Document:

EX-10.2

 EXHIBIT 10.2 
 KEYCORP DIRECTORS’ DEFERRED SHARE SUB-PLAN 
 (May 16 2013)

 ARTICLE I 
 PURPOSE 
 This KeyCorp Directors’ Deferred Share Sub-Plan
(“Sub-Plan”) is hereby established as a sub-plan under the KeyCorp 2013 Equity Compensation Plan (“Equity Compensation Plan”). The Sub-Plan is a successor to the KeyCorp Directors’ Deferred Share Plan, adopted as of
December 31, 2008 (the “Prior Plan”), which will terminate in its entirety effective on the date that the Corporation’s shareholders approve the Equity Compensation Plan (provided that all outstanding awards under the Prior Plan
as of the date of such shareholder approval shall remain outstanding and shall be administered and settled in accordance with the terms of the Prior Plan). The purpose of this Sub-Plan is to attract, retain and compensate highly qualified
individuals to serve as Directors and to align the interests of Directors with the shareholders of the Corporation further and thereby promote the long-term success and growth of the Corporation. 

ARTICLE II 

DEFINITIONS 
 Capitalized terms used in the Sub-Plan but not defined herein shall have the same meanings as defined in the Equity Compensation Plan. In addition to those terms and the terms defined in Article 1 hereof,
the following terms shall have the meanings hereinafter set forth, unless a different meaning is clearly required by the context: 
  

	 	(a)	“Account”: A bookkeeping account in which Deferred Shares shall be recorded and to which dividends may be credited in accordance with the Sub-Plan.

  

	 	(b)	“Beneficiary” or “Beneficiaries”: The person or persons designated by a Director in accordance with the Sub-Plan to receive payment of the
Director’s Account in the event of the death of the Director. 

  

	 	(c)	“Beneficiary Designation”: An agreement in substantially the form adopted and modified from time to time by the Corporation pursuant to which a
Director may designate a Beneficiary or Beneficiaries. 

  

	 	(d)	“Change of Control”: Notwithstanding any provision of the Equity Compensation Plan, a Change of Control shall be deemed to have occurred if and only
if, under any rabbi trust arrangement maintained by the Corporation (the “Trust”), as such Trust may from time to time be amended or substituted, the Corporation is required to fund the Trust to secure the payment of any Deferred Shares
because a “Change of Control,” as defined in the Trust, has occurred on or after the effective date of the Sub-Plan; provided that the Change of Control transaction also constitutes the occurrence of a “change in the ownership,”
a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Corporation within the meaning of Section 409A of the Code. 

 

	 	(e)	“Change of Control Election”: The meaning set forth in Section 4.5(a). 

 

	 	(f)	“Common Shares Account”: The meaning of such term as set forth in the Corporation’s Director Deferred Compensation Plan. 

 

	 	(g)	“Deferral Period”: The meaning set forth in Section 4.2. 

 

	 	(h)	“Deferred Shares”: A right to receive Common Shares or the equivalent cash value thereof granted pursuant to Section 11 of the Equity Compensation
Plan. 

  

	 	(i)	“Director Deferred Compensation Plan” shall mean the KeyCorp Second Director Deferred Compensation Plan, as the same may be amended or substituted from
time to time. 

	 	(j)	“Nominating and Corporate Governance Committee”: The Nominating and Corporate Governance Committee of the Board or any successor committee designated
by the Board. 

  

	 	(k)	“Retainer”: The portion of a Director’s annual cash compensation that is payable on a current basis without regard to the number of Board or
committee meetings attended or committee positions. 

  

	 	(l)	“Settlement Date”: The date on which the three-year Deferral Period ends, provided that the Director has not elected to transfer his or her Deferred
Shares to his or her Common Shares Account under the Director Deferred Compensation Plan, as provided in Section 4.2(b). 

  

	 	(m)	“Year”: The fiscal year of the Corporation. 

 ARTICLE III 
 ANNUAL DEFERRED SHARE AWARDS 

Each Director shall receive, after the date of approval of the Equity Compensation Plan by the Corporation’s shareholders in 2013,
and each Year thereafter, an annual award of Deferred Shares. The number of Deferred Shares to be awarded shall be equal to a number of Common Shares having an aggregate Fair Market Value of the date of the award equal to 200% of the Director’s
Retainer, unless a lesser number of Deferred Shares is determined by the Nominating and Corporate Governance Committee. To the extent that the application of any formula in computing the number of Deferred Shares to be granted would result in
fractional shares of stock, the number of shares shall be rounded down to the nearest whole share. Unless the Nominating and Corporate Governance Committee from time to time determines another date for the annual award due to unusual circumstances
or otherwise, such annual award shall be made the later of the July Nominating and Corporate Governance Committee meeting or the third business day following the second quarter earnings release. At the time of making the annual award, the Nominating
and Corporate Governance Committee shall determine, in its sole discretion, whether the Director’s Account shall be distributed pursuant to Section 5.3 in the form of Common Shares (with fractional shares being rounded down to the nearest
whole share), cash, or a combination of Common Shares and cash. 
 ARTICLE IV 

