Document:

EX-10.3

 

Exhibit 10.3

KEYCORP

OFFICER GRANTS WITH RESTRICTED STOCK UNITS

(Award of Time-Lapsed Restricted Stock Units, 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       Restricted Stock Units
subject to vesting upon the passing of time (the “RSUs”),            shares of Restricted Stock subject
to vesting upon the achievement of specified performance criteria (the “Restricted Stock”), and
«          » Performance Shares subject to vesting upon the achievement of specified performance
criteria (the “Stock Performance Shares”) as described below. 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 RSUs, Restricted
Stock and Stock Performance Shares shall be February 21, 2008 (the “date of grant”).
	 
	2.	 	Vesting of RSUs. The RSUs shall become vested and nonforfeitable on the earlier of
the following:

	 	(a)	 	February 21, 2011; 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, 2008 through December 31, 2010 (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 21, 2011, 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 21, 2011, 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 RSUs, 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 and RSUs. Payment of any RSUs and any earned
Stock Performance Shares shall be made in the form of Common Shares. Payment of RSUs shall be
made when they become vested and nonforfeitable.
	 
	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 RSUs shall become vested and
nonforfeitable 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

2

 

	 	 	 	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 RSUs and 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 2008 that are completed prior
to your change of status and the denominator of which is 36.
	 
	8.	 	Forfeiture. The RSUs, 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 RSUs shall vest and become nonforfeitable upon your
termination of employment and that a pro rata number of shares of Restricted Stock and Stock
Performance Shares shall be retained by you and become freely transferable upon your
termination of employment following the determination of the attainment of the performance
goals upon conclusion of the Performance Period, 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 or the Common Shares awarded to you in payment for the RSUs 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 RSUs, Restricted Stock and Stock Performance
Shares even if you have not met the Stock Ownership Guidelines. Alternatively, the number of
shares to be delivered to you when vesting occurs may be reduced to satisfy such withholding
obligation.
	 
	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
RSUs, 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, Stock Performance
Shares, or Common Shares awarded in payment of RSUs shall inure to and be payable to KeyCorp
upon demand.
	 
	11.	 	No Acceleration. The provisions of Section 12 of the Plan entitled “Acceleration
upon Change of Control” shall not apply to the RSUs, 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

3

 

	 	 	target and such Performance-Based Restricted Stock shall become nonforfeitable on the same
basis as the RSUs, which is on the earlier of: (a) February 21, 2011; 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; Payment of Dividend Equivalents on RSUs. 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. Prior to the date that the RSUs either are forfeited or become vested and
nonforfeitable, whenever a dividend is paid on Common Shares (or such other later time as may
be consistent with KeyCorp’s administrative requirements), KeyCorp shall pay you an amount of
cash equal to the product of the per-share amount of the dividend times the number of your
RSUs.
	 
	13.	 	Tax Withholding. You shall be permitted to satisfy, in whole or in part, any
withholding obligation that may arise in connection with the vesting of your RSUs by
delivering to KeyCorp in Common Shares an amount equal to the withholding the obligation.
	 
	14.	 	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).
	 
	15.	 	Condition. The award of RSUs, Restricted Stock, and Stock Performance Shares granted
hereby is conditioned upon your execution and delivery to KeyCorp of the Agreement set forth
hereinafter.
	 
	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.

	 	 	 	 	 
	 	 	 
	                            
              , 2008 	
 	 
	 	Thomas E. Helfrich 	 
	 	Executive Vice President 	 
	 

4

 

ACCEPTANCE OF GRANT AGREEMENT

     I acknowledge receipt of the above award of RSUs, 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 RSUs, 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

2EX-10.4

 

Exhibit 10.4

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 «Stock» shares of Restricted
Stock subject to vesting upon the passing of time (the “Time-Lapsed Restricted Stock”), «Stock»
shares of Restricted Stock subject to vesting upon the achievement of specified performance
criteria (the “Performance-Based Restricted Stock”), and «Stock» 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 21, 2008 (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 21, 2011; 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, 2008 through December 31, 2010 (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 21, 2011, 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 21, 2011, 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

2

 

	 	 	 	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 2008 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

3

 

	 	 	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.

	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 21, 2011; 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 Withholding. 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.

4

 

	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.
	 
	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.

	 	 	 	 	 
	 	 	 
	                    , 2008 	
 	 
	 	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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