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                                                                  EXHIBIT 10.20

                                   AMENDMENT
                                TO THE KEYCORP
                              DIRECTOR DEFERRED
                               COMPENSATION PLAN

      WHEREAS, KeyCorp has established the KeyCorp Director Deferred
Compensation Plan (the "Plan"), a nonqualified plan of deferred compensation
for Directors of KeyCorp, and

      WHEREAS, the Board of Directors of KeyCorp has authorized amendments to
the Plan, and

      WHEREAS, in conjunction with the enactment of the American Jobs Creation
Act of 2004, the Board of Directors of KeyCorp has determined it desirable to
preserve Plan participants' earned and vested Plan benefits in accordance with
the law in effect prior to the enactment of the American Jobs Creation Act of
2004 and accordingly has authorized the freezing of the Plan to preserve such
benefits as of December 31, 2004.  The Board of Directors of KeyCorp has
accordingly directed the execution of this Amendment to effectuate the
expressed intent of the Board.

      NOW, THEREFORE, pursuant to such action of the Board, the Plan is hereby
frozen with regard to any additional accruals, deferrals, and contributions to
the Plan after December 31, 2004 as follows:

                 1.     A new Article VI has been added to the Plan to provide
                        the following:

                                  "ARTICLE VI
                             AMENDMENT TO FREEZE

                 6.1    No New Plan Deferrals.  AS OF JANUARY 1, 2005 THE PLAN
                 SHALL BE FROZEN WITH REGARD TO ALL NEW ACCRUALS, DEFERRALS,
                 AND CONTRIBUTIONS TO THE PLAN AFTER DECEMBER 31, 2004 AND ALL
                 PARTICIPANTS' PLAN BENEFITS THAT ARE EARNED AND VESTED AS OF
                 DECEMBER 31, 2004 SHALL BE ADMINISTERED IN ACCORDANCE WITH THE
                 TERMS OF THE PLAN AS FROZEN AND WITH THE REQUIREMENTS OF THE
                 LAW IN EFFECT PRIOR TO THE ENACTMENT OF SECTION 409A OF THE
                 CODE."

      2.    The amendment set forth in Paragraphs 1 shall be effective as of
December 31, 2004.

      3.    Except as otherwise amended herein, the Plan shall remain in full
force and effect.

      IN WITNESS WHEREOF, KeyCorp has caused this Amendment to the Plan to be
executed by its duly authorized officer as of this 28th day of December 2004.

                                           KEYCORP

                                           By: /s/ Thomas E. Helfrich
                                               ----------------------------
                                           Title:  Executive Vice President<PAGE>

                                                                  EXHIBIT 10.21
                                    KEYCORP
                  SECOND DIRECTOR DEFERRED COMPENSATION PLAN

      The KeyCorp Second Director Deferred Compensation Plan (the "Plan"), is
hereby established December 28, 2004 to be effective January 1, 2005.  The
Plan, as structured, is designed to provide directors with the opportunity to
defer payment of their directors' fees in accordance with the provisions of
this Plan.  It is the intention of KeyCorp and it is the understanding of the
Directors participating in the Plan, that the Plan constitutes a nonqualified
deferred compensation plan under the provisions of Section 409A of the Code and
applicable regulations issued thereunder.

                                   ARTICLE I

                                  DEFINITIONS

      For the purposes hereof, the following words and phrases shall have the
meanings indicated.

      1.    "ACCOUNT" shall mean the bookkeeping account established in
            accordance with Article II hereof.

      2.    "BENEFICIARY" shall mean any person designated by a Participant in
            accordance with the Plan to receive payment of all or a portion of
            the remaining balance of the Participant's Account in the event of
            the death of the Participant prior to receipt by the Participant of
            the entire amount credited to the Participant's Account.

      3.    "CHANGE OF CONTROL" shall be deemed to have occurred in accordance
            with the requirements of Section 409A of the Code and applicable
            regulations issued thereunder, if a change in the ownership or the
            effective control of the Corporation occurs, or if there occurs a
            change in the ownership of a substantial portion of the assets of
            the Corporation.