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

4.2          Deferral Period.  

 

	 	(a)	Minimum Three-Year Deferral Period. Each grant of Deferred Shares shall be subject to a required deferral period (a “Deferral Period”) beginning on the
Deferred Shares’ grant date and ending on the third anniversary of such grant date; provided, however, that the Deferral Period will end (and the Deferred Shares will become fully vested) if prior to the third anniversary of the
grant date (i) in the event of a Change of Control pursuant to a Director’s Change of Control Election as provided in Section 4.5(a)(i); (ii) if the Director dies or (iii) the Director’s service as a Director is
terminated (unless the termination follows a Change of Control and the Director has elected in a Change of Control Election to receive his or her Account pursuant to Section 4.5(a)(iii)). 

 

	 	(b)	Directors’ Option to Transfer the Deferred Shares. Notwithstanding Section 4.2(a), a Director may elect at any time, provided that his or her election
is no later than twelve full calendar months prior to the close of the applicable Deferral Period, to transfer his or her Deferred Shares into the Common Shares Account maintained under the Director Deferred Compensation Plan. Such transfer will
become effective at the conclusion of the applicable three-year Deferral Period. 

	 	(c)	Evergreen Deferral Election.  Once a Director elects to transfer Deferred Shares into his or her Common Shares Account maintained under the
Director’s Deferred Compensation Plan, his or her transfer election will continue to be effective from Year to Year and the Deferred Shares for which the applicable three-year Deferral Period lapses following such election will also be
transferred to his or her Director’s Deferred Compensation Plan’s Common Shares Account. To modify this evergreen deferral election with respect to Deferred Shares otherwise granted in a particular Year, the Director’s revocation or
modification of his or her evergreen election shall be delivered to the Corporation no later than twelve full calendar months prior to the date on which the applicable Deferral Period ends. 

 

	 	(d)	No Rights During Deferral Period.  During the Deferral Period, the Director shall have no right to transfer any rights under his or her Deferred Shares
and shall have no other rights of ownership therein. 

4.3          Dividend Equivalents.  A Director’s Account
will be credited, on the date of the Corporation’s dividend payment, with that number of additional Deferred Shares (including fractional shares) equal to the amount of cash dividends paid by the Corporation on the number of Deferred Shares in
the Director’s Account divided by the Fair Market Value of one Common Share on that date. Such dividend equivalents, which shall likewise be credited with dividend equivalents, shall be deferred until the end of the Deferral Period for the
Deferred Shares with respect to which the dividend equivalents were credited and, if the Director has so elected, such dividend equivalents shall be transferred, along with the Deferred Shares, into the Director’s Common Shares Account under
the Director Deferred Compensation Plan. 
 4.4          Death of a
Director.  Notwithstanding anything to the contrary contained in this Sub-Plan, in the event of the death of a Director, the three-year Deferral Period will be deemed to have ended, and the Settlement Date will be deemed to have
occurred, on the date of the Director’s death. The Director’s Account shall be paid, as soon as practicable following the Settlement Date, but in no event later than 90 days following the Settlement Date, to the Beneficiary or
Beneficiaries designated on the Director’s Beneficiary Designation or, if no such designation is in effect or no Beneficiary is then living, then to the Director’s estate. 

 4.5        Acceleration. 

  

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

  

	 	(i)	upon the occurrence of a Change of Control, the entire amount of the Director’s Account will be immediately paid in full, regardless of whether the Director
continues as a Director after the Change of Control; 

  

	 	(ii)	upon and after the occurrence of a Change of Control and in accordance with Section 4.2(a), the entire amount of the Director’s Account will be immediately
paid in full if and when the Director’s service as a Director is terminated; or 

  

	 	(iii)	upon the occurrence of a Change of Control, the payment elections specified by the Director prior to the Change of Control shall govern irrespective of the Change of
Control. 

  

	 	(b)	Hardship.   In the event of an unforeseeable emergency, the Corporation may accelerate the payment of all or any portion of the Director’s
Account to the Director but only up to the amount necessary to meet the emergency. For purposes of this Section 4.5(b), the term “unforeseeable emergency” shall mean a severe financial hardship to the Director resulting from a sudden
and unexpected illness or accident of the Director, the Director’s spouse, or the Director’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)), the loss of the
Director’s property due to casualty, or such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director. The determination of an unforeseeable emergency and the ability of the
Corporation to accelerate the Director’s Account distribution shall be determined in accordance with the requirements of Section 409A of the Code and the applicable regulations issued thereunder. Payment of the Director’s Account
shall be limited only to such amount as is necessary to satisfy the emergency, which shall include all applicable taxes owed or to be owed by the Director as a result of the distribution. 

