Amendment to Letter Agreement between KeyBank National Association and William R. Koehler (May 2014)
KeyBank National Association and William R. Koehler have agreed to amend their previous Letter Agreement dated April 7, 2014. This amendment ensures that Mr. Koehler will receive a lump-sum payment equal to the value of any unvested retirement plan balances he would otherwise forfeit upon his separation from KeyBank. The payment will be made with the first payroll after the release becomes effective. All other terms of the original agreement remain unchanged.
Exhibit 10.2
May 5, 2014
Personal and Confidential
VIA HAND DELIVERY
Mr. William R. Koehler
Dear Bill:
This letter confirms our prior discussion to amend Section 3 of the Letter Agreement by and between you and KeyBank National Association dated April 7, 2014 (the “Letter Agreement”), by adding the following new subsection (i) to the end thereof:
| (i) | In addition to the foregoing, you will receive a payment equal to the value of the unvested balance in any of the retirement plans or programs described in Sections 3(f) or 3(g) that you otherwise would forfeit as a result of your separation from Key. Payment of this amount will be made in a lump-sum with the first regularly scheduled payroll occurring after the Release becomes effective. |
Capitalized terms not defined herein shall have the meaning given to them in the Letter Agreement.
Except as expressly amended herein, the others terms and conditions of the Letter Agreement remain in full force and effect.
If you agree to the amendment described in this letter, please sign and date this letter and return a copy to my attention.
| Sincerely, | ||
| KeyBank National Association | ||
| /s/ Craig Buffie | ||
| Craig Buffie | ||
| Chief Human Resources Officer | ||
AGREED TO this 6th day of May, 2014
| /s/ William R. Koehler |
| William R. Koehler |
