<PAGE> 1
As filed with the Securities and Exchange Commission on April 8, 1998
Registration No. 33-_______
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
-----------------------
KEYCORP
(Exact Name of Registrant as Specified in Its Charter)
OHIO
(State or Other Jurisdiction of Incorporation or Organization)
34-6542451
(I.R.S. Employer Identification Number)
127 PUBLIC SQUARE
CLEVELAND, OHIO 44114
(Address of Principal Executive Offices)
--------------------
KEYCORP 1997 STOCK OPTION PLAN FOR DIRECTORS
(Full Title of the Plan)
--------------------
THOMAS C. STEVENS, SENIOR EXECUTIVE VICE PRESIDENT,
GENERAL COUNSEL, AND SECRETARY
KEYCORP
127 PUBLIC SQUARE
CLEVELAND, OHIO 44114
(Name and Address of Agent For Service)
(216) 689-3196
(Telephone Number, Including Area Code, of Agent for Service)
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CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
========================================================================================================
Proposed Proposed
Title of Maximum Maximum Amount of
Securities Amount Offering Aggregate Registration
to be to be Price Per Offering Fee (1)
Registered (1) Registered Share (1) Price (1)
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares
with a par 1,500,000 $ 37.19 $ 55,785,000 $ 16,456.58
value of $1
each (2)
=========================================================================================================
<FN>
(1) As calculated pursuant to Rule 457(h) under the Securities Act of 1933, as
amended (the "Securities Act"), the maximum aggregate offering price is
based on the average of the high and low prices of KeyCorp Common Stock for
April 2, 1998, as reported by the Midwest edition of The Wall Street
Journal under New York Stock Exchange Composite Transactions. This figure
represents the maximum aggregate offering price based on the number of
KeyCorp Common Shares registered under this Form S-8.
(2) Each Common Share includes an associated right to purchase one Common Share
(the "Right"). Until the occurrence of certain prescribed events, none of
which has occurred, the Right is not exercisable, is evidenced by the
certificate representing the Common Share, and will be transferred along
with and only with the Common Share.
</TABLE>
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified in Part I of this
registration statement on Form S-8 (the "Registration Statement") will be sent
or given to Plan participants as specified by Rule 428(b)(1) under the
Securities Act. Such documents and the documents incorporated by reference
herein pursuant to Item 3 of Part II hereof, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
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PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents, which are on file with the Securities and Exchange
Commission (the "SEC"), are incorporated herein by reference:
1. KeyCorp's Annual Report on Form 10-K for the year ended December 31,
1997.
2. KeyCorp's Current Reports on Form 8-K, filed on (a) January 21,
1998, and (b) March 6, 1998.
3. The description of (a) KeyCorp's Common Shares, with a par value of
$1 each (the "Common Shares"), filed with the SEC in the Registration Statement
on Form 8-A dated July 31, 1992, as amended by Forms 8-A/A filed on October 15,
1993, February 25, 1994, and June 19, 1997, respectively, registering the
KeyCorp Common Shares under Section 12(b) of the Securities Exchange Act, as
amended, (the "Exchange Act"), and (b) the Rights contained in the Registration
Statement on Form 8-A filed on June 19, 1997, as amended by Form 8-A/A filed on
March 6, 1998.
4. All documents filed by KeyCorp pursuant to Section 13(a), 13(c), 14,
or 15(d) of the Exchange Act, as amended (the "Exchange Act") subsequent to the
date of this Registration Statement and prior to the filing of a post-effective
amendment, which indicates that all of the securities offered hereby have been
sold or which deregisters all such securities remaining unsold, shall be deemed
to be incorporated by reference into this Registration Statement and to be part
hereof from the date of filing such documents.
ITEM 4. DESCRIPTION OF SECURITIES.