      4.    "CORPORATION" shall mean KeyCorp, a bank holding company and its
            corporate successors, including the surviving corporation resulting
            from any merger of KeyCorp with any other corporation or
            corporations.

      5.    "DIRECTOR" shall mean (i) any member of the Board of Directors of
            the Corporation and (ii) any member of the Board of Directors of a
            Subsidiary.

      6.    "ELECTION AGREEMENT" shall mean the written election to defer Fees
            signed in writing by the Director and in the form provided by the
            Corporation.

      7.    "FEES" shall mean the fees earned as a Director.

      8.    "PARTICIPANT" shall mean any Director who has at any time elected
            to defer the receipt of Fees in accordance with the Plan.

      9.    "PLAN" shall mean this Second Director Deferred Compensation Plan,
            together with all amendments hereto.

      10.   "SUBSIDIARY" shall mean a corporation organized and existing under
            the laws of the United States or of any state or the District of
            Columbia of which more than 50% percent of the issued and
            outstanding stock is owned by the Corporation or by a Subsidiary of
            the Corporation, and which has been designated by the Board of
            Directors or the Chief Executive Officer of the Corporation as a
            Subsidiary eligible to participate in the Plan.

      11.   "YEAR" shall mean the calendar year.

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                                  ARTICLE II

                               ELECTION TO DEFER

      1.    ELIGIBILITY.  Any Director may elect to defer receipt of all or a
specified portion of his or her Fees for any Year in accordance with Section 2
of this Article.

      2.    ELECTION TO DEFER.  A Director who desires to defer the payment of
all or a portion of his or her Fees for any Year must complete and deliver an
Election Agreement to the Corporation no later than the last day of the Year
prior to the Year for which the Fees are earned by the Director; provided,
however, that any Director hereafter elected to the Board of Directors of the
Corporation or a Subsidiary who was not a Director on the preceding December 31
may make an election to defer payment of Fees for the Year in which he or she
is elected to the Board of Directors by delivering the Election Agreement to
the Corporation within 30 days of first becoming eligible to participate in the
Plan.  A Director who timely delivers the Election Agreement to the Corporation
shall be a Participant in the Plan upon the Corporation's acceptance of such
Election Agreement.

      3.    AMOUNT DEFERRED; DATE OF DEFERRAL.  A Participant shall designate
on the Election Agreement (a) the amount of his or her Fees that are to be
deferred to the Plan for any Year, (b) the date on which the Participant's Fees
shall be distributed, (c) whether the distribution of deferred Fees is to be
paid in its entirety or whether such Fees shall be paid in installments, and
(d) if in installments, the number of quarterly installments.  Deferrals shall
be until the earlier to occur: (i) the date specified by the Participant which
may be not later than the date on which the Participant would attain age 72, or
(ii) the date of death of the Participant, at which time payment of the amount
deferred shall be made in accordance with Section 7 or 10 of this Article.  A
Participant may select not more than one date in each Election Agreement upon
which distribution shall be made or when installments shall begin; distribution
dates shall be the first business day of a calendar quarter.

      4.    ACCOUNT.  The Corporation shall maintain an Account of the Fees
deferred by each Participant.  A Participant shall designate on the Election
Agreement whether to have the Account valued on the basis of KeyCorp Common
Shares in accordance with Section 5 of this Article or receive interest in
accordance with Section 6 of this Article.  The Corporation may, if necessary
or desirable, establish separate Accounts for a Participant to properly account
for amounts deferred under the different alternatives and Years; all such
Accounts are collectively referred to herein as the Account.  The Account based
on KeyCorp Common Shares shall be known as the "Common Shares Account", and the
interest bearing account shall be known as the "Interest Bearing Account"; a
Participant may defer a portion of his or her Fees into each type of Account.

