Document:

EX-10.1

 Exhibit 10.1 

ADMINISTRATIVE AND MANAGEMENT SERVICES AGREEMENT 

This ADMINISTRATIVE AND MANAGEMENT SERVICES AGREEMENT (“Agreement”), is made and entered into effective August 1, 2014,
by and among KSC RECOVERY, INC., a Delaware corporation (“Recovery”), CIL&D, LLC, a Delaware limited liability company (“CILD”), KAISER EAGLE MOUNTAIN,LLC, a Delaware limited liability company
(“KEM”), and LAKE TAMARISK DEVELOPMENT, LCC, a Delaware limited liability company (“LT”). Recovery, CILD, KEM and LT are sometimes collectively referred to in this Agreement as “Parties” or
individually as a “Party.” 
 RECITALS 

A. Recovery currently manages the remaining bankruptcy estate, including claims, of the former Kaiser Steel Corporation. 

B. CILD is the reorganized successor by merger to a portion of the assets of the former Kaiser Steel Corporation. On May 22, 2013,
the Class A members of CILD approved a Plan of Dissolution and Liquidation for CILD and that certain Second Amended and Restated Company Operating Agreement of CILD. As a company in dissolution CILD’s remaining business is to manage and
dispose of its remaining assets, make provision for its liabilities as required by applicable law, to wind-up its business and affairs and to dissolve. 

C. CILD owns all of the ownership interest in KEM and in LT (collective the “Subsidiary Ownership Interests.” Except
for cash, investments and insurance policies, CILD’s remaining material assets are the Subsidiary Ownership Interests. 
 D. The
assets of KEM relate to the site commonly referred to as Eagle Mountain, which is located in Riverside County, California. KEM currently owns or controls certain real property and interests therein at Eagle Mountain and in certain adjacent
properties, rights or interests related to Eagle Mountain including the Eagle Mountain Railroad as more specifically described in EXHIBIT “A” attached hereto and incorporated herein by this reference (the
“Eagle Mountain Real Property”). In addition, KEM owns or controls tangible and intangible personal property located at or benefiting the Real Property (the “Eagle Mountain Personal Property”). The Eagle Mountain
Real Property and the Eagle Mountain Personal Property are referred to collectively in this Agreement as the “Eagle Mountain Assets.” 

E. The assets of LT are certain real property located in or near the community of Lake Tamarisk which is located in Riverside County as
more specifically described in EXHIBIT “B” attached hereto and incorporated herein by this reference (the “LT Property”). The Eagle Mountain Assets and the LT Property are collectively referred
to herein as the “Riverside County Assets.” 
 F. CILD, KEM and LT (collectively the “Companies”)
each desire to retain Recovery to perform administrative and asset management services as described in this Agreement. Recovery is willing to perform such services on the terms and conditions of this Agreement. 

  
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 NOW, THEREFORE, in consideration of the foregoing, and the respective covenants and
agreement of the Parties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 

1. SERVICES TO BE PROVIDED. Pursuant to and in accordance
with the terms of this Agreement, CILD, KEM and LT respectively retain Recovery to provide or cause to be provided to CILD, KEM and LT, as applicable, the asset management and other services described in Schedule 1 attached hereto and incorporated
into this Agreement (collectively the “Services”). Recovery agrees to provide the Services subject to and as provided in this Agreement. 

2. MANNER OF PROVIDING SERVICES. Recovery shall on behalf of CILD, KEM and
LT, as applicable, provide the Services for each such company and for the benefit of the Riverside County Assets generally in the same manner as they have historically been managed and performed; provided, however, Recovery shall have the discretion
to provide the Services in the manner it deems necessary or reasonable which may include terminating, increasing and/or decreasing various services and/or reducing the expenditures related to the business and assets of the Companies. Recovery will
provide or otherwise arrange to provide all staffing, independent contractors, and professionals as it deems necessary or appropriate to provide the Services as Recovery shall determine in its reasonable discretion. Any or all of the Services and
payments made by Recovery may be made in the name of and on behalf of the Companies as applicable. 
 3. MANAGEMENT
POLICY. Notwithstanding the foregoing, and except as expressly provided herein the Managing Liquidation Director of CILD and the respective Board of Managers of KEM and LT, as applicable, shall continue to be responsible for the
polices and the disposition of the Companies respective assets and the dissolution of CILD. With respect to the day-to-day operations of CILD, KEM and LT, Recovery in performing the Services shall be guided by and adhere to any policies established
by the Managing Liquidation Director of CILD and by the Board of Managers of KEM and LT, as applicable, as the same may be reasonably amended from time-to-time. 