ARTICLE V 

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

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

 5.4          Fractional
Shares.  The Corporation will not be required to issue any fractional Common Shares pursuant to this Sub-Plan. 
 5.5          Transfer of Deferred Shares.  In accordance with the provisions of Section 4.2(b) and 4.2(c) hereof, if a
Director elects to transfer his or her Deferred Shares to the Director Deferred Compensation Plan, such Deferred Shares when transferred shall be subject to the terms and conditions of the Director Deferred Compensation Plan, provided, however, that
in no event shall such Deferred Shares be transferred unless the Director’s transfer election has been made a minimum of twelve months prior to the close of the applicable Deferral Period for such Shares, and provided further, that the
transferred Deferred Shares are deferred under the Director Deferred Compensation Plan for a minimum of five (5) years from the date of the Deferred Shares transfer, regardless of the Director’s termination or retirement, and regardless of
the distribution instructions contained in the Director’s transfer election form (as required under the subsequent deferral requirements of Section 409A of the Code). 
 ARTICLE VI 
 BENEFICIARY DESIGNATION 

6.1          Beneficiary Designation.  Each Director shall have
the right, at any time, to designate one or more persons or an entity as Beneficiary (both primary as well as secondary) to whom benefits under this Sub-Plan shall be paid in the event of the Director’s death prior to distribution of the
Director’s Account. Each Beneficiary Designation shall be in a written form prescribed by the Corporation and shall be effective only when filed with the Corporation during the Director’s lifetime. 

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

SHARES SUBJECT TO PLAN; ADJUSTMENTS 
 7.1          Shares Subject to Sub-Plan.  The Common Shares which may be delivered to Directors upon distribution of their
Accounts shall be issued or delivered under the Equity Compensation Plan, or any successor equity compensation plan maintained by the Corporation and approved by its shareholders. Any Common Shares delivered to Directors by a trust that is treated
as a “grantor trust” within the meaning of Sections 671-679 of the Code shall be treated as delivered by the Corporation pursuant to this Sub-Plan. 
 7.2          Adjustments.  
  

	 	(a)	Adjustments.  The number of Deferred Shares granted or credited to Accounts hereunder, and kind of shares covered thereby, are subject to adjustment as
provided in Section 15 of the Equity Compensation Plan (or the corresponding provision of any successor equity compensation plan maintained by the Corporation and approved by its shareholders under which Common Shares may be delivered pursuant
to this Sub-Plan). 

  

	 	(b)	Change of Control. Notwithstanding Section 8.2 hereof, in the event of a Change of Control, no amendment or modification of the Sub-Plan may be made at any
time on or after such Change of Control (i) to reduce or modify a Director’s Pre-Change of Control Account balance, or (ii) to reduce or modify the Accounts’ method of calculating earnings, gains, and/or losses on the
Director’s Pre-Change of Control Account balance. For purposes of this Section 7.2(b), the term “Pre-Change of Control Account Balance” shall mean, with regard to any Director, the aggregate amount of the Director’s Deferred
Shares with all earnings, gains, and losses thereon which are credited to the Director’s Account through the close of the calendar year in which such Change of Control occurs. 

 ARTICLE VIII 
 ADMINISTRATION, AMENDMENT AND TERMINATION 

8.1          Administration.  Notwithstanding any provision of
the Equity Compensation Plan, the Sub-Plan shall be administered by the Corporation. The Corporation shall have such powers as may be necessary to discharge its duties hereunder. The Corporation may, from time to time, employ, appoint or delegate to
an agent or agents (who may be an officer or officers of the Corporation) and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who may be counsel to the Corporation. No agent appointed
by the Corporation to perform administrative duties hereunder shall be liable for any action taken or determination made in good faith. All elections, notices and directions under the Sub-Plan by a Director shall be made on such forms as the
Corporation shall prescribe. 
 8.2          Amendment and
Termination.  Notwithstanding any provision of the Equity Compensation Plan, the Nominating and Corporate Governance Committee may alter or amend this Sub-Plan from time to time or may terminate it in its entirety; provided,
however, that no such action, except for an acceleration of benefits, shall, without the consent of a Director, impair the rights in any Deferred Shares issued or to be issued to such Director under the Sub-Plan; and further
provided, that any amendment that must be approved by the shareholders of the Corporation in order to comply with applicable law or the rules of the principal exchange upon which the Common Shares are traded or quoted shall not be effective
unless and until such approval has been obtained in compliance with such applicable law or rules. Presentation of this Plan or any amendment hereof for shareholder approval shall not be construed to limit the Corporation’s authority to offer
similar or dissimilar benefits through plans or other arrangements that are not subject to shareholder approval unless otherwise limited by applicable law or stock exchange rules. 

