Document:

Exhibit 10.1

 

Exhibit 10.1

KEYCORP

Executive Officer Grants

(Award Of Performance-Based Restricted Stock, Cash Performance Shares and

Stock Performance Shares)

«Name»

     By action of the Compensation and Organization Committee (the “Committee”) of the Board of
Directors of KeyCorp, taken pursuant to the KeyCorp 2004 Equity Compensation Plan (the “Plan”), and
subject to the terms and conditions of the Plan, you have been awarded                                          shares of
Restricted Stock subject to vesting upon the achievement of specified performance criteria (the
“Performance-Based Restricted Stock”),                                          Performance Shares payable in cash, subject to
vesting upon the achievement of specified performance criteria (the “Cash Performance Shares”) and
Stock Performance Shares payable in Common Shares and cash, subject to vesting upon the achievement
of specified performance criteria (the “Stock Performance Shares”), as described below. The
Performance-Based Restricted Stock, the Cash Performance Shares and the Stock Performance Shares
shall be referred to herein collectively as the “Awarded Shares”. Unless otherwise indicated, the
capitalized terms used herein and in the attached Acceptance of Grant Agreement (the “Agreement”)
shall have the same meaning as set forth in the Plan.

	1.	 	Date of Grant. The effective date of grant for the award of the Awarded Shares
shall be February 7, 2006 (the “date of grant”).
	 
	2.	 	Vesting of the Awarded Shares.

	 	(a)	 	In General. Your right to receive the Awarded Shares shall be determined on
the basis of KeyCorp’s Earnings per Share, Economic Profit Added and Return on Equity
(as defined in Appendix C) during the period of January 1, 2006 through
December 31, 2008 (the “Performance Period”). You are able to earn up to 100% of the
Performance-Based Restricted Stock and Cash Performance Shares if the applicable
targeted level of performance is met or exceeded and up to 100% of the Stock
Performance Shares if the applicable maximum level of performance is met or exceeded.
	 
	 	(b)	 	Vesting of Performance-Based Restricted Stock. The Common Shares subject to
this grant of Performance-Based Restricted Stock may not be sold, transferred,
otherwise disposed of, pledged or otherwise hypothecated until February 7, 2009 but
only if (A) you have been in the continuous employ of KeyCorp or a Subsidiary through
such date and (B) the Committee shall determine that the Performance-Based Restricted
Stock has been earned as set forth on Appendix C.

 

 

	 	(c)	 	Vesting of Performance Shares. The Cash Performance Shares and Stock
Performance Shares granted hereunder shall be vested on February 7, 2009 but only if
(A) you have been in the continuous employ of KeyCorp or a Subsidiary through such
date and (B) the Committee shall determine that the Cash Performance Shares and Stock
Performance Shares have been earned as set forth on Appendix C.
	 
	 	(d)	 	Determination by Committee. The amount of the Awarded Shares that will
become vested and the level of attainment of the applicable performance goals set
forth on Appendix C shall be determined by the Committee as soon as
practicable after the receipt of the audited financial statements for KeyCorp relating
to the last year of the Performance Period, but in no event later than two and
one-half months after the close of the last year of the Performance Period.
	 
	 	(e)	 	Transfers Void. Any purported transfer or encumbrance of the Awarded Shares
prior to the time that they have vested shall be void, and the other party to any such
purported transaction shall not obtain any rights to or interest in the Common Shares
underlying the Awarded Shares.

	3.	 	Payment of Performance Shares. Payment of any earned Cash Performance Shares shall
be made in the form of cash and payment of any earned Stock Performance Shares shall be made
one-half in the form of Common Shares and one-half in the form of cash. Payment shall occur
as soon as practicable after the receipt of the audited financial statements for KeyCorp relating to the last year of the
Performance Period, but in no event later than two and one-half months after the close of
the last year of the Performance Period. To the extent an award is payable in cash, each
Cash Performance Share and Stock Performance Share shall have a value equal to the Fair
Market Value (as defined in subsection 2.16 of the Plan) of one Common Share on the date
of vesting of the Cash Performance Share and/or Stock Performance Share.

	4.	 	Death; Disability; Retirement at or after Age 55. If you shall die or become
Disabled or if you shall retire at age 55 or older prior to the vesting of the Awarded
Shares, then a pro rata number of the shares of Awarded Shares actually earned as provided on
Appendix C shall be retained by you or your estate and become freely transferable or
entitle you to the payment described in paragraph 3, as the case may be, following the
determination of the attainment of the performance goals upon conclusion of the Performance
Period, but the remainder shall immediately be forfeited.