4. REIMBURSEMENT OF COSTS. 

a. DETERMINATION OF COSTS. As compensation for the
Services provided by Recovery hereunder, the Companies, as applicable, shall, on a monthly basis, reimburse Recovery for costs associated with the services in the following manner: 

(i) Recovery shall be reimbursed in an amount equal to all actual expenses of any nature or kind, as they may change from time to
time, related to the provision of services hereunder, which shall include, but not be limited to, an amount equivalent to the compensation paid whether the personnel (employee or independent contractor) are paid on an hourly rate, paid a salary or a
lump-sum, any bonuses (except as to any amount that Recovery may already be paying the cost of as of the date of this Agreement), the cost of all benefits that may be provided including the employer’s portion of the premiums for medical
insurance, vision insurance, dental insurance, life insurance, long or short-term disability programs and insurance, the costs of other health and welfare benefits that may be provided, employer contributions to qualified and non-qualified
retirement and other similar plans, the employer’s share of any federal, state or local taxes, vacation pay, severance compensation, expense reimbursement, administrative costs associated with any of the foregoing, and any other expense or cost
of providing staffing and personnel services (collectively “Personnel Costs”); and 
 (ii) except as provided in
subparagraph 4(b) below herein, Recovery shall be reimbursed for 100% of all out-of-pocket expenses that are incurred by Recovery directly or indirectly in connection with providing staffing and services hereunder but which are not included as part
of Personnel Costs (the “Direct Expenses”). If and to the extent Recovery contracts with a third party for the provision of any services hereunder, the Companies, as applicable, shall reimburse Recovery for the reasonable amounts
charged to Recovery by such third party. 

  
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 The Personnel Costs and Direct Expenses are hereinafter collectively referred to as the
“Cost of Services.” The Cost of Services billed by Recovery and paid by the Companies shall be actual costs without mark-up or profit margin. 

b. EXCLUDED COSTS. The Companies shall not reimburse Recovery for the
following costs accrued subsequent to the effective date of this Agreement: 
 (i) Any federal or state income taxes of KSC
Recovery; 
 (ii) The cost of preparing any federal or state income tax return that is to be filed by Recovery; and 

(iii) The costs associated with maintaining the corporate existence of Recovery such as the fees paid to the Delaware and to the
California Secretary of State. 
 c. INITIAL PAYMENT ADVANCE; MONTHLY
PAYMENTS. Within five (5) days following the date of this Agreement, CILD shall pay and deposit with Recovery an amount equal to a good faith estimate of one month’s Costs of Services for
August 2014 (the “CILD Deposit”) which may be used by Recovery to pay for the Cost of Services. Thereafter, on a monthly basis, Recovery will submit to CILD a statement setting forth the amount due for the Cost of Services paid or
incurred by Recovery during the previous month and reconciling any amounts paid during such month from the Kaiser Deposit. CILD or any of the other Companies shall pay to Recovery the amount set forth on each monthly statement within 10 days after
receipt of the statement. In the event of the termination of this Agreement, Recovery shall refund any amount remaining out of the Kaiser Deposit, without interest, after paying any Costs of Services then remaining or that accrued for future
payment. The payment of the CILD Deposit shall not relieve CILD or any of the other Companies from any liability to pay all Cost of Services required under this Agreement. In the event it becomes necessary, in addition to the monthly billing,
Recovery may provide from time to time a supplemental bill to CILD for the Cost of Services. In addition, it is understood that KSC Recovery will receive and administer any funds for any bonus, vacation pay and other similar items as appropriate.

 d. INTEREST ON DELINQUENT PAYMENTS. If the
Companies fail to pay to Recovery any amount payable under subsection (b) above when due, the Companies shall pay to Recovery interest on the overdue amount of 0.75% per month, for the period beginning when the amount was due and ending
when the amount is actually paid. 
 5. BOOKS AND RECORDS. Recovery shall maintain or
caused to be maintained adequate accounting records in reasonable detail that fairly reflect the obligations of the Companies and the expenses and payments made by Recovery on their behalf. All books and accounts maintained by Recovery on behalf of
the Companies and applicable to the performance of its obligations hereunder shall at all reasonable times be open to inspection by the Companies, and other representatives of the Companies as they may designate in writing. 