 ARTICLE IX 
 FINANCING OF BENEFITS 

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

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

GENERAL PROVISIONS 
 10.1        Governing Law.  The provisions of this Sub-Plan shall be governed by and construed in accordance with the laws of the State of
Ohio. 
 10.2        Shareholder Approval.  Notwithstanding the
foregoing provisions of the Sub-Plan, no Common Shares shall be issued or transferred pursuant to the Sub-Plan before the date of the approval of the Equity Compensation Plan by the Corporation’s shareholders. 

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

10.4        No Right to Continue as Director.  Neither the Sub-Plan, nor
the granting of Deferred Shares nor any other action taken pursuant to the Sub-Plan, shall constitute or be evidence of any agreement or understanding, express or implied, that a Director has a right to continue as a Director for any period of time,
or at any particular rate of compensation. 
 10.5        Compliance with
Section 409A Requirements.  The Sub-Plan is intended to provide for the deferral of compensation in accordance with the provisions of Section 409A of the Code and regulations and published guidance issued pursuant
thereto. Accordingly, the Sub-Plan shall be administered in a manner consistent with those provisions. Notwithstanding any provision of the Sub-Plan to the contrary, no otherwise permissible election, deferral, accrual, transfer or distribution
shall be made or given effect under the Sub-Plan that would result in a violation of Section 409A of the Code. 

10.6        Elections Under Prior Plan.  The Accounts hereunder shall
remain subject to the same elections (including elections to transfer the Deferred Shares to the Director Deferred Compensation Plan under Section 4.2(b) and Change of Control Elections) and Beneficiary Designations that were controlling under
the Prior Plan immediately prior to the approval of the Equity Compensation Plan by the Corporation’s shareholders for the remainder of the period or periods for which such elections or designations are by their original terms applicable or, in
the case of elections under Section 4.2(b) of the Prior Plan, until revoked or modified in accordance with this Sub-Plan.EX-10.3

 EXHIBIT 10.3 

 

					
		 	

	 	

 This letter agreement (the “Letter Agreement”), effective as of the date
indicated below, in Section H, confirms our discussions concerning the decision of KeyBank National Association (“KeyBank”) to transition you from your position of Senior Executive Vice President and Chief Financial Officer by providing
you enhanced separation benefits, as set forth herein. This Letter Agreement accordingly outlines the specific terms and conditions of the various benefits that will be made available to you as a result of your entering into this Letter Agreement
with KeyBank. Please know that the benefits to be provided to you under the terms of this Letter Agreement constitute a full and final settlement of any and all claims and causes of action that you may have (or believe that your may have) against
KeyBank, KeyCorp, and their respective Affiliates (hereinafter collectively and individually referred to as “Key”) including any claims under the KeyCorp Separation Pay Plan. For purposes of this Letter Agreement, the term
“Affiliate” means any and all subsidiaries and related businesses of KeyBank and KeyCorp, together with all directors, officers, partners, employees, managers and related persons of KeyBank, KeyCorp and of such subsidiaries and related
businesses. 
  

	A.	 Your Agreements 

  

	1.	 Your Termination Date 

 Effective June 30, 2013, by operation of this Letter Agreement and without any further action on your part, your employment, including any officer positions that you may hold with Key, will terminate
(your “Termination Date”). However, Key may require you to relinquish your role and duties as Chief Financial Officer prior to your Termination Date. You may not execute this Letter Agreement until after your employment with Key has
ceased. Please understand that if your employment should terminate by reason of (i) your voluntary resignation, or (ii) your termination for cause prior to your Termination Date you will have no rights to any of the payments or
benefits provided under this Letter Agreement beyond pre-existing entitlements. For purposes of this Letter Agreement, if you commence employment on a full or part time basis within another area or department of KeyBank or with another KeyCorp
affiliate, or if you accept employment with a third party prior to your Termination Date, you will be deemed to have voluntarily resigned under the terms of this Letter Agreement. 

	2.	 Agreement to Maintain Confidentiality/Trade Secrets 

You agree that you will not at any time, directly or indirectly, without written authorization from Key, knowingly make use of or disclose
to any person or entity any confidential business-related, proprietary, or secret information, confidential knowledge, trade secrets, or other confidential data not in the public domain related to the business, products, services, employees, or
practices of Key that you have acquired during your employment with Key, whether prepared by you or by another, provided, that this does not include any information (i) which has been disclosed to third persons by Key without restriction,
(ii) was known by you prior to your employment with Key, (iii) is or becomes available to you or Key on a non-confidential basis from a source other than Key, or (iv) is independently developed
by you after your Termination Date without violation of your obligations under this Agreement. 
 You also understand and agree
that the confidential character and proprietary nature of any of the foregoing information does not become any less confidential or proprietary to Key because you may commit some of the information to your memory or