	5.	 	Pro-Ration. For purposes of this Agreement the pro rata number of Awarded Shares
granted to you shall be based on a fraction the numerator of which is the number of months
beginning in February, 2006 that are completed prior to your change of status and the
denominator of which is 36.

2

 

	6.	 	Forfeiture. The Awarded Shares shall be immediately forfeited if your employment
with KeyCorp or any Subsidiary terminates prior to the vesting of the Awarded Shares as set
forth in paragraph 2 unless your employment terminates because of death, Disability or
retirement at or after age 55 (in which case the specific provisions of paragraph 4 shall
apply); provided, however, that the Committee may in its sole discretion determine that a pro
rata number of the Awarded Shares shall be retained by you and become freely transferable or
entitle you to the payment described in paragraph 3, as the case may be, following the
determination of the attainment of the performance goals upon conclusion of the Performance
Period but that the remainder shall immediately be forfeited.

	7.	 	KeyCorp Stock Ownership Guidelines. If you have not met KeyCorp’s Stock Ownership
Guidelines when the Performance-Based Restricted Stock or Stock Performance Shares vest as
set forth in paragraph 2, you may not sell or otherwise transfer the Performance-Based
Restricted Stock or the Stock Performance Shares payable in Common Shares until and unless
you meet the Stock Ownership Guidelines or terminate your employment with KeyCorp or a
Subsidiary; provided, however, that notwithstanding the foregoing you shall be permitted to
sell the number of shares necessary to satisfy any withholding tax obligation that may arise
in connection with the vesting of the Performance-Based Restricted Stock and Stock
Performance Shares even if you have not met the Stock Ownership Guidelines..

	8.	 	Harmful Activity. Notwithstanding any other provisions of this Agreement, if you
engage in any “harmful activity” (as defined in Section 17 of the Plan) prior to or within
six months after your termination of employment with KeyCorp or a Subsidiary, then any and
all shares of Performance-Based Restricted Stock and Stock Performance Shares which have
vested and any cash paid upon the vesting of the Cash Performance Shares, on or after one
year prior to termination of employment shall be immediately forfeited to KeyCorp and any
profits realized upon your sale of any shares of Performance-Based Restricted Stock or Stock
Performance Shares shall inure to and be payable to KeyCorp upon demand.

	9.	 	No Acceleration. The provisions of Section 12 of the Plan entitled “Acceleration
upon Change of Control” shall not apply to the Awarded Shares awarded pursuant to this
Agreement; provided, however, that in the event of a Change of Control, the performance goals
relating to the Performance-Based Restricted Stock and Cash Performance Shares (and not the
Stock Performance Shares) shall be deemed to be satisfied at 100% of target and the
Performance-Based Restricted Stock and the Cash Performance Shares shall vest on the earlier
of: (a) February 7, 2009, or (b) the date not more than two years on or after a Change of
Control upon which your employment terminates under circumstances entitling you to receive
severance benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or
under any employment or change of control or similar arrangement or agreement, but only if
you have been in the continuous employ of KeyCorp or a Subsidiary through such date.

3

 

	10.	 	Rights as a Shareholder — Performance-Based Restricted Stock.

	 	(a)	 	From and after the date of grant, you shall have all of the rights of a
shareholder with respect to the shares of Performance-Based Restricted Stock granted
hereby, including the right to vote the shares of Performance-Based Restricted Stock
and receive any dividends that may be paid thereon; provided however that any
additional Common Shares or other securities that you may become entitled to receive
pursuant to a stock dividend, stock split, combination of shares, recapitalization,
merger, consolidation, separation or reorganization or any other change in the capital
structure of the Company shall be subject to the same restrictions as the shares of
Performance-Based Restricted Stock covered by this award.
	 
	 	(b)	 	Notwithstanding (a) above, from and after the date of grant, you shall be
entitled to dividend equivalents, in cash, on the Stock Performance Shares granted
hereby when and if a dividend is declared by KeyCorp’s Board of Directors.