      5.    COMMON SHARES ACCOUNT.  If a Participant elects to have all or a
portion of his or her Fees deferred into the Common Shares Account, as of the
last business day of any quarter, there shall be added to such Account the
number of Common Shares (whole and fractional, rounded to the nearest one-
hundredth of a share) equal to the dollar amount of such Fees payable for such
calendar quarter plus all dividends payable during such quarter on the Common
Shares held in the Account on the first day of such quarter divided by the
market value of the Common Shares at the close of business on the last business
day of such quarter.

      6.    INTEREST BEARING ACCOUNT.  If a Participant elects to have all or a
portion of his or her Fees deferred into the Interest Bearing Account, there
shall be added to the Account as of the last business day of each calendar
quarter the dollar amount of such Fees payable for such calendar quarter plus
all interest payable on such Interest Bearing Account for such quarter as
follows:  A Participant's account will receive interest on the average daily
balance in the Interest Bearing Account during each month at a rate equal to 50
basis points higher than the effective annual yield of the average of the
Moody's Average Corporate Bond Yield Index for the preceding month, as
published by Moody's Investor Service, Inc. (or any successor publisher
thereto), or, if such index is no longer published, a substantially similar
index selected by the Board.

      7.    PAYMENT OF ACCOUNT; PERIOD OF DEFERRAL.  The amount of a
Participant's Account shall be paid to the Participant in a single payment
and/or in a number of substantially equal consecutive quarterly installments
(not to exceed 40), as elected by the Participant in his or her Election
Agreement.  Distributions from the Interest Bearing Account shall be in cash.
Distributions from the Common Shares Account shall be in Common Shares.  The
amount of the Account remaining after payment of an installment shall continue
to be valued in accordance with Section 5 of this Article or bear interest in
accordance with Section 6 of this Article.  Full payment or the first quarterly
installment, as the case may be, shall be made as soon as administratively
possible after (i) the date specified in Section 3 of this Article, or (ii) the
date of the Participant's death.

<PAGE>

      Any installment payment shall be made pro rata from the Common Shares
Account and the Interest Bearing Account.  The election as to the time for and
method of payment of the amount of the Account relating to Fees deferred for a
particular Year shall be made on the Election Agreement(s) and may not
thereafter be altered except as provided in Section 10 of this Article.

      In the event that a Participant elects to receive installment payments
under this Section 7,

      (a)   The amount of the distribution from the Common Shares Account shall
            be valued based on the fair market value of the Common Shares on
            the last business day of the calendar quarter immediately prior to
            the distribution date;

      (b)   The amount of the distribution from the Interest Bearing Account
            shall be valued based on the value of such Account on the last
            business day of the calendar quarter immediately prior to such
            distribution date;

      (c)   The amount of each installment shall be determined by dividing the
            value of the Common Shares Account, the Interest Bearing Account,
            or both, as the case may be, by the number of installments
            remaining to be paid to the Participant.

      8.    Small Payments.  Notwithstanding the foregoing, if the quarterly
installment payment elected under any Election Agreement would result in a
quarterly payment of less than $500 in cash or Common Shares, as the case may
be, the Participant shall receive an immediate lump sum payment of the entire
amount of the Account to the Participant on the day the installment payments
were to begin.

      9.    Death of Participant.  In the event of the death of a Participant,
the amount of the Participant's Account shall be paid to the Beneficiary or
Beneficiaries designated in writing signed by the Participant in the form
provided by the Corporation; in the event there is more than one Beneficiary,
such form shall include the proportion to be paid to each Beneficiary and
indicate the disposition of such share if a Beneficiary does not survive the
Participant; in the absence of any such designation, payment from the Account
shall be divided equally among all other Beneficiaries.  A Participant's
Beneficiary designation may be changed at any time prior to the Participant's
death by execution and delivery of a new Beneficiary designation form.  The
form on file with the Corporation at the time of the Participant's death which
bears the latest date shall govern.  In the absence of a Beneficiary
designation or the failure of any Beneficiary to survive the Participant, the
amount of the Participant's Account shall be paid to the Participant's estate
in its entirety ninety days after the appointment of an executor or
administrator.  In the event of the death of any Beneficiary after the death of
a Participant, the remaining amount of the Account payable to such Beneficiary
shall be paid in its entirety to the estate of such Beneficiary ninety days
after the appointment of an executor or administrator for such estate.