6. LIMITATION ON DAMAGES AND INDEMNIFICATION.  

a. Neither Recovery nor its officers, directors, employees or agents shall be liable to the Companies for any liability or loss
suffered by CILD, KEM or LT or their respective members as a result of any action or omission by Recovery or its officers, directors, employees or in performing the services hereunder, except that Recovery may be liable to the Companies as
applicable to the extent, but only to the extent, of any direct, as opposed to indirect or consequential 

  
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damages suffered by the Companies which are caused by the willful adverse misconduct of Recovery or its officers, directors, employees, or agents, or by a material and continuing default by
Recovery of its obligations hereunder. In no event shall Recovery and/or its officers, directors, employees or agents be liable to any of the Companies and their respective managers, employees, agents or members for indirect or consequential damages
of any nature or kind. 
 b. The Companies agree to indemnify and hold Recovery, and its officers, directors, employees and
agents, harmless from all liabilities, costs and damages, including reasonable legal fees, arbitration or litigation and court costs arising from or in connection with Recovery’s performance of Services on behalf of the Companies or the
assumption and payment of the Companies’ operating and ownership expenses, provided, that Recovery has in good faith performed its obligations in accordance with this Agreement. In furtherance of its obligations under this subsection (b),
insurance coverage for the officers, employees and agents of Recovery, in such amounts and on such terms as are comparable to directors and officers liability insurance maintained by the Companies. 

7. INDEPENDENT CONTRACTOR STATUS. Recovery and the Companies do not intend to form a joint
venture, partnership or similar relationship. Instead, Recovery, and its officers, directors, employees and agents shall be deemed to be independent contractors with full control over the manner and method of performance hereunder, except as
otherwise expressly provided in this Agreement. 
 8. TERM AND TERMINATION. The term of
this Agreement commenced effective August 1, 2014, and shall continue until: 
 a. with respect to KEM, upon the sale of
all of KEM’s material assets or the sale KEM by CILD; 
 b. with respect to LT, upon the sale of all of LT’s
material assets or the sale of LT by CILD; and 
 c. with respect to CILD, upon CILD filing a Certificate of Dissolution with
the Delaware Secretary of State or, if longer, as may be required by Delaware law to address clams that have been or may be made against CILD in connection with the dissolution of CILD. 

d. by any Party upon ninety (90) days prior written notice to the other Party or Parties; and/or 

e. in the event of a breach of this Agreement, the non-breaching Party may terminate this Agreement if the breach continues for
thirty (30) days after the non-breaching Party provides notice of the breach to the breaching Party and the alleged breaching Party has not reasonably cured the alleged breach with such thirty (30) days 

9. MISCELLANEOUS. No Party may assign or transfer all or any part of this Agreement without prior written consent of the
other Parties, which consent may be granted or denied in the sole and absolute discretion of the Party from whom consent is required. This Agreement shall be governed by the laws of the State of California. This Agreement may only be modified or
amended by an instrument in writing duly executed and delivered by the Parties. In the event of any litigation or arbitration to enforce this Agreement, the prevailing party shall be entitled to reasonable attorney’s fees and costs as fixed by
the court or arbitrator. The terms and conditions set forth above constitute the complete and exclusive statement of the agreement between the Parties relating to the subject matter hereof, superseding all previous negotiations and understandings.
The Parties agree 

  
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to perform such further acts and to execute and deliver such further documents as may be reasonably necessary or appropriate to carry out the intent or provisions of this Agreement. This
Agreement and its provisions shall not be construed or interpreted for or against any Party because that Party drafted or caused the Party’s attorney to draft any of its provisions. No promise or warranty shall be binding on any Party except as
expressly contained in this Agreement. The Parties each represent and warrant that they have the authority to sign this Agreement on behalf of the entity for which they sign. The headings of this Agreement are for purposes of reference only and
shall not limit or define the meaning of the provisions hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the duly authorized officers or representatives of each of the
Parties hereto, to be effective as of the date set forth above. 
 [SIGNATURES ON
FOLLOWING PAGE] 

  
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	“RECOVERY”	 		 	“CILD”
	KSC RECOVERY, INC.	 		 	CIL&D, LLC
					
	By:	 	 /s/ Terry L. Cook
	 		 	By:	 	 /s/ Richard E. Stoddard

		 	(SIGNATURE)	 		 		 	(SIGNATURE)
					