	11.	 	Compliance with Section 409A of the Internal Revenue Code. To the extent
applicable, it is intended that this award and the Plan comply with the provisions of Section
409A of the Internal Revenue Code. This award and the Plan shall be administrated in a
manner consistent with this intent, and any provision that would cause the award or the Plan to fail to satisfy Section 409A shall have no force and
effect until amended to comply with Section 409A (which amendment may be retroactive to
the extent permitted by Section 409A and may be made by KeyCorp without your consent). In
particular, to the extent your right to receive payment of Cash Performance Shares becomes
nonforfeitable under the terms of paragraph 9 above and the event triggering your right to
payment is your termination of employment, then notwithstanding anything to the contrary
in paragraph 9 above, payment will be made to you, to the extent necessary to comply with
Section 409A, on the earlier of (a) your “separation from service” with KeyCorp
(determined in accordance with Section 409A); provided, however, that in case you are a
“specified employee” (within the meaning of Section 409A), your date of payment shall be 6
months after the date of your separation from service with KeyCorp or (b) your death.

	12.	 	Tax Witholding by Section 16 officers. If you are an “officer” as defined by Section
16 of the Securities Exchange Act of 1934, you shall be permitted to satisfy, in whole or in
part, any withholding tax obligation that may arise in connection with the vesting of any
award of stock or shares hereunder by delivering to KeyCorp in Common Shares, Cash Performance
Shares, or Stock Performance Shares an amount equal to such withholding tax obligation.

	13.	 	Condition. The award of the Awarded Shares granted hereby is conditioned upon your
execution and delivery to KeyCorp of the Agreement set forth hereinafter.

4

 

	14.	 	Amendment and Modification. The terms and conditions of this award may not be
modified, amended or waived except by an instrument in writing signed by a duly authorized
executive officer of KeyCorp.

	 	 	 
	                                        , 2006

	 	 
	 

	 	 
	 

	 	Thomas E. Helfrich
	 

	 	Executive Vice President

5

 

ACCEPTANCE OF GRANT AGREEMENT

     I acknowledge receipt of the above Performance-Based Restricted Stock, Stock Performance
Shares and Cash Performance Shares and in consideration thereof I accept such awards subject to the
terms and conditions of the Plan (including, without limitation, the harmful activity provisions
thereof) and the restrictions upon me as set forth hereinafter in this Agreement.

     My agreement to the following restrictions is (i) in addition to (and not in limitation of)
any other agreements, plans, policies, or practices that are applicable to me as a KeyCorp or a
Subsidiary (collectively “Key”) employee, (ii) independent of any Plan provisions, and (iii)
binding upon me regardless of whether I sell, transfer, otherwise dispose of, pledge, or otherwise
hypothecate the Common Shares acquired under the Performance-Based Restricted Stock awarded to me.

	1.	 	I recognize the importance of preserving the confidentiality of Non-Public Information of
Key. Therefore, I acknowledge and agree that: (a) during my employment with Key, I will
acquire, reproduce, and use such Non-Public Information only to the extent reasonably
necessary for the proper performance of my duties; (b) during and after my employment with
Key, I will not use, publish, sell, trade or otherwise disclose such Non-Public Information;
and (c) upon termination of my employment with Key, I will immediately return to Key all
documents, data, and things in my possession or to which I have access that involve such
Non-Public Information. I agree to sign nondisclosure agreements in favor of Key and others
doing business with Key with whom Key has a confidential relationship.

	2.	 	I acknowledge and agree that the duties of my position at Key may include the development
of Intellectual Property. Accordingly, any Intellectual Property which I create with any of
Key’s resources or assistance, in whole or in part, during my employment with Key, and which
pertains to the business of Key, is the property of Key; and I hereby agree to and do assign
to Key all right, title, and interest in and to such Intellectual Property, including,
without limitation, copyrights, trademarks, service marks, and patents in or to (or
associated with) such Intellectual Property and agree to sign patent applications and
assignments thereof, without additional compensation.

	3.	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from
the date hereof through a period of one (1) year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, hire or solicit or entice for employment any Key employee without the
written consent of Key, which consent it may grant or withhold in its discretion.

	4.	 	(a) Except in the proper performance of my duties for Key, I acknowledge and agree that
from the date hereof through a period of one (1) year after the termination of my employment
with Key for any reason, I will not, directly or indirectly, for myself or on behalf of any
other person or entity, call upon, solicit, or do business with (other than for a business
which does not compete with any business or business activity conducted by

 

 

	 	 	Key) any Key customer or potential customer I interacted with, became acquainted with, or learned of
through access to information while I performed services for Key during my employment with Key, without
the written consent of Key, which consent it may grant or withhold in its discretion.