Not Applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not Applicable
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Under Ohio law, Ohio corporations are authorized to indemnify directors,
officers, employees, and agents ("Covered Persons") within prescribed limits and
must indemnify them under certain circumstances. Ohio law permits a corporation
to indemnify a Covered Person against expenses, judgments, fines, and
settlements reasonably incurred in a nonderivative suit, and against expenses
reasonably incurred in a derivative suit, if the Covered Person acted in good
faith and in a manner
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<PAGE> 4
reasonably believed to be in or not opposed to the best interest of the
corporation. In addition, Ohio law permits a corporation to indemnify a Covered
Person in a criminal action or proceeding, other than in a derivative suit, if
the person had no reasonable cause to believe his or her conduct was unlawful.
Unless ordered by a court, no indemnification of expenses in a derivative suit
is authorized by Ohio law if the Covered Person is ultimately adjudged to be
liable for negligence or misconduct in the performance of his or her duty to the
corporation. However, if a Covered Person is successful on the merits or in
defense on a matter, indemnification of expenses is mandatory. In addition,
under Ohio law, a Director's expenses shall be paid by the corporation as they
are incurred, provided the Director agrees to reasonably cooperate with the
corporation and to repay the amounts advanced if it is proved by clear and
convincing evidence that the Director's action or failure to act was done with
reckless disregard for the best interests of the corporation.
Under Ohio law, a Director is not liable for monetary damages unless it is
proved by clear and convincing evidence that the Director's action or failure to
act was undertaken with deliberate intent to cause injury to the corporation or
with reckless disregard for the best interests of the corporation. There is,
however, no comparable provision limiting the liability of officers, employees,
or agents of a corporation. The statutory right to indemnification is not
exclusive in Ohio, and is in addition to any other rights granted to persons
seeking indemnification.
The Amended and Restated Regulations of KeyCorp provide that KeyCorp shall
indemnify to the fullest extent permitted by Ohio General Corporation Law any
person made or threatened to be made a party to any action, suit, or proceeding,
whether civil, criminal, administrative, or investigative, by reason of the fact
that he or she is or was a director, officer, or employee of KeyCorp or of any
other bank, corporation, partnership, trust, or other enterprise for which he or
she was serving as a director, officer, or employee at the request of KeyCorp.
KeyCorp is a party to Employment Agreements with certain of its executive
officers and is also a party to Change of Control Agreements with certain
executive officers. Generally, pursuant to the Employment Agreements and, after
a change of control (as defined), pursuant to each Change of Control Agreement,
KeyCorp has agreed to (i) indemnify the executive officer, to the full extent
permitted or authorized by Ohio General Corporation Law, if the executive
officer is made or threatened to be made a party to any threatened, pending, or
completed action, suit, or proceeding by reason of the executive officer's
serving as an employee, officer, or director of KeyCorp and/or any of its
subsidiaries or is or was serving at the request of KeyCorp or any of its
subsidiaries as a director, trustee, officer, or employee of a bank,
corporation, partnership, joint venture, trust or other enterprise, and (ii)
advance expenses incurred by the executive officer in defending any action,
suit, or proceeding commenced or threatened for any action or failure to act as
an employee, officer, or director of KeyCorp or any of its subsidiaries. The
expenses so advanced to officers and employees of KeyCorp shall be repaid if it
is ultimately determined that such executive officer is not entitled to be
indemnified. With respect to Directors of KeyCorp, the amount of expenses paid
as incurred shall be repaid if it is determined that action or failure to act
involved an act or omission undertaken with deliberate intent to cause injury or
reckless disregard for the best interests of KeyCorp or any of its subsidiaries.
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<PAGE> 5
The indemnification provided under the Employment Agreement and each of the
Change of Control Agreements shall continue after the executive officer has
ceased to be an executive officer, and shall inure to the benefit of the heirs,
executors, and administrators of the executive officer.
Under the terms of KeyCorp's directors' and officers' liability and
reimbursement insurance policy, directors and officers of KeyCorp are insured
against certain liabilities, including liabilities arising under the Securities
Act.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
The Exhibits to this Registration Statement are listed in the Exhibit Index on
page 8, and are incorporated herein by reference.
