KEYCORP /NEW/
EX-10.3 FORM OF AWARD OF OFFICER GRANTS
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>l11937aexv10w3.htm
<DESCRIPTION>EX-10.3 FORM OF AWARD OF OFFICER GRANTS
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.3</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;10.3







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



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



<P align="center" style="font-size: 10pt"><B>(Award of Time-Lapsed Restricted Stock, Performance-Based Restricted Stock<BR>
and 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 passing of time (the &#147;Time-Lapsed Restricted Stock&#148;), &#171;Stock&#187; shares of
Restricted Stock subject to vesting upon the achievement of specified performance criteria (the
&#147;Performance-Based Restricted Stock&#148;), and &#171;Stock&#187; Performance Shares subject to vesting upon the
achievement of specified performance criteria (the &#147;Stock Performance Shares&#148;) as described below.
The Time-Lapsed Restricted Stock and the Performance-Based Restricted Stock shall be referred to
herein collectively as the &#147;Restricted Stock&#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 Restricted Stock and
Stock Performance Shares shall be February&nbsp;15, 2005 (the &#147;date of grant&#148;).</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><U>Vesting of Time-Lapsed Restricted Stock</U>. 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:</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>February&nbsp;15, 2008; or</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>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.</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="2%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;</TD>
    <TD>provided, however, that 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">3.&nbsp;&nbsp;</TD>
    <TD><U>Vesting of Performance-Based Restricted Stock and Stock Performance 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 Performance-Based Restricted Stock and
the Stock Performance Shares shall be determined on the basis of KeyCorp&#146;s</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>Earnings per Share, Economic Profit Added and Return on Equity (as such terms are
defined in <U>Appendix&nbsp;C</U> to the resolutions of the Committee adopted on March
17, 2005 approving the performance goals for the Performance-Based Restricted Stock
and Stock Performance 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 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>

</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">(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 Performance-Based Restricted
Stock has 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">(c)&nbsp;&nbsp;</TD>
    <TD><B>Vesting of Stock Performance Shares. </B>The 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 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 the Committee. </B>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 <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>

</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>Transfers Void</U>. 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.</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>Payment of Stock Performance Shares</U>. Payment of any earned Stock Performance Shares
shall be made in the form of Common 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">6.&nbsp;&nbsp;</TD>
    <TD><U>Death; Disability; Retirement at or after Age 65</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="1%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>If you shall die or become Disabled or if you shall retire at age 65 or older prior to
vesting, then a pro rata number of the shares of Time-Lapsed Restricted Stock shall be</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>retained by you or your estate and become freely transferable upon death or Disability or
retirement at or after age 65, but the remainder shall immediately be forfeited upon your
death, Disability or retirement at or after age 65, as the case may be.</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">(b)&nbsp;&nbsp;</TD>
    <TD>If you shall die or become Disabled or if you shall retire at age 65 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 <U>Appendix&nbsp;C</U> to the Resolutions 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.</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>Retirement between ages 55 and 65</U>. The Restricted Stock and the Stock Performance
Shares shall immediately be forfeited if you retire between the ages of 55 and 65 prior to
vesting; 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 retirement 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.</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>Upon Reaching Age 65</U>. Notwithstanding paragraph 2 above, if you have been
continuously employed by KeyCorp or a Subsidiary, the restrictions shall lapse on a pro rata
number of the Time-Lapsed Restricted Stock when you reach age 65, and each year thereafter
that you remain employed on your birthday, the restrictions shall lapse on the lesser of an
additional one-third of the Time-Lapsed Restricted Shares or the number of Time-Lapsed
Restricted Shares remaining in 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="1%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD><U>Pro-Ration</U>. 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, 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">10.&nbsp;&nbsp;</TD>
    <TD><U>Forfeiture</U>. The Restricted Stock and Stock Performance Shares shall be immediately
forfeited if your employment with KeyCorp or 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 65 (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</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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;&nbsp;</TD>
    <TD>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.</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>KeyCorp Stock Ownership Guidelines</U>. If you have not met KeyCorp&#146;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.</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>Deferral </U>. 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 Performance-Based
Restricted Stock and Stock Performance 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. Time-Lapsed Restricted Stock is not
eligible for deferral under the Deferred Plan pursuant to this Section&nbsp;12.</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>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 Restricted Stock and Stock Performance Shares which have vested on or after one year
prior to termination of employment shall be immediately forfeited to KeyCorp and any profits
realized upon your sale of any such shares of Restricted Stock or Stock Performance Shares
shall inure to and be payable to KeyCorp upon demand.</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>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 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)&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">15.&nbsp;&nbsp;</TD>
    <TD><U>Rights as a Shareholder</U>. 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</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="3%" nowrap align="left">&nbsp;&nbsp;</TD>

    <TD>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.</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">16.&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 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).</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">17.&nbsp;&nbsp;</TD>
    <TD><U>Condition</U>. 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.</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">18.&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="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>, 2005</TD>
    <TD>&nbsp;</TD>
<TD colspan="2" 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 valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR noshade size="1" width="100%" align="left">
</DIV></TD>
    <TD align="left" valign="top">&nbsp;</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 nowrap 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 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.


<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
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 Restricted Stock and Performance Shares 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>
<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;</TD>
    <TD width="1%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>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.</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>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" color="#000000"></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" color="#000000"></TD>
 </TR>
 <TR>
  <TD>Date</TD>
 </TR>
</TABLE>




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

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