 
because during your employment you may have maintained some of this information outside of Key’s offices. You agree to promptly return to Key all identification cards, company credit cards,
computers, BlackBerry, smart phones, files, disks, work papers, customers, vendor, and employee records, and any other property belonging to Key that is in your possession or control as of your Termination Date. You also agree, upon Key’s
request, to certify that you have returned the foregoing information and materials to Key. 
 You certify and agree that you
have not sent, and will not send to your personal email or any other email address or account any confidential, proprietary, and/or trade secrets information belonging to Key and that you have returned or will return all hard copies (if applicable)
of all confidential, proprietary, and/or trade secrets information belonging to Key that is either in your possession or under your control as of your Termination Date. You also certify and agree that you have not made and will not make, copies,
downloaded, or transmitted electronically any of Key’s confidential, proprietary, and/or trade secrets information in any form or stored in any medium on your personal computer or any other place and that you have not disclosed, provided, or
transmitted any such information or any copy thereof to any person or entity other than Key in the ordinary course of business. 
  

	3.	 Agreement Not to Solicit Key Employees and Customers 

You agree that you will not, without Key’s prior written consent, hire or solicit to hire on behalf of yourself or any other person
or entity any employee of Key (whether an employee as of the date of this Letter Agreement or at any time thereafter until your Termination Date) or knowingly solicit business for yourself or any other person or entity which competes with Key from
any customer or prospective customer of Key with whom you interacted or with whom you learned of during the course of performing your employment at Key, for a period of twelve months following your Termination Date. 

 

	4.	 Agreement to Cooperate 

 You also understand and agree that notwithstanding any other provision of this Letter Agreement to the contrary, that at any and all times following your Termination Date, upon reasonable request by Key,
you will make yourself available and you will cooperate with Key in connection with your previous responsibilities and assignments at Key which may include, but not be limited to, telephone and email inquiries, providing guidance and information as
to processes, systems and procedures, including assisting Key on any litigation, investigations, audits or other matters relating, in whole or in part, to your responsibilities and assignments while employed at Key. Your full cooperation in
connection with such matters will include being available, upon reasonable notice, to meet with employees, attorneys, and designated agents; to work with Key on matters that involved or related to your prior responsibilities and duties while at Key;
to prepare for and attend any proceeding including depositions, consultations, discovery or trial; providing affidavits; to assist with any audit, inspection, proceeding or other inquiry; and to act as a witness in connection with any litigation or
other proceeding affecting or involving Key; and for any other help and cooperation as may be requested by Key. Key recognizes that you may have duties and obligations to your then-current employer, and will work with you to attempt to avoid any
conflicts therewith, including, as practical, scheduling meetings outside of normal business hours. Key will reimburse you for your reasonable business expenses incurred in your providing assistance to Key as permitted under Key’s reimbursement
policies. 
  

	5.	 Agreement not to Disparage 

 You also agree that you will not disparage Key or any of their Affiliates, entities, products, services or practices. Key will not authorize anyone or any entity to disparage you. 

	6.	 Defense and Indemnification 

 In accordance with Ohio law and Key’s Director and Officer’s Policy, Key will provide you with defense and indemnification with regard to the services and the duties that you performed for Key
so long as you worked within the scope of your employment and you operated in good faith during your employment. 
  

	B.	 Benefits to Be Provided to You 

  

	1.	 Salary Continuation Benefit 

 You will receive continued payment of your current base salary of $650,000/year, less required deductions, which shall be paid to you on a bi-weekly basis in accordance with Key’s normal payroll
procedures for a period of twelve (12) months, from July 1, 2013 through July 1, 2014 (“Salary Continuation”). All voluntary payroll deductions will cease as of your Termination Date. In addition, your participation in
Key’s 401(k) Plan and Deferred Savings Plan ends as of your Termination Date. 
  

	2.	 Health Care/COBRA 

 In addition to the foregoing payments of Salary Continuation, you also will be eligible to continue your Key Medical, Dental and/or Vision Plan participation (if applicable) under the provisions of COBRA
at the Key employee group rate from July 1, 2013 through July 1, 2014. Please note, that should you obtain new employment outside of Key during this period, while your Salary Continuation will continue until it is fully paid, your
participation in Key’s Medical, Dental and/or Vision Plan(s) at the employee rate will end and your continued COBRA coverage, if any, will automatically become the statutory COBRA rate. You agree that you will notify Key promptly if you obtain
new employment during the Salary Continuation period. You are eligible to participate in the Key Retiree Medical Plan. Please be advised that you have twelve months from your Termination Date to elect to participate in this plan. In addition, prior
to your Termination Date, you remain eligible to receive an executive physical, if you so choose. 
  