      10.   ACCELERATION.

      (a)   Notwithstanding any other provision of the Plan to the contrary,
            upon the occurrence of a Change of Control, a Participant shall be
            entitled to receive from the Corporation the payment of his or her
            Account in the manner selected as follows:  within 30 days
            following the date that a person first becomes eligible to become a
            Participant, the Participant shall be entitled to make a Change of
            Control Election which will be applicable in the event of a Change
            of Control (the "Change of Control Election").  The Change of
            Control Election will provide the following distribution options to
            a Participant in the event of a Change of Control:

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

            (ii)  upon and after the occurrence of a Change of Control, the
                  entire amount of the Participant's Account will be
                  immediately paid in full to the Participant, but only if
                  either (a) the Participant is not a Director as of
                  immediately after the Change of Control, or (b) the
                  Participant ceases to be a Director within two Years after
                  the Change of Control; or

            (iii) upon the occurrence of a Change of Control, the payment
                  elections specified in the Participant's Election Agreement
                  shall govern irrespective of the Change of Control.

<PAGE>

      (b)   The Corporation may accelerate the making of payment of the amount
            of a Participant's Account to a Participant in the event of an
            "unforeseeable emergency" of the Participant.  For purposes of this
            Section 10(b), the term "unforeseeable emergency" shall mean a
            severe financial hardship to the Participant resulting from a
            sudden and unexpected illness or accident of the Participant, the
            Participant's spouse, or the Participant's dependent (as defined in
            Section 152(a) of the Code), the loss of the Participant's property
            due to casualty, or such other similar extraordinary and
            unforeseeable circumstances arising as a result of events beyond
            the control of the Participant.  The determination of an
            "unforeseeable emergency" and the ability of the Corporation to
            accelerate the Participant's Supplemental Retirement Benefit shall
            be determined in accordance with the requirements of Section 409A
            of the Code and applicable regulations issued thereunder.

      11.   CHANGE OF CONTROL.  Notwithstanding any other provision of the Plan
to the contrary, in the event of a Change of Control, no amendment or
modification of this Plan may be made at any time on or after such Change of
Control (1) to reduce or modify a Participant's Pre-Change of Control Account
Balance, (2) to reduce or modify the Interest Bearing Account's rate of
earnings on or method of crediting such earnings to a Participant's Pre-Change
of Control Account Balance, (3) to reduce or modify the Common Shares Account's
method of calculating all earnings, gains, and/or losses on a Participant's
Pre-Change of Control Account Balance, or (4) to reduce or modify the
Participant's deferrals to be credited to a Participant's Plan Account for the
applicable deferral period.  For purposes of this Section 11, the term "Pre-
Change of Control Account Balance" shall mean, with regard to any Plan
Participant, the aggregate amount of such Participant's prior deferrals with
all earnings, gains, and losses thereon which are credited to the Participant's
Plan Account through the close of the calendar Year in which such Change of
Control occurs.

      12.   INTEREST BEARING ACCOUNT AFTER CHANGE OF CONTROL.  In accordance
with the provisions of Section 6 hereof, in the event that Moody's Average
Corporate Bond Yield Index ceases to be published on or after a Change of
Control, the Corporation shall reasonably select a substantially similar index
to be used in crediting earnings on Participants' Pre-Change of Control Account
Balances held in the Plan's Interest Bearing Account.

      13    COMMON STOCK CONVERSION.  In the event of a Change of Control in
which the Common Shares of the Corporation are converted into or exchanged for
securities, cash and/or other property as a result of any capital
reorganization or reclassification of the capital stock of the Corporation, or
as a result of the consolidation or merger of the Corporation with or into
another corporation or entity, or the sale of all or substantially all of its
assets to another corporation or entity, the Corporation shall cause the Common
Shares Account to reflect the securities, cash and other property to be
received in such reorganization, reclassification, consolidation, merger or
sale on the balance in the Common Shares Account and, from and after such
reorganization, reclassification, consolidation, merger or sale, the Common
Shares Account shall reflect all dividends, interest, earnings and losses
attributable to such securities, cash, and other property (with any cash
earning interest at the rate applicable to the Interest Bearing Account).