	 	 	Terry L. Cook	 		 	 	 	Richard E. Stoddard,
		 	(PRINT NAME)	 		 		 	(PRINT NAME)
					
	 	 	Vice President	 		 	 	 	Managing Liquidation Director
		 	(TITLE)	 		 		 	(TITLE)
					
	Date:	 	August 1, 2014	 		 	Date:	 	August 1, 2014
				
		 		 		 	“KEM”
		 		 		 	KAISER EAGLE MOUNTAIN, LLC
					
		 		 		 	By:	 	 /s/ Richard E. Stoddard

		 		 		 		 	(SIGNATURE)
					
		 		 		 	 	 	Richard E. Stoddard, President
		 		 		 		 	(PRINT NAME AND TITLE)
					
		 		 		 	Date:	 	August 1, 2014
				
		 		 		 	“IT”
		 		 		 	LAKE TAMARISK DEVELOPMENT, LLC
					
		 		 		 	By:	 	 /s/ Richard E. Stoddard

		 		 		 		 	(SIGNATURE)
					
		 		 		 	 	 	Richard E. Stoddard, President
		 		 		 		 	(PRINT NAME AND TITLE)
					
		 		 		 	Date:	 	August 1, 2014

  
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 SCHEDULE 1 

The services to be provided by Recovery to CILD, KEM and/or LT, as applicable, will include the following: 

1. Accounting, payroll, purchasing, cash management, auditing, tax, and financial reporting services; 

2. Data processing; 

3. Billing and collection services; 

4. All activities reasonably necessary for the daily operations of the business and facilities of KEM and LT and to assist CILD in its
dissolution process and the Managing Liquidation Director in the implementation of his responsibilities. 
 5. Assist and consult
with CILD, KEM and CILD, as applicable, in connection with any sale or other transfer of the Subsidiary Ownership Interests and/or any sale, lease or other transfer of their respective assets as CILD, KEM, and/or LT may determine; 

6. Seeking to maintain, as appropriate, all licenses and permits of CILD, KEM and LT; 

7. Payment of property taxes and real property assessments as determined by the Companies; and 

8. Administration of contracts. 

  
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 EXHIBIT “A” 

EAGLE MOUNTAIN REAL PROPERTY 

(NOT PROVIDED, BUT WILL BE PROVIDED TO
SEC UPON REQUEST) 

  
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 EXHIBIT “B” 

LT PROPERTY 

(NOT PROVIDED, BUT WILL BE PROVIDED TO
SEC UPON REQUEST) 

  
 9EX-10.1

 Exhibit 10.1 

April 7, 2014 
 Personal and
Confidential 
 VIA HAND DELIVERY 

Mr. William R. Koehler 
 Dear Bill: 

This letter agreement (the “Letter Agreement”) confirms our discussion concerning your employment with KeyBank National Association
(“KeyBank”), and it confirms your election to voluntarily resign from your employment at KeyBank. 
 This Letter Agreement accordingly confirms
your decision to separate from KeyBank, and it serves to outline the particular terms and conditions of the benefits to be provided to you under the terms of this Letter Agreement in conjunction with your separation. Please know that the benefits to
be paid 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 that you believe that you may have) against KeyBank, KeyCorp and their respective
affiliates (hereinafter collectively and individually referred to as “Key”), including any claims that you believe you maintain under the KeyCorp Separation Pay Plan. 

 

	1.	Effective as of April 8, 2014, you agree to relinquish your role and duties as President of Key Community Bank and any other positions you hold with Key. There will be a transition period from the date hereof
through June 30, 2014 (the “Transition Period”) during which period you will assist in effecting an orderly transition of your responsibilities to your successors and perform such other appropriate duties as may be assigned by Key.
During the Transition Period, you will continue to be compensated at your regular pay and employee benefits as your pay and benefits existed immediately prior to the date of this Letter Agreement. During this Transition Period if your employment
should terminate by reason of your voluntary resignation (note that should you commence employment, full or part-time, within another area or department of Key or with a third party during the Transition Period, it will be deemed a voluntary
resignation) or your termination for cause by Key, you will have no right to any additional payments (salary continuation or otherwise) or benefits as set forth in this Letter Agreement but you will be bound by all of your obligations to Key under
this Letter Agreement. 

  

	2.	Effective as of the close of business on June 30, 2014, by operation of this Letter Agreement and without any further act on your part, you voluntarily resign from your employment and any officer position you hold
with Key (“Termination Date”). As a terminated employee, you are not entitled to any continuing employee benefits except as provided in this Letter Agreement. 