ITEM 9. UNDERTAKINGS.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration
Statement;
(i) to include any prospectus required by Section 10(a)(3) of
the Securities Act;
(ii) to reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the
most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the SEC pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no
more than 20 percent change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table
in the effective Registration Statement;
(iii) to include any material information with respect to the
plan of distribution not previously disclosed in the
Registration Statement or any material change to such
information in the Registration Statement;
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<PAGE> 6
provided, however, that clauses (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3 or Form S-8, and the information required
to be included in a post-effective amendment by those clauses is contained in
periodic reports filed with or furnished to the SEC by KeyCorp pursuant to
Section 13 or Section 15(d) of the Exchange Act that are incorporated by
reference in the Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of KeyCorp's
annual report pursuant to Section 13(a) or 15(d) of the Exchange Act that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers, and controlling persons of KeyCorp
pursuant to the foregoing provisions, or otherwise, KeyCorp has been advised
that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by KeyCorp of expenses incurred or paid by a director, officer, or
controlling person of KeyCorp in the successful defense of any action, suit, or
proceeding) is asserted by such director, officer, or controlling person in
connection with the securities being registered, KeyCorp will, unless in the
opinion of its counsel the matter has been settled by the controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, KeyCorp certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Cleveland, State of Ohio, on this 7th day of April, 1998.
KEYCORP
By: /s/ Thomas C. Stevens
------------------------------
Thomas C. Stevens
Senior Executive Vice President,
General Counsel, and Secretary
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<PAGE> 7
Pursuant to the requirements of the Securities Act, this Registration Statement
has been signed by the following persons in the capacities indicated.
SIGNATURE TITLE
- --------------------------------------------------------------------------------
Robert W. Gillespie, Chairman of the Board,
Chief Executive Officer,
and Director;
Henry L. Meyer III, President,
Chief Operating Officer,
and Director;
K. Brent Somers, Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer);
Lee G. Irving, Executive Vice President and
Chief Accounting Officer
(Principal Accounting Officer);
Cecil D. Andrus, Director;
William G. Bares, Director;
Albert C. Bersticker, Director;
Carol A. Cartwright, Director;
Thomas A. Commes, Director;
Kenneth M. Curtis, Director;
John C. Dimmer, Director;
Stephen R. Hardis, Director;
Henry S. Hemingway, Director;
Charles R. Hogan, Director;
Douglas J. McGregor, Director;
Steven A. Minter, Director;
M. Thomas Moore, Director;
Richard W. Pogue, Director;
Ronald B. Stafford, Director;
Dennis W. Sullivan, Director;
Peter G. Ten Eyck, II, Director;
Nancy B. Veeder, Director.
The undersigned, by signing his name hereto, executes this Form S-8 Registration
Statement pursuant to Powers of Attorney executed by the above-named officers
and Directors and filed with the Securities and Exchange Commission.
By: /s/ Thomas C. Stevens
---------------------
Thomas C. Stevens
Attorney-in-Fact
April 7, 1998
7
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KEYCORP
INDEX TO EXHIBITS
EXHIBIT DESCRIPTION
NO.
4(a) Amended and Restated Articles of Incorporation of KeyCorp, filed
as Exhibit 7 to Form 8-A/A dated February 25, 1994, and
incorporated herein by reference.
4(b) Amended and Restated Regulations of KeyCorp, effective May 15,
1997, and filed as Exhibit 2 to Form 8-A/A filed on June 19,
1997, and incorporated herein by reference.
4(c) Restated Rights Agreement, dated as of May 15, 1997, between
KeyCorp and KeyBank National Association, as Rights Agent, filed
as Exhibit 15 to Form 8-A dated June 19, 1997, and incorporated
herein by reference.
23. Consent of Ernst & Young LLP.
24. Powers of attorney pursuant to which certain officers and
Directors have signed this Form S-8 Registration Statement.
KeyCorp hereby agrees to furnish the Securities and Exchange
Commission, upon request, copies of outstanding instruments, including
indentures, which define the rights of long term debt security holders.
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<PAGE> 1
Exhibit 23
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form
S-8) pertaining to the KeyCorp 1997 Stock Option Plan for Directors of our
report dated January 13, 1998, with respect to the consolidated financial
statements of KeyCorp, incorporated by reference in its Annual Report (Form
10-K) for the year ended December 31, 1997, filed with the Securities and
Exchange Commission.
