KEYCORP /NEW/
EX-10.2 FORM OF AWARD OF EXECUTIVE OFFICER GRANTS
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>l11937aexv10w2.htm
<DESCRIPTION>EX-10.2 FORM OF AWARD OF EXECUTIVE OFFICER GRANTS
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.2







<P align="center" style="font-size: 10pt"><B>KEYCORP</B>



<P align="center" style="font-size: 10pt"><U><B>Executive Officer Grants</B></U>



<P align="center" style="font-size: 10pt"><B>(Award Of Performance-Based Restricted Stock, Cash Performance Shares and<BR>
Stock Performance Shares)</B>


 <P align="left" style="font-size: 10pt">&#171;Name&#187;
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By action of the Compensation Committee (the &#147;Committee&#148;) of the Board of Directors of
KeyCorp, taken pursuant to the KeyCorp 2004 Equity Compensation Plan (the &#147;Plan&#148;), and subject to
the terms and conditions of the Plan, you have been awarded &#171;Stock&#187; shares of Restricted Stock
subject to vesting upon the achievement of specified performance criteria (the &#147;Performance-Based
Restricted Stock&#148;), &#171;Stock&#187; Performance Shares payable in cash, subject to vesting upon the
achievement of specified performance criteria (the &#147;Cash Performance Shares&#148;) and &#171;Stock&#187;
Performance Shares payable in Common Shares and cash, subject to vesting upon the achievement of
specified performance criteria (the &#147;Stock Performance Shares&#148;), 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 &#147;Awarded Shares&#148;. Unless otherwise indicated, the
capitalized terms used herein and in the attached Acceptance of Grant Agreement (the &#147;Agreement&#148;)
shall have the same meaning as set forth in the Plan.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD><U>Date of Grant</U>. The effective date of grant for the award of the Awarded Shares shall
be February&nbsp;15, 2005 (the &#147;date of grant&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD><U>Vesting of the Awarded Shares</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD><B>In General. </B>Your right to receive the Awarded Shares shall be determined on
the basis of KeyCorp&#146;s Earnings per Share, Economic Profit Added and Return on Equity
(as defined in <U>Appendix&nbsp;C</U> to the resolutions of the Committee adopted on March
17, 2005 approving the performance goals for the Awarded Shares (the &#147;Resolutions&#148;))
during the period of January&nbsp;1, 2005 through December&nbsp;31, 2007 (the &#147;Performance
Period&#148;). 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.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD><B>Vesting of Performance-Based Restricted Stock. </B>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&nbsp;15, 2008, but
only if (A)&nbsp;you have been in the continuous employ of KeyCorp or a Subsidiary through
such date and (B)&nbsp;the Committee shall determine that the</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Performance-Based Restricted Stock has been earned as set forth on <U>Appendix
C</U> to the Resolutions.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD><B>Vesting of Performance Shares. </B>The Cash Performance Shares and Stock
Performance Shares granted hereunder shall be vested on February&nbsp;15, 2008, but only if
(A)&nbsp;you have been in the continuous employ of KeyCorp or a Subsidiary through such date
and (B)&nbsp;the Committee shall determine that the Cash Performance Shares and Stock
Performance Shares have been earned as set forth on <U>Appendix&nbsp;C</U> to the
Resolutions.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)&nbsp;&nbsp;</TD>
    <TD><B>Determination by Committee. </B>The amount of the Awarded Shares that will become
vested and the level of attainment of the applicable performance goals set forth on
<U>Appendix&nbsp;C</U> to the Resolutions 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.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)&nbsp;&nbsp;</TD>
    <TD><B>Transfers Void. </B>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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD><U>Payment of Performance Shares</U>. 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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD><U>Death; Disability; Retirement at or after Age 65</U>. If you shall die or become
Disabled or if you shall retire at age 65 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
<U>Appendix&nbsp;C</U> to the Resolutions 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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD><U>Retirement between ages 55 and 65</U>. The Awarded Shares shall immediately be forfeited
if you retire between the ages of 55 and 65 prior to the vesting of the Awarded Shares;
provided, however, that the Committee may in its sole discretion determine that a pro rata</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>number of the Awarded Shares shall be retained by or issued to 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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD><U>Pro-Ration</U>. 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, 2005 that are completed prior to your change of status and the
denominator of which is 36.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD><U>Forfeiture</U>. 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 65 (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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD><U>KeyCorp Stock Ownership Guidelines</U>. If you have not met KeyCorp&#146;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD><U>Deferral</U>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>If you are eligible to participate in the KeyCorp Deferred Compensation Plan
(&#147;Deferred Plan&#148;) on the date of election, you may elect to exchange the
Performance-Based Restricted Stock or the Stock Performance Shares payable in Common
Shares for an award of equal value which shall be deferred into the Deferred Plan
Common Stock Account; provided, however, that such election shall be made at least one