 

	3.	Provided that you remain employed by Key through the Termination Date and satisfy your obligations under Section 1 hereof, and further provided that you execute a Release in accordance with Section 5 of this
Letter Agreement and such Release has become effective and irrevocable in accordance with its terms, you will receive the payments and benefits set forth in this Section 3 (less applicable tax withholding), subject to your compliance with the
remaining terms and conditions of this Letter Agreement. 

 (a) You will, subject to the requirements of this Letter Agreement,
receive Salary Continuation in the amount of your current base salary of $575,000 per year, less applicable withholdings, which shall be paid to you on a bi-weekly basis in accordance with Key’s normal payroll procedures for twelve
(12) months, from July 1, 2014 through June 30, 2015 (“the Salary Continuation Period”). Such Salary Continuation payments shall commence within 10 business days after the Release becomes effective in accordance with its
terms, with the first installment to include all amounts accrued from the Termination Date to the date of such installment and the remaining installments, if any, payable as otherwise scheduled assuming that payments had begun on the first regular
payroll date in the Salary Continuation Period. 
 (b) You will, subject to the requirements of this Letter Agreement, be entitled to a
discretionary annual incentive payment for 2014 equal to not less than 50% of your target 2014 annual incentive under the 2014 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. Key will consider the target amount of your 2014 long term incentive opportunity for purposes
of determining whether any portion of your 2014 annual incentive is required to be deferred. 

 (c) You will be eligible to continue your Key Medical, Dental and/or Vision Plan participation
(if applicable) under the provisions of COBRA, at your expense, at the Key employee group rate during your Salary Continuation Period. At the conclusion of the Salary Continuation Period, if you have not obtained new employment, then you will be
eligible for an additional six (6) months of Key Medical, Dental and/or Vision Plan participation (if applicable) under the provisions of COBRA, at your expense, at the full monthly COBRA rate, subject to Key reimbursing you for the difference
between the full monthly COBRA rate and the Key employee group rate. Please note, however, that should you obtain new employment outside of Key during the Salary Continuation Period, your Salary Continuation will continue until it is fully paid, but
your participation in Key’s Medical, Dental and/or Vision plans at the employee rate will end and your continued coverage under COBRA will be at the full monthly COBRA rate. Please note that new employment outside of Key shall not include
self-employment. Key’s determination of new employment outside of Key shall be final and conclusive. You agree to promptly notify Key upon your securing of new employment outside of Key during the Salary Continuation Period. 

(d) For purposes of Key’s equity plans, your termination will be treated as though you “Terminated Under Limited Circumstances.”
Your equity awards (including any stock options, restricted stock, restricted stock units, and performance units) that were outstanding immediately prior to the Termination Date will fully vest, pro-rata vest or forfeit as of your Termination Date
in accordance with the terms and conditions of the applicable equity award agreements and plans. Vested stock options (including stock options that vest as a result of your separation) will be exercisable in accordance with the terms and conditions
of those award agreements and plans. 
 (i) 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). 

(ii) Pursuant to the terms of the KeyCorp 2010 Equity Compensation Plan and the 2013 KeyCorp Equity Compensation Plan (“Equity
Plans”), 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; March 2, 2013; and February 17, 2014, 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. 

(iii) 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. 
 (e) Following your Termination
Date, you will be entitled to be paid for your accrued but unused PTO days, if any, in accordance with Key’s policy. 
 (f) You will be
eligible to receive distributions of your vested benefits under the KeyCorp 401(k) Savings Plan and the KeyCorp Deferred Savings Plan in accordance with the terms and conditions of those plans. 

(g) 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). 

(h) You will also, subject to the requirements of this Letter Agreement, 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, 2014. Should you not gain suitable alternate employment by the end of this initial six month period of
outplacement services, Key, in its sole discretion as may be exercised by Craig Buffie, may afford you additional outplacement assistance through its chosen Executive Outplacement service provider on a month-to-month basis for up to an additional
six months. Please contact Craig Buffie. 

	4.	You hereby acknowledge and agree that you shall have no rights under the KeyCorp Separation Pay Plan. 

  

	5.	Notwithstanding anything to the contrary in this Letter Agreement, Key shall not be obligated to make any payment under Section 3 hereof unless (a) you first execute, within 21 calendar days after the Date of
Termination, a release of claims agreement provided by Key, substantially in the form attached hereto as Exhibit A, with such changes as Key may determine to be required or reasonably advisable in order to make the release enforceable and otherwise
compliant with applicable law (the “Release”); (b) you do not revoke the Release; and (c) the Release becomes effective and irrevocable in accordance with its terms. 