(b) In the event that my employment is terminated with Key as a result of a Termination
Under Limited Circumstances as defined below, the restrictions in paragraph 4(a) of this
Agreement shall become inapplicable to me; however, the restrictions in paragraphs 1, 2,
and 3 of this Agreement shall remain in full force and effect nevertheless. I understand
that a “Termination Under Limited Circumstances” shall mean the termination of my
employment with Key (i) under circumstances in which I am entitled to receive severance
benefits or salary continuation benefits under the terms and conditions of the KeyCorp
Separation Plan in effect at the time of such termination, or (ii) under circumstances in
which I am entitled to receive severance benefits, salary continuation benefits, or similar
benefits under the terms and conditions of an agreement with Key, including, without
limitation, a change of control agreement or employment or letter agreement, or (iii) as
otherwise expressly approved by the Compensation Committee of KeyCorp in its sole
discretion.

	5.	 	In the event a court of competent jurisdiction determines that any of the restrictions
contained in the above numbered paragraphs of this Agreement are excessive because of
duration or scope or are otherwise unenforceable, the provisions hereof shall not be void
but, with respect to such limitations held to be excessive, they shall be modified to
incorporate the maximum limitations such court will permit, not exceeding the limitations
contained in the acceptance of grant. In the event I engage in any activity in violation
hereof, I acknowledge that such activity may cause serious damage and irreparable injury to
Key, which will permit Key to terminate my employment (if applicable) and seek monetary
damages, and Key shall also be entitled to injunctive, equitable, and other relief. I
acknowledge and agree that the validity, interpretation, and performance of this Agreement
shall be construed under the internal substantive laws of Ohio.

BY SIGNING THIS ACCEPTANCE OF GRANT AGREEMENT, I ACKNOWLEDGE THAT I HAVE HAD AMPLE OPPORTUNITY
TO READ THIS AGREEMENT AND THE PLAN, MAKE A DILIGENT INQUIRY, ASK QUESTIONS, AND CONSULT WITH MY
ATTORNEY IF I CHOSE TO DO SO.

	 	 	 
	 	 	 
	«Name»- Sign Your Name

	 	 
	 
	 	 
	 	 	 
	Date
	 	 

2Exhibit 10.2

 

Exhibit 10.2

KEYCORP

OFFICER GRANTS

(Award of Time-Lapsed Restricted Stock, Performance-Based Restricted Stock

and Stock Performance Shares)

«Name»

     By action of the Compensation and Organization Committee (the “Committee”) of the Board of
Directors of KeyCorp, taken pursuant to the KeyCorp 2004 Equity Compensation Plan (the “Plan”), and
subject to the terms and conditions of the Plan, you have been
awarded
                                         shares of
Restricted Stock subject to vesting upon the passing of time (the “Time-Lapsed Restricted Stock”),
                    shares of Restricted Stock subject to vesting upon the achievement of specified performance
criteria (the “Performance-Based Restricted Stock”), and                                          Performance Shares subject to
vesting upon the achievement of specified performance criteria (the “Stock Performance Shares”) as
described below. The Time-Lapsed Restricted Stock and the Performance-Based Restricted Stock shall
be referred to herein collectively as the “Restricted Stock”. Unless otherwise indicated, the
capitalized terms used herein and in the attached Acceptance of Grant Agreement (the “Agreement”)
shall have the same meaning as set forth in the Plan.

	1.	 	Date of Grant. The effective date of grant for the award of the Restricted Stock
and Stock Performance Shares shall be February 7, 2006 (the “date of grant”).

	2.	 	Vesting of Time-Lapsed Restricted Stock. The Common Shares subject to this grant
of Time-Lapsed Restricted Stock may not be sold, transferred, otherwise disposed of, pledged
or otherwise hypothecated until the earlier of the following:

	 	(a)	 	February 7, 2009; or
	 
	 	(b)	 	the date not more than two years on or after a Change of Control upon which
your employment terminates under circumstances entitling you to receive severance
benefits or salary continuation benefits under KeyCorp’s Separation Pay Plan or under
any employment or change of control or similar arrangement or agreement.

	 	 	provided, however, that you have been in the continuous employ of KeyCorp or a
Subsidiary through such date.