      14.   AMENDMENT IN THE EVENT OF A CHANGE OF CONTROL.  On or after a
Change of Control, the provisions of Article I and Article II may not be
amended or modified as such provisions apply to Participants' Pre-Change of
Control Account Balances.

      15.   STATEMENT.  Each Participant shall receive a statement of his or
her Account not less than annually.

      16.   VALUATION OF THE ACCOUNT.  Each Account shall be valued as of the
last day of each calendar quarter until payment of a Participant's Fees in
full.  If a Participant has elected to have his or her Fees deferred into the
Common Shares Account, the Corporation shall ascertain the number of shares in
the Account (whole and fractional, rounded to the nearest one-hundredth of a
share) after taking into account earnings to the Account under this Article and
distributions from the Account under this Article, based on the fair market
value of the Common Shares on the last business day of such calendar quarter.
Automatically and without further action by the Corporation, in the event of
any stock dividend or split, recapitalization, merger, consolidation, spin-off,
reorganization, combination, exchange of shares, or a similar corporate change,
appropriate adjustments in the number and kind of shares held in a
Participant's Account shall be made by the Corporation to reflect such change.
If a Participant has elected to have his or her Fees deferred into the Interest
Bearing Account, the Corporation shall ascertain the value of such Interest
Bearing Account by adding to the value of the Account at the beginning of such
calendar quarter the dollar amount of the Fees deferred into the Account for
such quarter, plus the value of any interest paid on the Account in accordance
with this Article, less any distributions made from the Account in accordance
with this Article.

<PAGE>

      17.   PLAN TRANSFERS.  Participants may elect to transfer vested
performance awards (other than stock option awards) granted under a KeyCorp
Equity Compensation Plan to the Plan, provided, the Participant's election to
transfer such vested award is made in accordance with the requirements of the
grant agreement under which the award was issued and in accordance with the
requirements of Section 409A of the Code.  Transferred awards shall be subject
to full investment diversification if cash based, and transferred awards shall
be invested in the in the Plan's Common Stock Account if equity based.  Awards
invested in the Plan's Common Stock Account will not be subject to investment
direction or diversification.  Transferred awards shall be separately
maintained under the Plan.

                                  ARTICLE III

                                ADMINISTRATION

      The Corporation shall be responsible for the general administration of
the Plan and for carrying out the provisions hereof.  The Corporation shall
have all such powers as may be necessary to carry out its duties under the
Plan, including the power to determine all questions relating to eligibility
for and the amount in an Account, all questions pertaining to claims for
benefits and procedures for claim review, and the power to resolve all other
questions arising under the Plan, including any questions of construction.  The
Corporation may take such further action as the Corporation shall deem
advisable in the administration of the Plan.  The actions taken and the
decisions made by the Corporation hereunder shall be final and binding upon all
interested parties.

                                  ARTICLE IV

                           AMENDMENT AND TERMINATION

      The Corporation reserves the right to amend or terminate the Plan at any
time by action of its Board of Directors, the Compensation and Organization
Committee or any other duly authorized Committee of the Board of Directors;
provided, however, that no such action shall adversely affect any Participant
or Beneficiary with respect to the amount credited to a Deferred Compensation
Account and further provided that any such action shall be subject to the
limitations set forth in Article II, Sections 10 and 13, hereof.  No amendment
or termination of the Plan shall result in an acceleration of Plan benefits in
violation of Section 409A of the Code.