 

	6.	You agree that you will keep strictly confidential and will not disclose to any person (except, if applicable, your spouse, accountant, or attorney) or any entity (unless compelled to disclose by valid legal process)
the terms and circumstances relating to this Letter Agreement or Release and your separation from Key other than that you are leaving to pursue other interests and you are appreciative of the opportunities that were afforded to you at Key or words
of similar import. You further agree that you shall not at any time, directly or indirectly, without written authorization from Key, 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 systems, business, products, services, employees, or practices of Key that you have acquired during your employment with Key,
whether prepared by you or another. You further 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 you may maintain some of this information outside of Key’s offices. You agree to promptly return to Key all I.D. cards, access codes, computers, customer and proprietary information on your Blackberry/smart
phone, files, disks, work-papers, customer, vendor, and employee records, and any other property belonging to Key that is in your possession or control as of your Termination Date. 

 

	7.	You certify and affirm that you have not sent, and will not send to your personal email or to any other email address or account any confidential, proprietary, and/or trade secrets information belonging to Key, and that
you have and 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
affirm that you have not made and will not make, copies, downloaded, or transmitted electronically of 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. 

 

	8.	At all times following your Termination Date, you hereby agree that you will upon the prior written request of Key make yourself reasonably available to assist Key with any matters relating, in whole or in part, to the
time periods prior to your Termination Date. During the Salary Continuation Period, your obligations under this section will be based on your circumstances at the time the request is made by Key, including such factors as your employment situation.
Following the Salary Continuation Period, Key will compensate you for your reasonable time at a reasonable amount to be agreed upon between Key and you. At all times, Key will reimburse you for your reasonable business expenses incurred in your
providing assistance to Key as permitted under Key’s reimbursement policies. 

  

	9.	Nothing herein shall preclude you from cooperating in a truthful manner in testifying in a court of law or governmental agency or self-regulatory agency or other proceeding if compelled or requested to testify as a
witness in a proceeding in which Key, its employees or agents, is a subject of such proceeding, investigation, or review. You agree that you will use your best efforts to cooperate with Key and its counsel and to be available to provide such
truthful testimony and other information at such times as are reasonably requested of you. You are fully aware that all testimony and information you provide in connection with any such proceeding, investigation, or review shall be truthful and
nothing herein is intended to suggest the contrary. 

  

	10.	You agree that you will not disparage Key or any of its personnel, management, products, services, or practices. Key will not authorize or direct anyone to disparage you. 

 

	11.	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.	Should you apply for unemployment compensation to the applicable state agency, Key will reply accurately to all information requests from any state unemployment compensation agency. You also understand that Key may be
required to provide additional documents and information to a state unemployment compensation agency with information supporting its response. 

  

	13.	If you breach any of the provisions of this Agreement, Key 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 law or other contractual provisions. In the event that Key is granted injunctive relief under the provisions of this Section 13, please note that it will also be entitled to receive the cost of its attorney’s fees.

  

	14.	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 2014 performance period, and any vesting in your unvested equity awards, shall cease 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 in
connection with any reasonable review of your previous assignments and responsibilities and (ii) your obligations regarding confidentiality, and non-disparagement hereunder, preservation of Key’s trade secrets, non-public information,
intellectual property, non-solicitation and non-hiring of Key’s employees, and non-solicitation of Key’s 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 entity any employee of Key or solicit business which competes with Key from any customer or prospective customer of Key with whom you interacted or of whom you learned during the course of performing your employment at Key, for a period of
twelve months following your Termination Date. 