	3.	 	Vesting of Performance-Based Restricted Stock and Stock Performance Shares.

	 	(a)	 	In General. Your right to receive the Performance-Based Restricted Stock and
the Stock Performance Shares shall be determined on the basis of KeyCorp’s Earnings
per Share, Economic Profit Added and Return on Equity (as such terms are defined in
Appendix C) during the period of

 

 

	 	 	 	January 1, 2006 through December 31, 2008 (the “Performance Period”). You are able
to earn up to 100% of the Performance-Based Restricted Stock if the applicable
targeted level of performance is met or exceeded and up to 100% of the Stock
Performance Shares if the applicable maximum level of performance is met or
exceeded.
	 
	 	(b)	 	Vesting of Performance-Based Restricted Stock. The Common Shares subject to
this grant of Performance-Based Restricted Stock may not be sold, transferred,
otherwise disposed of, pledged or otherwise hypothecated until February 7, 2009, but
only if (A) you have been in the continuous employ of KeyCorp or a Subsidiary through
such date and (B) the Committee shall determine that the Performance-Based Restricted
Stock has been earned as set forth on Appendix C.
	 
	 	(c)	 	Vesting of Stock Performance Shares. The Stock Performance Shares granted
hereunder shall be vested on February 7, 2009, but only if (A) you have been in the
continuous employ of KeyCorp or a Subsidiary through such date and (B) the Committee
shall determine that the Stock Performance Shares have been earned as set forth on
Appendix C.
	 
	 	(d)	 	Determination by the Committee. The amount of the Performance-Based
Restricted Stock and Stock Performance Shares that will vest and the level of
attainment of the applicable performance goals set forth on Appendix C shall
be determined by the Committee as soon as practicable after the receipt of the audited
financial statements for KeyCorp relating to the last year of the Performance Period,
but in no event later than two and one-half months after the close of the last year of
the Performance Period.

	4.	 	Transfers Void. Any purported transfer or encumbrance of the Time-Lapsed
Restricted Stock, Performance-Based Restricted Stock or Stock Performance Shares prior to the
time that they have vested as set forth in paragraph 2 and paragraph 3 shall be void, and the
other party to any such purported transaction shall not obtain any rights to or interest in
the Common Shares underlying such awards.

	5.	 	Payment of Stock Performance Shares. Payment of any earned Stock Performance
Shares shall be made in the form of Common Shares.

	6.	 	Death; Disability; Retirement at or after Age 55.

	 	(a)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the shares of Time-Lapsed Restricted Stock
shall be retained by you or your estate and become freely transferable upon death or
Disability or retirement at or after age 55 but the remainder shall immediately be
forfeited upon your death, Disability or retirement at or after age 55, as the case
may be.

 

 

	 	(b)	 	If you shall die or become Disabled or if you shall retire at age 55 or older
prior to vesting, then a pro rata number of the shares of Performance-Based Restricted
Stock and Stock Performance Shares actually earned as provided on Appendix C
shall be retained by you or your estate and become freely transferable following the
determination of the attainment of the performance goals upon conclusion of the
Performance Period, but the remainder shall immediately be forfeited following the
determination of the attainment of the performance goals upon conclusion of the
Performance Period.

	7.	 	Pro-Ration. For purposes of this Agreement the pro rata number of shares of
Restricted Stock and Stock Performance Shares granted to you shall be based on a fraction the
numerator of which is the number of months beginning in February, 2006 that are completed
prior to your change of status and the denominator of which is 36.

	8.	 	Forfeiture. The Restricted Stock and Stock Performance Shares shall be immediately
forfeited if your employment with KeyCorp or a Subsidiary terminates prior to vesting as set
forth in paragraph 2 and paragraph 3 unless your employment terminates because of death,
Disability or retirement at or after age 55 (in which case the specific provisions of
paragraph 6 shall apply); provided, however, that the Committee may in its sole discretion
determine that a pro rata number of the shares of Restricted Stock and Stock Performance
Shares shall be retained by you and become freely transferable upon your termination of
employment in the case of the Time-Lapsed Restricted Stock and following the determination of
the attainment of the performance goals upon conclusion of the Performance Period in the case
of the Performance-Based Restricted Stock and Stock Performance Shares, but that the
remainder shall immediately be forfeited.