/s/ Ernst & Young LLP
Cleveland, Ohio
April 1, 1998
<PAGE> 1
Exhibit 24
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Cecil D. Andrus
------------------------------
Typed Name: Cecil D. Andrus
------------------------------
<PAGE> 2
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ William G. Bares
------------------------------
Typed Name: William G. Bares
------------------------------
<PAGE> 3
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ A. C. Bersticker
------------------------------
Typed Name: A. C. Bersticker
------------------------------
<PAGE> 4
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Carol A. Cartwright
------------------------------
Typed Name: Carol A. Cartwright
------------------------------
<PAGE> 5
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Thomas A. Commes
------------------------------
Typed Name: Thomas A. Commes
------------------------------
<PAGE> 6
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Kenneth M. Curtis
------------------------------
Typed Name: Kenneth M. Curtis
------------------------------
<PAGE> 7
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ John C. Dimmer
------------------------------
Typed Name: John C. Dimmer
------------------------------
<PAGE> 8
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Robert W. Gillespie
------------------------------
Typed Name: Robert W. Gillespie
------------------------------
<PAGE> 9
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Stephen R. Hardis
------------------------------
Typed Name: Stephen R. Hardis
------------------------------
<PAGE> 10
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Henry S. Hemingway
------------------------------
Typed Name: Henry S. Hemingway
------------------------------
<PAGE> 11
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Charles R. Hogan
------------------------------
Typed Name: Charles R. Hogan
------------------------------
<PAGE> 12
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Lee G. Irving
------------------------------
Typed Name: Lee G. Irving
------------------------------
<PAGE> 13
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Douglas J. McGregor
------------------------------
Typed Name: Douglas J. McGregor
------------------------------
<PAGE> 14
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Henry L. Meyer III
------------------------------
Typed Name: Henry L. Meyer III
------------------------------
<PAGE> 15
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Steven A. Minter
------------------------------
Typed Name: Steven A. Minter
------------------------------
<PAGE> 16
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ M. Thomas Moore
------------------------------
Typed Name: M. Thomas Moore
------------------------------
<PAGE> 17
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Richard W. Pogue
------------------------------
Typed Name: Richard W. Pogue
------------------------------
<PAGE> 18
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Ronald B. Stafford
------------------------------
Typed Name: Ronald B. Stafford
------------------------------
<PAGE> 19
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Dennis W. Sullivan
------------------------------
Typed Name: Dennis W. Sullivan
------------------------------
<PAGE> 20
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Peter G. Ten Eyck, II
------------------------------
Typed Name: Peter G. Ten Eyck, II
------------------------------
<PAGE> 21
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ K. Brent Somers
------------------------------
Typed Name: K. Brent Somers
------------------------------
<PAGE> 22
KEYCORP
POWER OF ATTORNEY
The undersigned, an officer or director, or both an officer and
director of KeyCorp, an Ohio corporation, which anticipates filing with the
United States Securities and Exchange Commission, under the provisions of the
Securities Act of 1933, as amended, a Registration Statement on Form S-8 (the
"Registration Statement") and such other documents as may be applicable to
effect the registration of 1,500,000 Common Shares of KeyCorp to be issued and
sold under the KeyCorp 1997 Stock Option Plan for Directors, hereby constitutes
and appoints Steven N. Bulloch, K. Brent Somers, and Thomas C. Stevens, and each
of them, as attorney for the undersigned, with full power of substitution and
resubstitution for and in the name and stead of the undersigned, to sign and
file the proposed Registration Statement and any and all amendments and exhibits
thereto, and any and all applications and other documents to be filed with the
Securities and Exchange Commission, pertaining to the Registration Statement and
to the securities to be registered thereunder, with full power and authority to
do and perform any and all acts and things requisite and necessary to be done,
hereby ratifying and approving the acts of such attorney or any such substitute
or substitutes.
IN WITNESS WHEREOF, the undersigned has hereto set his or her hand as
of March 19, 1998.
/s/ Nancy B. Veeder
------------------------------
Typed Name: Nancy B. Veeder
------------------------------
