SEC Contract Filing

Filing Date: 2020-11-03

Document Content:
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>key-93020xexx10.htm
<DESCRIPTION>EX-10
<TEXT>
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<title>Document</title></head><body><div id="ic217ceb3d2b645a894db8bea46989c94_32"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">EXHIBIT 10</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">KEYCORP DIRECTORS&#8217; DEFERRED SHARE SUB-PLAN</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(As Amended and Restated) </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">ARTICLE I </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%;text-decoration:underline">PURPOSE </font></div><div style="text-align:center"><font><br></font></div><div style="text-indent:36.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The KeyCorp Directors&#8217; Deferred Share Sub-Plan (&#8220;Sub-Plan&#8221;) was originally established as a sub-plan under the KeyCorp 2013 Equity Compensation Plan and as a successor to the KeyCorp Directors&#8217; Deferred Share Plan, adopted as of December 31, 2008 (the &#8220;Prior Plan&#8221;). The purpose of the Sub-Plan is to attract, retain and compensate highly qualified individuals to serve as Directors and to align the interests of Directors with the shareholders of the Corporation further and thereby promote the long-term success and growth of the Corporation. The Sub-Plan, as previously amended and restated, is hereby amended and restated in its entirety as set forth herein, effective as of September 16, 2020.</font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">ARTICLE II </font></div><div style="text-align:center"><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%;text-decoration:underline">DEFINITIONS </font></div><div style="text-align:center"><font><br></font></div><div style="text-indent:36.7pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Capitalized terms used in the Sub-Plan but not defined herein shall have the same meanings as defined in the applicable Equity Compensation Plan. In addition to those terms and the terms defined in Article I hereof, the following terms shall have the meanings hereinafter set forth, unless a different meaning is clearly required by the context&#58; </font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(a) &#8220;Account&#8221;&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> The meaning set forth in Section 4.3. </font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(b) </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Reserved.</font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(c) &#8220;Beneficiary&#8221; or &#8220;Beneficiaries&#8221;&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> The person or persons designated by a Director in accordance with the Sub-Plan to receive payment of the Director&#8217;s unpaid Deferred Shares and the Director&#8217;s Account in the event of the death of the Director. </font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(d) &#8220;Beneficiary Designation&#8221;&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> An agreement in substantially the form adopted and modified from time to time by the Corporation pursuant to which a Director may designate a Beneficiary or Beneficiaries. </font></div><div style="text-indent:72pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">(e) &#8220;Change of Control&#8221;&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> Notwithstanding any provision of the Equity Compensation Plan, a Change of Control shall be deemed to have occurred if and only if, under any rabbi trust arrangement maintained by the Corporation (the &#8220;Trust&#8221;), as such Trust may from time to time be amended or substituted, the Corporation is required to fund the Trust to secure the payment of any Deferred Shares or Account balances because a &#8220;Change of Control,&#8221; as defined in the Trust, has occurred on or after the effective date of the Sub-Plan&#59; provided that the Change of Control transaction also constitutes the occurrence of a &#8220;chang