	3.	 Payment of 2013 Incentive Compensation 

 You will, subject to the foregoing provisions, be entitled to a Short Term Incentive Compensation (“STIC”) award for the 2013 plan year equal to 50% of the award payable to you based on
Key’s performance under the 2013 KeyCorp Annual Incentive Plan, and as shall otherwise be determined by the terms of the Plan document and payable as of the date(s) provided for in the Plan. You will not be eligible to receive any long-term
incentive compensation for any period after your Termination Date. 
  

	4.	 Mandatory Deferral 

 Amounts that were required to be withheld from your annual incentive awards under Key’s Mandatory Deferral Program will continue to vest. Payment of these deferred amounts will be made in the form of
KeyCorp common shares following the applicable vesting date(s). Key will consider the target amount of your 2013 long term incentive opportunity for purposes of determining whether any portion of your 2013 annual incentive is required to be
deferred. 
  

	5.	 KeyCorp Long-Term Incentive Awards 

 As of your Termination Date, you will vest in approximately 241,313 shares (which will be adjusted to reflect any dividends reinvested in additional shares after the date of this Letter Agreement)) with
respect to all long-term incentive compensation and retention awards that have been granted to you under Key’s equity compensation plans, other than any equity awards granted to you as deferred annual incentives, which will continue to vest in
accordance with their terms. A pro rata number of your unexercisable stock options will vest and become exercisable in accordance with the terms of Key’s equity compensation plans, award agreement(s) and/or corporate resolutions evidencing the
award of such stock options. Exercisable stock options will remain exercisable for such period or periods as set forth in the applicable equity compensation plan or the award agreement or corporate resolutions evidencing the award of such stock
options. Vested awards will remain subject to the terms and conditions of the relevant plans and/or award agreements that are contained within each respective equity award agreement and the Plan. All KeyCorp awards that do not vest under the
provisions of this paragraph will be forfeited as of your Termination Date. 

 Pursuant to the terms of the KeyCorp 2010 Equity Compensation Plan (“Equity
Plan”), and the terms of long term incentive awards granted to you to date, including, but not limited to, those granted on May 19, 2011; March 2, 2012; and March 2, 2013, you recognize and agree that, if you engage in any
“Harmful Activity,” as such term is described in the Equity Plan, prior to or within six months after your Termination Date, any not vested Restricted Stock Units or Performance Shares not otherwise forfeited at the time of your
termination shall be immediately forfeited and all vested shares of Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units or other equity awards provided to you within one year prior to your termination of employment shall
become immediately forfeited, with all profits realized by you from your sale of such stock, units, shares or awards inuring to and becoming payable to KeyCorp upon KeyCorp’s demand. 

You recognize and agree that your equity awards remain subject to risk adjusted vesting, forfeiture and clawback in accordance with
KeyCorp’s Incentive Compensation Program and Policy, as the same may be in effect from time to time. 
  

	6.	 KeyCorp 401(k) Savings Plan  

 In conjunction with your termination from Key, you will become eligible to receive a distribution of your vested KeyCorp 401(k) Savings Plan (the “Savings Plan”) participant contributions and
Key’s employer contributions, in accordance with the terms of the Savings Plan. 
  

	7.	 Distribution of Your Vested Deferred Savings Plan Benefit 

You also will be eligible to receive a distribution of your vested Deferred Savings Plan benefit including Key’s matching
contribution amount following your Termination Date. Distributions under the Deferred Savings Plan shall be made in accordance with the terms of the Deferred Savings Plan and your previous distribution election(s). 

 

	8.	 Distributions of Your Cash Balance Pension Plan and Second Excess Cash Balance Pension Plan 

In connection with your termination from Key, you also will be eligible to receive distributions of your vested Cash Balance Pension Plan
Benefit and vested Second Excess Cash Balance Pension Plan Benefit. Distributions under each plan shall be made in accordance with the terms of the applicable plan and your previous distribution election(s). 

 

	9.	 Outplacement Services 

 You also will be eligible to receive career assistance services through Key’s Executive Outplacement service provider for up to six months, provided that you commence such services by no later than
December 1, 2013. Should you not gain suitable alternate employment by the end of this initial six month period of employment, Key, in its sole discretion, may afford you additional outplacement assistance through its chosen Executive
Outplacement service provider for up to an additional six months. Please contact your Human Resources Director. 
  

	10.	 Unemployment Compensation 

 Should you apply for unemployment compensation benefits, Key will not object to your receipt of such benefits, provided that you have otherwise complied with your obligations under this Letter Agreement.

  

	11.	 Reference Requests 

 In response to prospective employers inquiring about you, Key will follow its neutral reference policy through its vendor wherein only dates of employment and last position held will be provided.

	12.	 Paid Time Off 

 Following your Termination Date, you will be paid for your accrued but unused PTO days in accordance with Key’s Paid Time off Policy. 