year prior to the vesting of the Performance-Based Restricted Stock and Stock
Performance Shares and provided further that the deferred award may not be transferred
to another account in the Deferred Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>If you are eligible to participate in the Deferred Plan on the date of
election, you may elect to exchange the Cash Performance Shares or the Stock
Performance Shares payable in cash for an award of equal value which shall be deferred
into</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>any of the investment vehicles provided for in the Deferred Plan, as selected by
you; provided, however, that such election shall be made at least one year prior to
the vesting of the Cash Performance Shares.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.&nbsp;&nbsp;</TD>
    <TD><U>Harmful Activity</U>. Notwithstanding any other provisions of this Agreement, if you
engage in any &#147;harmful activity&#148; (as defined in Section&nbsp;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.&nbsp;&nbsp;</TD>
    <TD><U>No Acceleration</U>. The provisions of Section&nbsp;12 of the Plan entitled &#147;Acceleration
upon Change of Control&#148; 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)&nbsp;February&nbsp;15, 2008, or (b)&nbsp;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&#146;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.&nbsp;&nbsp;</TD>
    <TD><U>Rights as a Shareholder - Performance-Based Restricted Stock</U>. (a)&nbsp;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.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>Notwithstanding (a)&nbsp;above, from and after the date of grant, you shall be entitled to
dividend equivalents, in cash, on the Cash Performance Shares granted hereby when and if a
dividend is declared by KeyCorp&#146;s Board of Directors.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">13.&nbsp;&nbsp;</TD>
    <TD><U>Compliance with Section&nbsp;409A of the Internal Revenue Code</U>. To the extent applicable,
it is intended that this award and the Plan comply with the provisions of Section&nbsp;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</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>fail to satisfy Section&nbsp;409A shall have no force and effect until amended to comply with
Section&nbsp;409A (which amendment may be retroactive to the extent permitted by Section&nbsp;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 11 above and the event triggering your right to payment is your termination of
employment, then notwithstanding anything to the contrary in paragraph 11 above, payment
will be made to you on the earlier of (a)&nbsp;your &#147;separation from service&#148; with KeyCorp
(determined in accordance with Section&nbsp;409A); provided, however, that in case you are a
&#147;specified employee&#148; (within the meaning of Section&nbsp;409A), your date of payment shall be 6
months after the date of your separation from service with KeyCorp or (b)&nbsp;your death.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">14.&nbsp;&nbsp;</TD>
    <TD><U>Condition</U>. The award of the Awarded Shares granted hereby is conditioned upon your
execution and delivery to KeyCorp of the Agreement set forth hereinafter.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">15.&nbsp;&nbsp;</TD>
    <TD><U>Amendment and Modification</U>. 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.</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>, 2005</TD>
<TD colspan="3" align="left" valign="top"><HR noshade size="1" width="100%" align="left"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR noshade size="1" width="100%" align="left">
</DIV></TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thomas E. Helfrich</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><U><B>ACCEPTANCE OF GRANT AGREEMENT</B></U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;My agreement to the following restrictions is (i)&nbsp;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 &#147;Key&#148;) employee, (ii)&nbsp;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.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>I recognize the importance of preserving the confidentiality of Non-Public Information of
Key. Therefore, I acknowledge and agree that: (a)&nbsp;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)&nbsp;during and after my employment with
Key, I will not use, publish, sell, trade or otherwise disclose such Non-Public Information;
and (c)&nbsp;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>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&#146;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>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)&nbsp;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.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>(a)&nbsp;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)&nbsp;year after the termination of my employment with
Key for any reason, I will not, directly or indirectly, for myself or on</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">(b)&nbsp;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
&#147;Termination Under Limited Circumstances&#148; shall mean the termination of my employment with
Key (i)&nbsp;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)&nbsp;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)&nbsp;as otherwise expressly
approved by the Compensation Committee of KeyCorp in its sole discretion.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>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.</TD>
</TR>

</TABLE>






<P align="left" style="font-size: 10pt"><B>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.</B>

<P>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
 <TR>
  <TD><HR noshade size="1" width="40%" align="left"></TD>
 </TR>
 <TR>
  <TD>&#171;Name&#187; &#150; Sign Your Name</TD>
 </TR>
 <TR>
  <TD>&nbsp;</TD>
 </TR>
 <TR>
  <TD><HR noshade size="1" width="40%" align="left"></TD>
 </TR>
 <TR>
  <TD>Date</TD>
 </TR>
</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
