance of the terms and conditions of the KeyCorp Award of
            Restricted Stock Agreement, which includes restrictions relating to
            non-public information, intellectual property and non-hire and
            non-contact (respectively) of Key's employees and customers.

      -     SPECIAL SIGNING BONUS: You will receive a special signing bonus,
            which is comprised of two components. First, effective on the date
            the Compensation Committee approves this letter, you will be granted
            a signing bonus of $400,000. This award will be denominated in
            phantom common shares and will vest 1/3 upon approval of this letter
            by the Compensation Committee, 1/3 on the first anniversary of the
            date of this letter, and the final 1/3 on the second anniversary of
            the date of this letter. Unless you have elected to defer payment,
            the phantom shares will be payable to you in KeyCorp Common Shares
            upon vesting; provided, further, concurrent with this letter you
            have elected to defer payment under KeyCorp's Voluntary Deferral
            Plan of the initial 1/3 installment.. Second, you will also receive
            a special Stock Option grant of 100,000 shares. These options will
            vest 1/3 each on the same dates as the phantom common shares above.
            The price of these options will be based on the price of KeyCorp
            stock (the average of the high and the low) on the date the
            Compensation Committee approves this letter.

In addition, you will be eligible for the following:

CHANGE OF CONTROL AGREEMENT: You will be provided with a Change of Control
Agreement of the type generally given to other KeyCorp senior officers, a draft
copy you have already received.

EXECUTIVE PERQUISITES: You will be eligible for the following:

      -     Membership in one luncheon club in Cleveland. The Company will pay
            any initiation fees (grossed-up for any taxes) and your monthly dues
            and any assessments. Reimbursement for monthly expenses will
            automatically be made through payroll and will be grossed-up for tax
            purposes.

      -     Initiation fees in a personal country club, if you desire, which
            shall be grossed-up for tax purposes. Any subsequent expenses (i.e.,
            monthly dues, assessments, personal expenses, annual fees) will be
            paid by you. Business related expenses, of course, may be reimbursed
            through our expense reimbursement process.

RELOCATION

A copy of your relocation summary has already been provided to you. All of the
services will be grossed-up for Federal, state, local and FICA taxes. If you
voluntarily terminate your employment with KeyCorp within one year of your hire
date, you will be responsible for repayment of 100% of the total relocation
expense incurred by KeyCorp. If you voluntarily terminate after one-year, but
within two years of your hire date, you will be responsible for

<PAGE>

repayment of one-half of the total relocation expense. Our relocation firm will
be in touch with you shortly to discuss relocation arrangements with you. We
agree that the move will be an "executive level" move - which would include such
services as crating artwork and antiques, transporting automobiles and
motorcycles, and otherwise trying to assure that all property is moved in a
careful way, designed to avoid damage.

We also agree that as part of your relocation we will make the following
exceptions. First, we will provide temporary living arrangements in Cleveland
for a maximum of one year, if required. Second, during that year, we will
provide recurring travel to home city or comparable location. Third, we will
pay, up to a maximum of $100,000, for you to relocate, following the conclusion
of your employment with KeyCorp, to a location designated by you.

As an employee you are also eligible for the following company benefits:

      -     Participation in the 401(k) and cash balance and the excess 401(k)
            and cash balance plans in accordance with plan documents. In the
            event that you leave the Company prior to the end of the fifth year
            of your employment with the consent of the Compensation Committee
            based upon you having achieved your Employment Objectives, the
            Company will pay to you in a lump sum (within 30 days after your
            employment termination date) an amount equal to the accrued balance
            credited to your account under the cash balance and excess cash
            balance pension plans to the extent such accrued balance would be
            forfeited upon your employment termination date because you had not
            achieved five years of vesting service pursuant to the plans. In the
            event that you leave the Company prior to the end of the third year
            of your employment with the consent of the Compensation Committee
            based upon you having achieved your Employment Objectives, the
            Company will pay to you in a lump sum (within 30 days of your
            employment termination date) an amount equal to the unvested Company
            match under the excess 401(k) plan (together with the earnings
            thereon) to the extent such unvested Company match would be
            forfeited upon your employment termination date because you had not
            achieved three years of vesting service pursuant to the plan.

      -     Enrollment in Medical, Dental, Life Insurance and other insurance
            coverage according to company policy and coverage limits (coverage
            begins the first of the month following employment).

      -     In accordance with policy, beginning in 2005, you will be eligible
            for 25 days of paid time off (PTO). Your PTO allowance for 2004 will
            be prorated based on your start date.

      -     These and additional benefits are outlined in the New Employee
            Resources Guide, which you have received. (The Company reserves the
            right to revise benefits at any time to comply with regulatory
            changes and/or changes in Company policies, but at no time during
            your employment will the total value of these benefits be reduced
            unless the total value of these benefits is similarly reduced for
            other senior executives; provided, however, if you believe that the
            aggregate value of all benefits has been reduced by more than $5,000
            in value on an annual basis and you so notify KeyCorp in writing
            (through the head of Human Resources), KeyCorp will determine the
            value of the annual reduction and pay you in cash (grossed up for
            federal, state, local and FICA taxes) any amount of reduction in
            excess of $5,000.)

You will be KeyCorp's representative to BITS, which is part of the Financial
Services Roundtable. You currently are a member of the Board of Directors of
Applied Industrial Technologies. We generally permit our senior executives to be
a member of one corporate board. Of course, we reserve the right to require you
to resign from any Board if we determine that there is a conflict or potential
conflict of interest with KeyCorp or it is otherwise undesirable, in our
opinion, for you to continue the Board membership.

This employment offer and the compensation payable to you as set forth above are
contingent upon satisfactory completion of the following in KeyCorp's judgment:

      -     Application for employment and related documents.

<PAGE>

      -     Review of references, a pre-employment drug screen and a background
            investigation.

                  -     A review for FDIC prohibited offenses which includes
                     fingerprints taken on or about the first day of
                     employment and which can take up to six months to
                     process.

                  -     KeyCorp reserves the right to withdraw its offer of
                     employment or to terminate your employment (if you
                     become employed at KeyCorp) if the results of the
                     applicant review are unsatisfactory in KeyCorp's
                     judgment.

Steve, we are very excited about the prospect of you joining Key and look
forward to a mutually beneficial and rewarding relationship.

Sincerely,

Thomas C. Stevens

AGREED TO: ____________________________
                 Stephen E. Yates

Dated: ________________________________

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