Document:

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                                                                     EXHIBIT 4.1

[BLUE BORDER DESIGN -LEFT AND RIGHT OF CERTIFICATE]

                             [FRONT OF CERTIFICATE]

COMMON STOCK                                                        COMMON STOCK
  NUMBER                           [EDR LOGO]                          SHARES
EDR                        EDUCATION REALTY TRUST, INC.
   -----------

                                             SEE REVERSE FOR CERTAIN DEFINITIONS
                                                          CUSIP 28140H 10 4

              INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND

THIS CERTIFIES THAT                                 [SPECIMEN]
                    ------------------------------------------------------------
IS THE OWNER OF
                ----------------------------------------------------------------
FULLY PAID AND NON-ASSESSABLE SHARES OF THE $0.01 PAR VALUE COMMON STOCK OF
EDUCATION REALTY TRUST, INC., transferable on the books of the corporation by
the holder hereof in person or by duly authorized attorney upon the surrender of
this certificate properly endorsed. This certificate is not valid unless
countersigned by the Transfer Agent and registered by the Registrar.

         IN WITNESS WHEREOF, the corporation has caused this Certificate to be
signed by the facsimile signatures of its duly authorized officers and to be
sealed with the facsimile seal of the corporation.

                              CERTIFICATE OF STOCK

Dated:

[BOTTOM LEFT OF STOCK CERTIFICATE]

COUNTERSIGNED AND REGISTERED:

SUNTRUST BANK
(ATLANTA, GA)
TRANSFER AGENT AND REGISTRAR

BY
  ------------------------------------
         AUTHORIZED SIGNATURE

                  [EDUCATION REALTY TRUST, INC. CORPORATE SEAL]

[BOTTOM RIGHT OF STOCK CERTIFICATE]

/s/ Randall H. Brown
--------------------------------------------
Secretary

/s/ Paul O. Bower
--------------------------------------------
President and Chief Executive Officer

<PAGE>

                              [BACK OF CERTIFICATE]

                          EDUCATION REALTY TRUST, INC.

The shares represented by this certificate are subject to restrictions on
Beneficial and Constructive Ownership and Transfer for the purpose, among
others, of the Corporation's maintenance of its status as a Real Estate
Investment Trust under the Internal Revenue Code of 1986, as amended (the
"Code"). Subject to certain further restrictions and except as expressly
provided in the Corporation's Charter, (i) no Person may Beneficially or
Constructively Own shares of the Corporation's Common Stock in excess of 9.8
percent (by value, by number of shares or by voting power, whichever is more
restrictive) of the outstanding shares of Common Stock unless such Person is an
Excepted Holder (in which case the Excepted Holder Limit shall be applicable);
(ii) no Person may Beneficially or Constructively Own shares of Capital Stock of
the Corporation in excess of 9.8 percent (by value, by number of shares or by
voting power, whichever is more restrictive) of the total outstanding shares of
Capital Stock of the Corporation, unless such Person is an Excepted Holder (in
which case the Excepted Holder Limit shall be applicable); (iii) no Person may
Beneficially or Constructively Own Capital Stock that would result in the
Corporation being "closely held" under Section 856(h) of the Code or otherwise
cause the Corporation to fail to qualify as a REIT; and (iv) no Person may
Transfer shares of Capital Stock if such Transfer would result in the Capital
Stock of the Corporation being owned by fewer than 100 Persons. Any Person who
Beneficially or Constructively Owns or attempts to Beneficially or
Constructively Own shares of Capital Stock that causes or will cause a Person to
Beneficially or Constructively Own shares of Capital Stock in excess or in
violation of the above limitations must immediately notify the Corporation. If
any of the restrictions on transfer or ownership are violated, the shares of
Capital Stock represented hereby will be automatically transferred to a Trustee
of a Trust for the benefit of one or more Charitable Beneficiaries. In addition,
the Corporation may redeem shares upon the terms and conditions specified by the
Board of Directors in its sole discretion if the Board of Directors determines
that ownership or a Transfer or other event may violate the restrictions
described above. Furthermore, upon the occurrence of certain events, attempted
Transfers in violation of the restrictions described above may be void ab
initio. All capitalized terms in this legend have the meanings defined in the
Corporation's Charter, as the same may be amended from time to time, a copy of
which, including the restrictions on transfer and ownership, will be furnished
to each holder of Capital Stock of the Corporation on request and without
charge. Requests for such a copy may be directed to the Secretary of the
Corporation at its Principal Office.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common           UNIF GIFT MIN ACT -      Custodian
                                                            -------------------
TEN ENT - as tenants by the entireties               (Cust)              (Minor)
JT TEN  - as joint tenants with the right            under the Uniform Gifts to
          of survivorship and not as                 Minors Act
          tenants in common                                     ----------------
                                                                     (State)

     Additional abbreviations may also be used though not in the above list.

For value received,                                    hereby sell, assign and
                   -----------------------------------
transfer unto                     [PLEASE INSERT SOCIAL SECURITY OR
              -------------------

                        OTHER IDENTIFYING NUMBER OF ASSIGNEE]

--------------------------------------------------------------------------------
  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------Shares

of the capital stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
                                   ---------------------------------------------
Attorney to transfer the said stock on the books of the within named Corporation
with the full power of substitution in the premises.

