According to a Sept. 23 filing with the U.S. Securities and Exchange Commission, Henry Meyer will receive the salary increase entirely in shares of KeyCorp stock (NYSE: KEY) to align his interest with those of stockholders. His cash salary of $1.02 million remains intact, meaning his 2009 salary will total $3.3 million in stock and cash.

However, the salary increase, which is effective Oct. 2, takes the place of any potential bonus or stock options, said William Murschel, spokesman for Key. Therefore, it is expected that Meyer will take home less going forward.

Meyer, who is 59, was paid a total of $4.8 million in 2008.