 

	C.	 Full Understanding of the Parties 

 This Letter Agreement and the benefits outlined herein represent the complete understanding and agreement between the parties hereto and it supersedes all prior or contemporaneous oral or written
understandings on the subjects contained herein; however, the parties agree and recognize that the post-employment restrictive covenants set forth herein are in addition to, and supplement those existing as of the Effective Date of this Agreement.
No one relies on any representations, oral or 

 
written, on the effect, enforceability, or meaning of this Letter Agreement, except as is specifically set forth in this Letter Agreement. This Letter Agreement can only be modified or waived, in
whole or in part, by a writing signed by all of the parties to this Letter Agreement. A facsimile of this Letter Agreement shall be treated in all respects as an original document and counterparts of this Letter Agreement may be executed separately
and taken together will be treated as one complete original document. This Letter Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, legal representatives, affiliates, successors, and assigns.
This Letter Agreement shall be governed by Ohio law without regard to conflicts of laws principles. If any term, condition, clause or provision of this Letter Agreement shall be determined by a Court of competent jurisdiction to be void or invalid
at law, then only that term, condition, clause or provision that is determined to be void or invalid shall be stricken from the Letter Agreement and the remainder of the Letter Agreement shall remain in full force and effect in all other aspects.
You agree that any rule of law or decision that would require interpretation of any claimed ambiguity in this Letter Agreement against the party that drafted it has no application to this Letter Agreement and is expressly waived. 

 

	D.	 Release of KeyBank and KeyCorp 

 In consideration for KeyBank and KeyCorp entering into this Letter Agreement and providing you with the full payments and benefits enumerated above, you, for yourself and your heirs, legal
representatives, and assigns, release acquit, and forever discharge KeyBank and KeyCorp, and their respective Affiliates (as applicable, in both their individual and corporate capacities), predecessors-in-interest, successors, and assigns, jointly
and severally, from any and all liabilities, attorneys’ fees, obligations, duties, undertakings, agreements, contracts, compensation, incentive compensation, separation pay, severance, employee benefits, plans, policies, practices, claims,
demands, damages, proceedings, actions, and causes of action of every kind, nature, and character, which you have had, now have, or may have in the future for events occurring from your date of hire with Key up to and including the Date of your
Execution of this Agreement, as indicated below, whether known or unknown, suspected or unsuspected, that are by reason of, or in any manner whatsoever connected with, or growing out of, your employment relationship with KeyBank and KeyCorp, and
their respective Affiliates and their predecessors-in-interest, or the termination of those employment relationships, including, without limitation, any claims or causes of actions of alleged tortious, wrongful, unlawful, or improper act or conduct
or any discriminatory events, acts, patterns, or practices or the continuing or future effects thereof arising under state or federal law, including but not limited to the Age Discrimination in Employment Act, Title VII of the Civil Rights
Act of 1964, as amended, the Americans with Disabilities Act, the Family and Medical Leave Act, the Older Workers Benefit Protection Act, ERISA, state discrimination laws, the KeyCorp Separation Pay Plan,
and/or any alleged violation or breach of any express, implied, or implied-in-law contract, agreement, promise, or duty, or any claim of wrongful discharge, violation of public policy, emotional distress, degradation, reputation, humiliation, and
any claim for compensatory, liquidated or punitive damages, back pay, front pay or any claim for reinstatement. Notwithstanding anything to the contrary in this paragraph, nothing herein shall prohibit you from filing a charge or complaint with or
from participation in any investigation or proceeding of the U.S. Equal Employment Opportunity Commission or the applicable state or local Fair Employment Practices Agency; however, you agree that you will not be entitled to any further monetary
compensation from KeyBank, KeyCorp or their Affiliates in addition to that which is provided under this Letter Agreement. The foregoing release shall not apply to the obligations of Key to perform its requirements under the terms of this Letter
Agreement. 
  

	E.	 Rights and Acknowledgments  

 You acknowledge and agree that this Letter Agreement contains a waiver of your rights under the Older Workers Benefit Protection Act (“OWBPA”) and the Age Discrimination in Employment
Act (the “ADEA”) and you have specifically been advised that: 
  

					
		 	 (1)
	  	 the waiver is part of an agreement between you and your employer which is written so that you understand it;

			
		 	 (2)
	  	 the waiver specifically refers to rights or claims under the ADEA;

			
		 	 (3)
	  	 you do not waive any rights or claims that you may have after the date of your execution of this Letter Agreement;

			
		 	 (4)
	  	 your waiver is in exchange for consideration that is more valuable than what you are already entitled to;

					
		 	 (5)
	  	 you may discuss any and all aspects of the matters addressed in this Letter Agreement with legal counsel of your choice;

			
		 	 (6)
	  	 you may consider the terms and conditions of this Letter Agreement for a period of up to and including twenty-one (21) days following the date this Letter
Agreement was presented to you for your review (the “Consideration Period”); and

			
		 	 (7)
	  	 you may revoke this Letter Agreement by serving KeyCorp with written notice of revocation to the Secretary and General Counsel, 127 Public Square, 2nd Floor,
Cleveland, Ohio 44114, delivered within seven (7) calendar days after you execute this Letter Agreement.