                                   ARTICLE V

                                 MISCELLANEOUS

      1.    NO PRESENT INTEREST.  Subject to any federal statute to the
contrary, no right or benefit under the Plan and no right or interest in each
Participant's Plan Account shall be subject to anticipation, alienation, sale,
assignment, pledge, encumbrance, or charge, and any attempt to anticipate,
alienate, sell, assign, pledge, encumber, or charge any right or benefit under
the Plan, or Participant's Plan Account shall be void.  No right, interest, or
benefit under the Plan or Participant's Plan Account shall be liable for or
subject to the debts, contracts, liabilities, or torts of the Participant or
Beneficiary.  If the Participant or Beneficiary becomes bankrupt or attempts to
alienate, sell, assign, pledge, encumber, or charge any right under the Plan or
Participant's Plan Account, such attempt shall be void and unenforceable.

      2.    PLAN NONCONTRACTUAL.  Nothing herein contained shall be construed
as a commitment to or agreement with any Director of the Corporation or a
Subsidiary to continue such person's directorship with the Corporation or
Subsidiary, and nothing herein contained shall be construed as a commitment or
agreement on the part of the Corporation or any Subsidiary to continue the
directorship or the rate of director compensation of any such person for any
period.  All Directors shall remain subject to removal to the same extent as if
the Plan had never been put into effect.

      3.    INTEREST OF DIRECTOR.  The obligation of the Corporation under the
Plan to make payment of amounts reflected on an Account merely constitutes the
unsecured promise of only the Corporation to make payments from its general
assets as provided herein.  Further, no Participant or Beneficiary shall have
any claim whatsoever against any Subsidiary for amounts reflected on an
Account.  At its discretion, the Corporation may establish one or more trusts,
with such trustees as the Corporation may approve, for the purpose of providing
for the payment of benefits owed under the Plan.  Although such a trust may be
irrevocable, in the event of insolvency or bankruptcy of the Corporation, such
assets will be subject to the claims of the Corporation's general creditors. To
the extent any benefits provided under the Plan are paid from any such trust,
the Corporation shall have no further obligation to pay them.  If not paid from
the trust, such benefits shall remain the obligation of the Corporation.
<PAGE>

      4.    CLAIMS OF OTHER PERSONS.  The provisions of the Plan shall in no
event be construed as giving any person, firm, or corporation any legal or
equitable rights against the Corporation or any Subsidiary, or the officers,
employees, or directors of the Corporation or any Subsidiary, except any such
rights as are specifically provided for in the Plan or are hereafter created in
accordance with the terms and provisions of the Plan.

      5.    DELEGATION OF AUTHORITY.  Any action to be taken by the
Corporation's Board of Directors under this Plan may be taken by such Board's
Compensation and Organization Committee, Executive Committee or any other duly
authorized Committee of the Board of Directors.

      6.    SEVERABILITY.  The invalidity and unenforceability of any
particular provision of the Plan shall not affect any other provision hereof,
and the Plan shall be construed in all respects as if such invalid or
unenforceable provisions were omitted herefrom.

      7.    GOVERNING LAW.  The provisions of the Plan shall be governed and
construed in accordance with the laws of the State of Ohio.

                                  ARTICLE VI

                                COMPLIANCE WITH
                               SECTION 409A CODE

      The Plan is intended to provide for the deferral of compensation in
accordance with the provisions of Section 409A of the Code and regulations and
published guidance issued pursuant thereto.  Accordingly, the Plan shall be
construed in a manner consistent with those provisions and may at any time be
amended in the manner and to the extent determined necessary or desirable by
the Corporation to reflect or otherwise facilitate compliance with such
provisions with respect to amounts deferred on and after January 1, 2005,
including as contemplated by Section 855(f) of the American Jobs Creation Act
of 2004.  Notwithstanding any provision of the Plan to the contrary, no
otherwise permissible election, deferral, accrual, or distribution shall be
made or given effect under the Plan that would result in early taxation or
assessment of penalties or interest of any amount under Section 409A of the
Code.

      IN WITNESS WHEREOF, KeyCorp has caused this KeyCorp Second Director
Deferred Compensation Plan to be executed by its duly authorized officer this
28th day of December, to be effective as of January 1, 2005.

                                           KEYCORP

                                           By: /s/ Thomas E. Helfrich
                                               ----------------------------
                                           Title: Executive Vice President

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