	9.	 	KeyCorp Stock Ownership Guidelines. If you have not met KeyCorp’s Stock Ownership
Guidelines when vesting occurs, you may not sell or otherwise transfer the Restricted Stock
or the Stock Performance Shares until and unless you meet the Stock Ownership Guidelines or
terminate your employment with KeyCorp or a Subsidiary; provided, however, that
notwithstanding the foregoing you shall be permitted to sell the number of shares necessary
to satisfy any withholding tax obligation that may arise in connection with the vesting of
the Restricted Stock and Stock Performance Shares even if you have not met the Stock
Ownership Guidelines.

	10.	 	Harmful Activity. Notwithstanding any other provisions of this Agreement, if you
engage in any “harmful activity” (as defined in Section 17 of the Plan) prior to or within
six months after your termination of employment with KeyCorp or a Subsidiary, then any and
all shares of Restricted Stock and Stock Performance Shares which have vested on or after one
year prior to termination of employment shall be immediately forfeited to KeyCorp and any
profits realized upon your sale of any such shares of Restricted Stock or Stock Performance
Shares shall inure to and be payable to KeyCorp upon demand.

3

 

	11.	 	No Acceleration. The provisions of Section 12 of the Plan entitled “Acceleration
upon Change of Control” shall not apply to the Restricted Stock and Stock Performance Shares
awarded pursuant to this Agreement; provided, however, that in the event of a Change of
Control, the performance goals relating to the Performance-Based Restricted Stock (and not
the Stock Performance Shares) shall be deemed to be satisfied at 100% of target and such
Performance-Based Restricted Stock shall become nonforfeitable on the same basis as the
Time-Lapsed Restricted Stock, which is on the earlier of: (a) February 7, 2009; or (b) the
date not more than two years on or after a Change of Control upon which your employment
terminates under circumstances entitling you to receive severance benefits or salary
continuation benefits under KeyCorp’s Separation Pay Plan or under any employment or change
of control or similar arrangement or agreement, but only if you have been in the continuous
employ of KeyCorp or a Subsidiary through such date.

	12.	 	Rights as a Shareholder. From and after the date of grant, you shall have all of
the rights of a shareholder with respect to the shares of Restricted Stock granted hereby,
including the right to vote the shares of Restricted Stock and receive any dividends that may
be paid thereon; provided however that any additional Common Shares or other securities that
you may become entitled to receive pursuant to a stock dividend, stock split, combination of
 shares, recapitalization, merger, consolidation, separation or reorganization or any other
change in the capital structure of the Company shall be subject to the same restrictions as
the shares of Restricted Stock covered by this award of Restricted Stock.

	13.	 	Compliance with Section 409A of the Internal Revenue Code. To the extent
applicable, it is intended that this award and the Plan comply with the provisions of Section
409A of the Internal Revenue Code. This award and the Plan shall be administrated in a
manner consistent with this intent, and any provision that would cause the award or the Plan
to fail to satisfy Section 409A shall have no force and effect until amended to comply with
Section 409A (which amendment may be retroactive to the extent permitted by Section 409A and
may be made by KeyCorp without your consent).

	14.	 	Tax Witholding by Section 16 officers. If you are an “officer” as defined by
Section 16 of the Securities Exchange Act of 1934, you shall be permitted to satisfy, in
whole or in part, any withholding tax obligation that may arise in connection with the
vesting of any award of stock or shares hereunder by delivering to KeyCorp in Common Shares
an amount equal to such withholding tax obligation.

	15.	 	Condition. The award of Restricted Stock and Stock Performance Shares granted
hereby is conditioned upon your execution and delivery to KeyCorp of the Agreement set forth
hereinafter.

4

 

	16.	 	Amendment and Modification. The terms and conditions of this award may not be
modified, amended or waived except by an instrument in writing signed by a duly authorized
executive officer of KeyCorp.

	 	 	 
	                                        , 2006

	 	 
	 

	 	 
	 

	 	Thomas E. Helfrich
	 

	 	Executive Vice President

5

 

ACCEPTANCE OF GRANT AGREEMENT

     I acknowledge receipt of the above award of Time-Lapsed Restricted Stock, Performance-Based
Restricted Stock and Stock Performance Shares and in consideration thereof I accept such awards
subject to the terms and conditions of the Plan (including, without limitation, the harmful
activity provisions thereof) and the restrictions upon me as set forth hereinafter in this
Agreement.