Dated
      -------------------------   -------

                                        ----------------------------------------
                                        NOTICE: THE SIGNATURE(S) TO THIS
                                        ASSIGNMENT MUST CORRESPOND WITH THE NAME
                                        AS WRITTEN UPON THE FACE OF THE
                                        CERTIFICATE IN EVERY PARTICULAR, WITHOUT
                                        ALTERATION OR ENLARGEMENT OR ANY CHANGE
                                        WHATSOEVER.

              Signature(s) Guaranteed:
                                        ----------------------------------------
                                        THE SIGNATURE(S) SHOULD BE GUARANTEED BY
                                        AN ELIGIBLE GUARANTOR INSTITUTION SUCH
                                        AS A SECURITIES BROKER/DEALER,
                                        COMMERCIAL BANK, TRUST COMPANY, SAVINGS
                                        ASSOCIATION OR A CREDIT UNION
                                        PARTICIPATING IN A MEDALLION PROGRAM.

KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR
DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO
THE ISSUANCE OF A REPLACEMENT CERTIFICATE.Exhibit 10.1

 

Exhibit 10.1

KEYCORP

ANNUAL PERFORMANCE PLAN

	1.  	Purpose. The purpose of the KeyCorp (the “Company”) Annual Performance Plan (the “Plan”) is
to promote the profitable growth of the Company by:

	 	(a)  	Providing rewards for achieving specified performance goals.
	 
	 	(b)  	Recognizing corporate, business unit and individual performance and
achievement.
	 
	 	(c)  	Attracting, motivating and retaining superior executive talent.

	2.  	Administration. The Compensation Committee (the “Committee”) will approve the goals,
participation, target bonus awards, actual bonus awards, timing of payment and other actions
necessary to the administration of the Plan, based on the recommendations of senior
management. It is the responsibility of senior management of the Company to execute the
provisions of the Plan in accordance with the Committee’s directions.
	 
	3.  	Participation. The participant group will consist of the Chief Executive Officer and any
officer of the Company reporting directly to the Chief Executive Officer.
	 
	4.  	Establishment of Incentive Opportunities.

	 	(a)  	On or before March 30 of each year, the Committee shall select objective
performance goals (the “Corporate Performance Goals”) to be used in determining an
aggregate amount to be distributed under the Plan (the “Aggregate Incentive
Opportunity”). The Aggregate Incentive Opportunity will be a dollar amount calculated
by reference to specified levels of, growth in, or ratios involving, the Corporate
Performance Goals, which may include any one or more of the following:

	 	(i)  	Earnings per share
	 
	 	(ii)  	Total revenue
	 
	 	(iii)  	Net interest income
	 
	 	(iv)  	Noninterest income
	 
	 	(v)  	Net income
	 
	 	(vi)  	Net income before tax

 

 

	 	(vii)  	Noninterest expense
	 
	 	(viii)  	Efficiency ratio
	 
	 	(ix)  	Return on equity
	 
	 	(x)  	Return on assets
	 
	 	(xi)  	Economic profit added
	 
	 	(xii)  	Loans
	 
	 	(xiii)  	Deposits
	 
	 	(xiv)  	Tangible Equity
	 
	 	(xv)  	Assets
	 
	 	(xvi)  	Net Charge-Offs
	 
	 	(xvii)  	Nonperforming assets

	 	   	The Corporate Performance Goals may be described in terms of Company-wide objectives
or objectives that are related to the performance of any subsidiary, division,
department, or region of, or function with, the Company. The Corporate Performance
Goals may be made relative to the performance of other corporations.
	 
	 	(b)  	On or before March 30 of each year, the Committee will assign a percentage
share of the Aggregate Incentive Opportunity to each participant (the “Individual
Incentive Opportunity”). The sum of all Individual Incentive Opportunities will not
exceed 100% of the Aggregate Incentive Opportunity. No participant will be assigned an
Individual Incentive Opportunity of greater than $7,500,000.
	 
	 	(c)  	A participant’s Individual Incentive Opportunity in any year is the maximum
amount that a participant can receive under this Plan in that year. Whether or not a
participant will receive all or any portion of his or her Individual Incentive
Opportunity will be based on the achievement of corporate and business unit financial
and strategic objectives established for the year (which may be based on the Corporate
Performance Goals selected for the year, any of the other performance goals listed
above or any other measure) and on the achievement of individual goals (collectively,
the “Individual Performance Goals”). The Committee will establish the Individual
Performance Goals, including the relative allocations to corporate, business unit and
individual performance annually for each participant.

2

 

	5.  	Award Determination.

	 	(a)  	At the end of each year, the Committee will determine the Aggregate Incentive
Opportunity based on the results of the Corporate Performance Goals.
	 
	 	(b)  	At the end of each year, the Committee will assess each participant’s
performance against the Individual Performance Goals and will make a determination as
to whether, and to what extent, the goals have been achieved. Based on this
assessment, the Committee will determine whether the participant is entitled to all of
his or her Individual Incentive Opportunity or whether a lesser amount (or none at all)
has been earned.

	6.  	Bonus Payments. Awards under the Plan will be paid in cash not later March 15 of each year,
provided that the provisions of the Company’s Annual Incentive Plan as they relate to
Automatic Deferral shall apply to awards hereunder and further provided that awards or
portions thereof may be deferred under the Company’s Deferred Compensation Plan.

3

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