  

	15.	The intent of the parties is that payments and benefits under this Letter Agreement comply with Section 409A or are exempt therefrom and, accordingly, to the maximum extent permitted, this Letter Agreement shall be
interpreted to be in compliance therewith. In that regard, (a) each installment in any series of installment payments pursuant to Section 3 shall be treated as a separate payment for purposes of Section 409A; (b) the parties will
take all steps necessary to ensure that your termination of employment constitutes a “separation from service” within the meaning of Section 409A; (c) if you are a “specified employee,” as determined by Key in
accordance with Section 409A, then to the extent required in order to comply with Section 409A, all payments, benefits or reimbursements paid or provided under this Letter Agreement that constitute a “deferral of compensation”
within the meaning of Section 409A, that are provided as a result of your separation from service and that would otherwise be paid or provided during the first six months following your separation from service shall be accumulated through and
paid or provided within 30 days after the first business day following the six month anniversary of your separation from service (or, if you should die during such six-month period, within 30 days after your death); (d) the amount of any
expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits provided, during any other calendar year; and (e) the right to any
reimbursement or in-kind benefit is not subject to liquidation or exchange for another benefit. If you notify Key (with specificity as to the reason therefore) that you believe that any provision of this Agreement would cause you to incur any
additional tax or interest under Section 409A and Key concurs with such belief (without any obligation whatsoever to do so), Key shall, after consulting with you, reform such provision in a manner that is economically neutral to Key to attempt
to comply with Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Section 409A. Although Key will use its best efforts to avoid the imposition of taxation, interest and penalties
under Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed. Neither Key, its affiliates, nor their respective directors, officers, employees or advisers shall be held liable for any taxes,
interest, penalties or other monetary amounts owed by you (or any other individual claiming a benefit through you) as a result of this Agreement. 

  

	16.	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. 

  

	17.	 This Letter Agreement, together with the Release, represents the complete agreement between the parties hereto and supersedes all prior or
contemporaneous oral or written understandings on the subjects contained herein. 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 hereto. A facsimile of this Letter Agreement and a facsimile signature of a party 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. 

 I wish you the best. 

 

			
	Sincerely,
	
	KeyBank National Association
	
	 /s/ Craig Buffie

	Craig Buffie
	Chief Human Resources Officer

 I HAVE CAREFULLY READ AND FULLY UNDERSTAND THE PROVISIONS OF THIS LETTER AGREEMENT. I HAVE NOT RELIED UPON ANY OTHER
REPRESENTATION OR STATEMENT, WRITTEN OR ORAL. I HAVE HAD THE OPPORTUNITY, IF SO DESIRED, TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS LETTER AGREEMENT. 

AGREED TO this 17th day of April, 2014 
  

	
	 /s/ William R. Koehler

	William R. Koehler

 EXHIBIT A 

General Release of Claims 
 This
General Release of Claims (this “Release”) is entered into by and between William R. Koehler (“Employee”) and KeyBank National Association as of the 17th day of April, 2014. 

NOW, THEREFORE, and in consideration of the mutual promises contained herein, and for other good and valuable consideration, the adequacy and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Employee’s employment with KeyCorp, KeyBank National Association and
their subsidiaries and affiliates (hereinafter collectively and individually referred to as “Key”) terminated effective as of June 30, 2014. 

2. Following the effectiveness of the terms set forth herein, Key shall provide Employee with certain benefits as provided in Section 3 of that certain
letter agreement between Key and Employee dated as of April 7, 2014 (the “Letter Agreement”). 
 3. In consideration of Key providing
the benefits enumerated above, and except for (i) the arrangements specified in the Letter Agreement, (ii) Employee’s vested qualified 401(k) Savings Plan benefits, and Deferred Savings Plan benefits and any vested equity awards (in
accordance with the applicable plans), and (iii) any insurance or indemnification rights Employee possesses, Employee, for himself and his heirs, legal representatives, and assigns, releases, acquits, and forever discharges KeyCorp, KeyBank
National Association, their affiliates and subsidiaries, and their former and current representatives, employees, officers, directors, 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 Employee has had, now has, or may have in the future for events occurring to the date hereof, whether known or unknown, suspected or unsuspected, that are by reason of, or in any manner
whatsoever connected with, or growing out of, Employee’s employment relationship with, KeyCorp, KeyBank National Association or their affiliates or predecessors-in-interest (the “Released Parties”), or the termination of those
employment relationships, including, without limitation, any alleged violation of the Civil Rights Act of 1991; Title VII of the Civil Rights Act of 1964, as amended; Americans with Disabilities Act; Employee Retirement Income Security Act; the
Family Medical Leave Act; the Age Discrimination in Employment Act (“ADEA”) as amended by the Older Workers Benefit Protection Act; the Fair Labor Standards Act, to the extent permitted by law; the Occupational Safety and Health Act of
1970; any claim based on federal, state or local law, rule, regulation or ordinance; any claim for breach of contract or promise, express or implied; any claim for breach of any term or condition of an employee handbook or policy manual, including
any claim for breach of any promise of specific treatment in specific situations; any common law claim of any kind. Notwithstanding anything to the contrary in this paragraph, nothing herein shall prohibit Employee 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, Employee agrees that Employee will not be
entitled to any further monetary compensation from Key in addition to that which is provided for under this Release and the Letter Agreement.  