 You acknowledge that you have been given at least 21 days to review and consider this release and Letter
Agreement and, if you sign it before 21 days has passed, you do so of your own free choice. You understand that any material changes made to this release and Letter Agreement will restart this 21-day period. 

You further acknowledge and agree that: (1) you have been specifically advised that by signing this Letter Agreement you are forever
giving up your legal rights to sue KeyBank, KeyCorp and their respective Affiliates for the subject matters of this Letter Agreement; (2) you have carefully read and fully understand all of the provisions of this Letter Agreement; (3) you
have not relied on any representations of KeyBank, KeyCorp or any of their Affiliates to induce you to enter into this Letter Agreement, other than as specifically set forth herein; (4) you are fully competent to enter into this Letter
Agreement; (5) you have not been pressured, coerced or otherwise unduly influenced to enter into this Letter Agreement; and (6) you have voluntarily entered into this Letter Agreement of your own free will. 

 

	F.	 Key’s Remedies  

 You understand that if you breach any of the provisions of this Letter Agreement, Key and their Affiliates will be entitled to injunctive relief (without the necessity of posting any bond), in addition to
any and all other rights and remedies that it may be entitled to under the law or other contractual provisions. In the event that Key is required to seek injunctive relief under the provisions of this Section F, you recognize and agree that Key
will also be entitled to be reimbursed for the cost of its attorney fees relating to such legal action.
 Notwithstanding
anything to the contrary in this Letter Agreement, Key’s obligations under the terms of this Letter Agreement, including but not limited to its obligations to pay you Salary Continuation, COBRA at the employee group rate during the Salary
Continuation period, the payment of an incentive compensation award for the 2013 performance period, and any vesting in your unvested equity awards, shall cease under this Letter Agreement upon the occurrence of any material breach by you of any of
your obligations under this Letter Agreement or that you otherwise have to Key during or following your employment, including, without limitation, (i) your obligations to return all Key owned property and to cooperate with Key as provided
above, (ii) your obligations regarding confidentiality and non disparagement hereunder, (iii) the preservation of Key’s trade secrets, non-public information, intellectual property, and (iv) your obligations to not solicit or
hire Key’s employees, and/or to not solicit Key’s customers following your termination. In the event that a court of competent jurisdiction determines that you have materially breached this Letter Agreement or obligations that you
otherwise have to Key you will be required to repay Key for any amounts paid to you under this Letter Agreement.
  

	G.	 Compliance with Section 409A; Mandatory 6-Month Hold-Back 

It is the intent that this Letter Agreement comply with the provisions of Section 409A of the Internal Revenue Code of 1986
(“Section 409A”), and this Letter Agreement shall be administered in a manner consistent with that intent. Notwithstanding any provision of this Letter Agreement to the contrary, in the event that any payment or benefit hereunder is
determined to constitute a “deferral of compensation” that is subject to Section 409A, then, to the extent necessary to comply with Section 409A, such payment or benefit shall not be made, provided, or commenced until the first
business day of the seventh month following your “separation from service” (as that term is defined under Section 409A) (or if earlier, following your date of death).  

 

	H.	 Effective Date 

 This Letter Agreement shall only become effective following your execution of the same after your employment with Key has ceased, your delivery to Key (Attn: Secretary and General Counsel) of two
(2) original signed copies of the Letter Agreement and the expiration of the seven (7) day revocation period provided for in Section E hereof. 

	I.	 Signature 

If the foregoing is acceptable, please sign and date this Letter Agreement and return the same to the undersigned. 

Key extends its best wishes to you in your future endeavors. 

 

			
	 Sincerely,
 KeyBank
National Association

		
	By:	 	 /s/ Craig A. Buffie

		
		 	 Craig A. Buffie

		 	Printed Name
		
		 	 Chief Human Resources Officer

		 	 Title

		 	 June 30, 2013

		 	      Date of Execution

 ACKNOWLEDGEMENT 
             Of 

            Jeffrey B. Weeden 

I HAVE CAREFULLY READ AND FULLY UNDERSTAND THE PROVISIONS OF THIS LETTER AGREEMENT, INCLUDING MY WAIVER OF CLAIMS AGAINST KEYBANK, KEY
CORP. AND THEIR RESPECTIVE AFFILIATES. I HAVE NOT RELIED UPON ANY OTHER REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, OTHER THAN AS EXPRESSED IN THIS AGREEMENT. I HAVE HAD THE OPPORTUNITY, IF SO DESIRED TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING
THIS LETTER AGREEMENT. 
 AGREED TO this 30th day of June, 2013 

(“Date of Execution”) 

	
	
	 /s/ Jeffrey B. Weeden

	Jeffrey B. Weeden

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