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1.
a term for someone who holds the key(s) to another's chastity device. Most commonly, a man is placed in a device and their lover (be them male or female, but most commonly female) teases, caresses, drives crazy and generally tests and shockingly abuses the power that is controlling someone's ability to orgasm.
When dealing with a key holder, the circumstances varied; there was an orgasm quota for a time (which usually equalled 15 to 1; fifteen for her, one for me) and later a whole month without any release from the space-aged plastic cell. During this time most of my kink came to the forefront; I became very good friends with Bunny's strap-on and other funny stories.
by Carmenator September 06, 2008
 
2.
An employee, usually a more senior and experienced one, who is entrusted with the keys necessary to open or close the business. Keyholders generally earn a wage premium, and may be "fast-tracked" to management positions, but can also be called at any hour of the night if an emergency arises and the business needs to be opened unexpectedly. They may also face greater danger as they usually work either early mornings or late nights, and may be the only employee at the business at those times.
Joan liked working alone, and the extra money really helped, but eventually she asked to be replaced as the keyholder because she didn't like taking the bus home after midnight.
by Alucienna August 02, 2010