4. Employee declares and expressly warrants that he is not a Medicare beneficiary; that he is not suffering from end stage renal failure or amyotrophic
lateral sclerosis; that he has not received Social Security benefits for 24 months or longer; and/or that he has not applied for Social Security disability benefits, and/or has not been denied Social Security disability benefits and is appealing the
denial. Employee affirms, covenants and warrants that he has made no claim for illness or injury against, nor is he aware of any facts supporting any claim against, the Released Parties under which the Released Parties could be liable for medical
expenses incurred by Employee before or after the execution of this Release. Because Employee is not a Medicare recipient as of the date of this Release, Employee is aware of no medical expenses which Medicare has paid and for which the Released
Parties are or could be liable now or in the future. Employee agrees and affirms that, to the best of his knowledge, no liens of any governmental entities, including those for Medicare conditional payments, exist. 

5. Employee declares and expressly warrants that he has reported all hours worked as of the date of this Release and has been paid for all hours worked and
has received all leaves (paid or unpaid), compensation, wages, bonuses, commissions and/or benefits to which he may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions and/or benefits are due to Employee,
except as provided in this Release and the Letter Agreement. 
 6. This Release contains a waiver of Employee’s rights and claims under the ADEA.
Employee’s waiver must be knowing and voluntary, which means, as a minimum, that Employee understands that: 
  

	a)	the waiver is part of an agreement between Employee and his employer which is written so that Employee understands it; 

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

  

	c)	Employee does not waive any rights or claims that may arise after this Release is executed by him; 

  

	d)	Employee’s waiver is in exchange for consideration that is more valuable than what he is already entitled to; 

  

	e)	Employee is advised to consult with an attorney prior to executing this Release; 

  

	f)	Employee has at least 21 days after termination of employment to decide whether to execute it; and 

  

	g)	Employee has 7 days after he executes this Release to revoke it, and this Release will not be effective or enforceable until this 7-day period has expired. 

Employee further acknowledges and represents that in the event he chooses to execute this Release prior to the expiration of the consideration period, he has
voluntarily done so of his own free will, without coercion or duress. 
 Employee acknowledges and agrees that: (1) he has been specifically advised
that by signing this Release he is forever giving up his legal rights to sue, KeyCorp, KeyBank National Association and their affiliates for the subject matters of this Release; (2) he has carefully read and fully understands all of the
provisions of this Release; (3) he has not relied on any representations of KeyCorp, KeyBank National Association or any of their affiliates to induce him to enter into this Release, other than as specifically set forth herein and in the Letter
Agreement; (4) he is fully competent to enter into this Release; (5) he has not been pressured, coerced or otherwise unduly influenced to enter into this Release; and (6) he has voluntarily entered into this Release of his own free
will. 
 7. This Release, together with the Letter Agreement, represents the complete agreement between the parties hereto and supersedes all prior or
contemporaneous oral or written understandings on the subjects contained herein. No one relies on any representations, oral or written, on the effect, enforceability, or meaning of this Release, except as is specifically set forth in this Release
and the Letter Agreement. This Release can only be modified or waived, in whole or in part, by a writing signed by all of the parties hereto. A facsimile of this Release and a facsimile signature of a party shall be treated in all respects as an
original document and counterparts of this Release may be executed separately and taken together will be treated as one complete original document. This Release shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, legal representatives, affiliates, successors, and assigns. 
  

	
	KeyBank National Association
	
	 /s/ Craig Buffie

	Craig Buffie
	Chief Human Resources Officer

 Employee specifically acknowledges as follows: 

I HAVE CAREFULLY READ AND FULLY UNDERSTAND THE PROVISIONS OF THIS RELEASE AND THE LETTER AGREEMENT, INCLUDING MY WAIVER OF CLAIMS AGAINST KEY. I HAVE NOT
RELIED UPON ANY OTHER REPRESENTATION OR STATEMENT, WRITTEN OR ORAL. I HAVE HAD THE OPPORTUNITY, IF SO DESIRED, TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE AND WAIVING ANY CLAIMS. 

 

	
	AGREED TO this 17th day of April, 2014
	
	 /s/ William R. Koehler

	William R. Koehler

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