     My agreement to the following restrictions is (i) in addition to (and not in limitation of)
any other agreements, plans, policies, or practices that are applicable to me as a KeyCorp or
Subsidiary (collectively “Key”) employee, (ii) independent of any Plan provisions, and (iii)
binding upon me regardless of whether I sell, transfer, otherwise dispose of, pledge, or otherwise
hypothecate the Common Shares acquired under the Restricted Stock and Performance Shares awarded to
me.

	1.	 	I recognize the importance of preserving the confidentiality of Non-Public Information of
Key. Therefore, I acknowledge and agree that: (a) during my employment with Key, I will
acquire, reproduce, and use such Non-Public Information only to the extent reasonably
necessary for the proper performance of my duties; (b) during and after my employment with
Key, I will not use, publish, sell, trade or otherwise disclose such Non-Public Information;
and (c) upon termination of my employment with Key, I will immediately return to Key all
documents, data, and things in my possession or to which I have access that involve such
Non-Public Information. I agree to sign nondisclosure agreements in favor of Key and others
doing business with Key with whom Key has a confidential relationship.

	2.	 	I acknowledge and agree that the duties of my position at Key may include the development of
Intellectual Property. Accordingly, any Intellectual Property which I create with any of
Key’s resources or assistance, in whole or in part, during my employment with Key, and which
pertains to the business of Key, is the property of Key; and I hereby agree to and do assign
to Key all right, title, and interest in and to such Intellectual Property, including, without
limitation, copyrights, trademarks, service marks, and patents in or to (or associated with)
such Intellectual Property and agree to sign patent applications and assignments thereof,
without additional compensation.

	3.	 	Except in the proper performance of my duties for Key, I acknowledge and agree that from the
date hereof through a period of one (1) year after the termination of my employment with Key
for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, hire or solicit or entice for employment any Key employee without the
written consent of Key, which consent it may grant or withhold in its discretion.

	4.	 	(a) Except in the proper performance of my duties for Key, I acknowledge and agree that from
the date hereof through a period of one (1) year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on behalf of any other
person or entity, call upon, solicit, or do business with (other than for a business which
does not compete with any business or business activity conducted by

 

 

	 	 	Key) any Key customer or potential customer I interacted with, became acquainted with, or learned of through access to
information while I performed services for Key during my employment with Key, without the
written consent of Key, which consent it may grant or withhold in its discretion.

(b) In the event that my employment is terminated with Key as a result of a Termination
Under Limited Circumstances as defined below, the restrictions in paragraph 4(a) of this
Agreement shall become inapplicable to me; however, the restrictions in paragraphs 1, 2, and
3 of this Agreement shall remain in full force and effect nevertheless. I understand that a
“Termination Under Limited Circumstances” shall mean the termination of my employment with
Key (i) under circumstances in which I am entitled to receive severance benefits or salary
continuation benefits under the terms and conditions of the KeyCorp Separation Plan in
effect at the time of such termination, or (ii) under circumstances in which I am entitled
to receive severance benefits, salary continuation benefits, or similar benefits under the
terms and conditions of an agreement with Key, including, without limitation, a change of
control agreement or employment or letter agreement, or (iii) as otherwise expressly
approved by the Compensation Committee of KeyCorp in its sole discretion.

	5.	 	In the event a court of competent jurisdiction determines that any of the restrictions
contained in the above numbered paragraphs of this Agreement are excessive because of duration
or scope or are otherwise unenforceable, the provisions hereof shall not be void but, with
respect to such limitations held to be excessive, they shall be modified to incorporate the
maximum limitations such court will permit, not exceeding the limitations contained in the
acceptance of grant. In the event I engage in any activity in violation hereof, I acknowledge
that such activity may cause serious damage and irreparable injury to Key, which will permit
Key to terminate my employment (if applicable) and seek monetary damages, and Key shall also
be entitled to injunctive, equitable, and other relief. I acknowledge and agree that the
validity, interpretation, and performance of this Agreement shall be construed under the
internal substantive laws of Ohio.

BY SIGNING THIS ACCEPTANCE OF GRANT AGREEMENT, I ACKNOWLEDGE THAT I HAVE HAD AMPLE OPPORTUNITY
TO READ THIS AGREEMENT AND THE PLAN, MAKE A DILIGENT INQUIRY, ASK QUESTIONS, AND CONSULT WITH MY
ATTORNEY IF I CHOSE TO DO SO.

	 	 	 
	 	 	 
	«Name»- Sign Your Name

	 	 
	 
	 	 
	 	 	 
	Date
	 	 

2

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